Page 136 - Hollard Private Portfolio - Version 3.4

Pleasure-craft
If less than five years old
If your pleasure-craft is a total loss and less than five years old, we may replace it with a similar model or pay out the purchase price of a new one.
If more than five years old
If your pleasure-craft is a total loss and more than five years old, we will pay for its reasonable market value. Quotations from two qualified pleasure-craft dealers will be used to determine the market value.
We will take the sum insured as the value to determine whether it makes economic sense to repair the pleasure-craft. The sum insured will not be reduced by the damage or salvage value.
Sails, protective covers, etc.
If your pleasure-craft is not a total loss, we will pay for the reasonable market value for the loss or damage of sails, protective covers, erected tackle, or outboard or inboard motors and batteries.
Write-off after initial damage
If your pleasure-craft is damaged in an initial event, and is then written off shortly afterwards in a subsequent event, we will cover only the cost of the write-off. In other words, we will replace it, but we will not pay for the unrepaired damage sustained in the first event.
You always pay the first amount or excess
You will always have to pay the first part of any claim settlement. This is known as the excess, and is listed in the excess Schedule.
Your bank may take part of your pay-out
If you are financing your pleasure-craft with a bank or authorised credit provider, be aware of the fact that they are entitled to use your insurance pay-out for a write-off to settle any money that you still owe them, if they feel that this is the only way to recover the money. This is a standard clause in the contract that you signed with them when you purchased your pleasure-craft.
What is not covered
We do not cover any claims for loss, damage or liability directly caused by, or related to, any of these exclusions. You must read these exclusions together with the General exclusions in the Understanding your policy section to make sure you understand exactly what is not covered. These are not all the instances where we do not provide cover.
Alcohol, drugs and skipper behaviour
There is no cover where the person operating the pleasure-craft:
○ Does not have a valid South African skipper’s licence (if required for the type of pleasure-craft).
○ Exceeds the maximum design speed of the pleasure-craft.
○ Is under the influence of alcohol.
○ Is under the influence of drugs or medication, unless it is prescribed by a doctor and is taken in the correct dosage.
○ Exposes the pleasure-craft to situations that clearly have a high risk of loss or damage.
For example: Performing dangerous manoeuvres or launching the pleasure-craft while under the influence of alcohol.
Example
If you successfully claim R10 000 for the repair of your pleasure-craft, and the excess for that claim is R1 000, the net pay-out from us will be R9 000.
134 Hollard Private Portfolio – Version 3.4 – 17 Aug 2023