Page 18 - Hollard Private Portfolio - Version 3.4

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Your excess is the first amount that you must pay towards a claim under this policy. The excess for each benefit is listed in the Excess and limit section of your policy schedule. The following are the different types of excesses which could apply to a claim:
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Basic excess: This is the amount that you chose for the following cover sections: Buildings, Household contents, and Motor, or the predetermined amount (rand amount or percentage of the claim amount).
Additional/Compulsory excess: This is an extra amount in addition to your basic excess. If additional excesses apply to you, we will note them in your policy schedule. More than one additional excess can be applied in the event of a claim.
Understanding your policy
Paying the amount of the claim
If we decide not to replace or repair, or if the benefit can only be paid in cash, we will pay you the amount of the claim.
○ How much we pay out does not consider the sentimental or other specific value the insured property may hold for you.
○ We may transfer money into your bank account, or we may give you a pre-loaded debit card or a voucher.
○ The amount may be based on the replacement value of the item, or an amount agreed to with you.
○ Claims will be paid in South African rands only except for liability claims where required.
Malicious damage
We cover you for malicious damage to your insured property under the sections you have chosen.
Malicious damage occurs when someone (other than you or any of your beneficiaries) performs an act deliberately designed to cause you damage.
An example is someone deliberately scratching the paintwork of your car, or painting graffiti on your wall. You are not covered for malicious damage if:
○ you lend, let or sub-let your home, unless you can prove that it was not caused by your tenant; or
○ you leave it unoccupied for more than 60 days in any 12-month period.
You are not covered for malicious damage inside your home and outbuildings if they do not comply with the minimum security requirements when the premises are unoccupied.
Noting the interest of financial institutions
If the insured property (for instance your motor vehicle or home) is financed, we accept the financial institution’s interest in your property, as explained below:
○ Accepted claims: We will pay the financial institution first.
– The financial institution’s acceptance of our payment will mean that we have no further responsibility
for that portion of your claim.
– If the claim amount is more than your outstanding loan with the financial institution, we will pay the difference to you.
– If the claim amount is less than your outstanding loan with the financial institution, we will pay the full claim amount to the financial institution. You will still have to pay the balance of your outstanding loan to the financial institution.
○ Rejected claims under the Buildings cover section: We will not pay anything to you. However, we will pay the outstanding loan amount or the claim amount (whichever is the lesser) to the financial institution if both of the following applies:
– The rejection of your claim was not for reasons of fraud, dishonesty, misrepresentation or because of your deliberate actions, or any other person colluding with you.
– The financial institution was not aware of the reasons that led to our rejection of your claim, or the financial institution was aware but they informed us as soon as they became aware of it.
We reserve our right to recover any payments we have made to a financial institution, from you.
How your excess works
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Hollard Private Portfolio – Version 3.4 – 17 Aug 2023