Page 19 - Hollard Private Portfolio - Version 3.4

Understanding your policy
– Voluntary excess: This is an extra amount that you chose on top of your basic excess. If a voluntary excess was selected by you, we will show it in your policy schedule. The voluntary excess will only have to be paid where the excess is shown as the word ‘Basic excess’. You don’t have to pay the voluntary excess in the following instances:
▪ Excesses that are shown as the word ‘Nil’ amount.
▪ Excesses that are not the basic excess and shown as a rand amount or a percentage of the
claim amount.
○ All basic excesses (except those noted below) become nil when the policyholder is aged 55 or older, unless the policyholder opts to pay a basic excess, as shown in your policy schedule. In the Motor cover section, this applies if the driver at the time of the accident is aged 55 or older. An excess will still be payable regardless of the age of the policyholder for claims related to the following benefits:
– Power surge, under the Building and Household contents cover section.
– Theft of spare wheels under the Motor cover section.
– Data restoration under the Cyber insurance cover section.
○ If your claim involves more than one benefit under a cover section, you only have to pay the highest excess. The excess that you must pay is the total of all of the following:
– Your basic excess or alternatively the rand amount or a percentage of the claim amount (as applicable); and
– Any applicable additional/compulsory and voluntary excesses.
○ If you claim under more than one cover section because of the same event, you again only have to pay the
highest excess (as explained above) under all the cover sections.
○ If we settle a claim by making a payment to you, then we will deduct the excess from the amount we pay. If we settle a claim in any other way, then you must pay the excess directly to the service provider.
How we calculate the claim settlement amount
The purpose of insurance is to restore you to the financial position you were in before the loss of, or damage to, your insured property. This may be based on:
○ replacement value or "new for old", where the pay-out is based on the value of similar new property
○ a pre-agreed sum
○ any other basis as described in the relevant section, such as the retail value of a vehicle.
How much we pay out is always based on the value of the lost property, and not the sentimental or other specific value the property may hold for you.
Example:
Value
If your three-year-old television set is stolen, we may buy you a new one or pay the price of a new one. If your photo album or digital camera is lost, however, we pay only for the album or camera, and not the sentimental value of the photos they contain. If your television set is damaged by lightning and we cannot repair it we will buy you a new one or pay out. The damaged item (salvage) then becomes our property and you may not dispose of it before we agree to it.
Salvage
Any insured property that we decide is uneconomical to repair or any lost or stolen property which is recovered is referred to as salvage and becomes our property after the settlement of your claim.
Hollard Private Portfolio – Version 3.4 – 17 Aug 2023 17