Page 67 - Hollard Private Portfolio - Version 3.4

All Risks
Key terms to understand
You
Unspecified property
Specified property Collectables
Computer
Includes yourself, your spouse and members of your immediate family who reside with you and are financially dependent on you.
Clothing and personal effects that are either worn or carried with you, or which often leave your home. These tend to be low-value items such as pens, make-up and handbags. Unspecified property also includes sports equipment (except pedal cycles) and groceries.
Any item of property that is specifically listed in your policy schedule. These tend to be of high value, and typically include jewellery, watches and personal computers.
Collectables mean any item that is regarded as being of value or interest to a collector, for example firearms, stamps, coins and medal collections. We will pay up to the value set out in a recognised catalogue or pricelist as at the date of the loss or damage, or as determined by an independent specialist.
Your computer, laptop or tablet, as well as any associated accessories for example a monitor, keyboard, mouse, carrying case or printer. It includes any software supplied by the manufacturer as part of the computer, and any programs or software for which you have a legal licence, provided your sum insured is sufficient.
Paying out after a claim
How much we pay
We will pay out based on the replacement cost of any damaged or lost property.
For any claim under Unspecified Property, we will pay up to the limit, stated in your policy schedule, for any one item or groceries. If you have chosen a sum insured of R10 000 and the limit is 25% we will pay up to R2 500 (25%) for any one item or groceries. This pay-out will never exceed the amount in your policy schedule.
For any claim under Specified Property, we will pay up to the full value of the sum insured.
Take the time now to check your policy schedule for those items you have chosen to list under Specified Property. These are the items that you will be able to claim for in full.
Example
Unspecified item
If you have lost a watch that costs R2 500 to replace, and your limit is R2 500 (25% of the sum insured of R10 000), we will pay the full R2 500. If you lost groceries that cost R1 500, and your limit is R2 500 (25% of the sum insured of R10 000) we will pay the full R1 500. This pay-out will never exceed the amount in your policy schedule.
Specified item
If you have lost a ring that costs R20 000 to replace, and it is insured for R20 000, we will pay the full R20 000. If the ring is specified for only R16 000, we will pay only R16 000.
Dual insurance
If you have more than one insurance policy in place that covers the same item, the way we deal with a claim will depend on whether the item is insured as a specified item or unspecified property:
○ The item is insured as unspecified property and as a specified item on another policy: If an item is insured as unspecified, and the same item is also insured with another insurer as a specified item for which you pay a specific premium, then you must claim from the other insurer. There is no cover under this policy in this instance.
For example: Your watch is covered under another insurance policy as a specified item and you pay a specific premium for it. This means that you pay a premium that is based on the value of your watch. If your watch is stolen, we will not pay for the watch under this policy. You must claim for the watch from the other insurance policy.
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