Page 82 - Policy Wording - Hollard Business Binder (2020-06-24)

Accidental Damage
Rates
Classification
Rate
Min Annual Premium
L
Excess
M
H
X
D
0.75%
1%
1.5%
2%
Decline
Maximum indemnity any one location
4.2 Defined Events 2 – Leakage (Optional)
R500
R1 500
R2 000
R2 500
N/A
10% of claim minimum R2500
10% of claim
10% of claim
10% of claim
minimum R3 000
minimum R5 000
minimum R7 500
N/A
000 000
4.2.1 Cover is issued on a Firs Loss basis only.
4.2.2 The following information is required prior
• Litres in tanks
• Number of tanks
• Number of staff
• Probable Maximum Loss
• Prevention methods in place
• Value of stock
• Value of stock in any one tank
• Methods of opening tanks, taps,
• Previous losses
to cover being accepted:
etc.
R10
Rates
Classification
Rate
Min Annual Premium
L
Excess
M
H
X
D
1%
1.5%
2%
2.5%
Decline
Maximum indemnity any one location
4.3 Additional Claims Preparation Costs
Charge 50% of the underlying base rate.
Minimum section premium
R1 500
R2 000
R2 500
R5 000
N/A
10% of claim
10% of claim
10% of claim
minimum R2 500
minimum R5 000
minimum R7 500
10% of claim minimum R10 000
N/A
R1 000 000
The Accidental Damage section should not be issued with premium less than the amounts indicated in the rating table.
80 Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020