Page 15 - CCA Platinum Policy Wording

Claims
We do not pay interest
Although we strive to settle all claims promptly, we cannot be held responsible for any interest on an outstanding claim. We do not pay interest on any amount due by us unless ordered to do so by a South African court of law.
What happens if you are under-insured?
If you insure something for less than its value – i.e. you are under-insured – then you will have to bear a proportion of any loss in the event of a claim. In calculating this, we will apply the principle of average.
Under no circumstances will we ever pay out more than the sum insured.
Example
Your household contents are insured with us for R200 000, but the cost to replace all the items is R400 000. This means you are under-insured by half (or 50%). Put another way, you are only ever insured for half of any claim you make.
So if R50 000 worth of your contents are stolen in a theft, we can pay out only half of R50 000 – or R25 000. This is referred to as the principle of average.
The pay-out is always reduced by the excess
Don’t forget that for every valid claim, you will always have to pay the first amount, also known as the excess. For example, if there is an excess of R1 000 on a R20 000 claim, then you will receive a pay-out from us of R19 000. The excess payable on all claims is listed in the excess schedule.
Wait before disposing of damaged property
If there are damaged items as a result of a claim, you must not abandon them or get rid of them until we agree that you can do so.
HBM – CC&A Plain Language – 23 June 2014 13