Page 16 - Personal Underwriting Mandates & Guidelines - Binder - Version 3

General
Minimum rates
The rates may not be reduced below the minimum rates unless the rating box is used or it has been approved by Hollard. The minimum rates are:
○ Buildings (standard construction) – 0.15%
○ Household contents (standard construction)
– 0.50% for Private or mid-market wordings
– 0.65% for Prestige or similar wordings that have Assets Out cover under the Contents section.
○ Buildings (thatch construction)
– St. Francis Bay 1.50%
– All other areas 0.65%
○ Household contents (thatch construction)
– St. Francis Bay 2.00%
– All other areas 1.00%
○ Motor
Note: These rates are provided as minimum rates and only in exceptional circumstances should rates this low be charged. These rates are not intended to provide guidelines under normal circumstances unless provided by the black box.
Automatic Inflation Margin
It is required that the sums insured for Household contents, Buildings and unspecified All Risks are automatically increased at renewal, by the Automatic Inflation Margin which is linked to the CPIX as catered for in the policy wording. Should the binder holder’s system not cater for an automatic annual increase, this must be manually completed. These percentages must be confirmed with Hollard on an annual basis.
Quotations and rules of engagement Overview:
Hollard has several different channels through which it engages with brokers and clients. A standard course of action must be applied to avoid channel conflict as much as possible and to address problems that might arise.
General guidelines:
○ As a rule, Hollard will give the same terms to all brokers and clients provided that the quote/cover is based on the same information and on a like-for-like basis.
Vehicle type
Minimum rate
Minimum limited mileage (6 000 km) rate
Petrol/diesel vehicles
1.8%
1.44%
Hybrid and electric vehicles
2.5%
2.00%
Personal Underwriting Mandates & Guidelines – Binder – Version 3 15