Page 29 - Personal Underwriting Mandates & Guidelines - Binder - Version 3

HOUSEHOLD CONTENTS
This section deals with cover specific to the Household contents section and must be read together with the combined sections above. Household contents are the policyholder’s personal movable property and equipment as well as fixtures and fittings if specifically insured.
Asset inventories
In order to avoid the effects of underinsurance, it is important to highlight to clients that average may be applied in the event of a claim when their sum insured is not adequate. A sample inventory form is available for download on the Hollard Insure Binder Library, to assist clients in determining their correct contents sum insured.
The Hollard Prestige Portfolio and Unique products offer an Average Waiver Benefit, at an additional premium, which offers the benefit of having the client’s contents valuated by an asset inventory surveyor. Please refer to Addendum C for details of Hollard’s Approved Asset Inventory Service Providers, which includes the process to follow when appointing a service provider. (This benefit applies to the Household contents section only.)
Household contents – Excluding theft cover
Requests for ‘Household contents – excluding theft cover’, are expected to rise particularly for clients who live in high security estates. Cover may be granted on this basis by means of an endorsement and a maximum discount of 50% of the base premium should apply. It is however important to consider the claims history and risk location in terms of its exposure to other perils, when determining the percentage discount to be applied. Endorsements will be provided on request, if the policy wording does not cater for this cover.
Limited theft cover
Contents of any outbuildings such as a Zozo hut/Wendy house or pre-fabricated construction should be limited, unless such construction complies with the underlying policy’s minimum security requirements.
Collectables
Collectables mean any item that is regarded as being of value or interest to a collector, for example firearms, stamps, coins (excluding currency) 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.
The client must provide us with a valuation certificate when we ask for it. An endorsement can be provided if required for a specific policy wording.
Fine Art
Our Hollard Prestige Portfolio and the Unique product offers Fine Art cover as a separate cover section. Any cover placed under this section, must be arranged with iTOO ArtInsure directly. Premiums are allocated to iTOO ArtInsure via bordereaux. If a client requires fine art cover on a product that does not include this cover section, cover may be placed directly with iTOO ArtInsure
Due to the specialist nature of fine arts and collectors’ items, it is important for clients to obtain valuation certificates for these valuable and rare pieces. Clients that do not already have valuations may wish to use one of the recommended valuator companies noted in Addendum D – Panel of Independent Valuers. The cost of these valuations would be for the client’s own account.
Household contents
28 Personal Underwriting Mandates & Guidelines – Binder – Version 3