Page 121 - Bay Union - Prestige Policy Wording
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Check your schedule
The cover in this section applies only if you have speci cally asked for it to be included as part of your policy. If you are unsure, please check your schedule.
Paying off your vehicle
If your vehicle is a write-off and you are still paying it off, we will settle the amount still outstanding. The amount paid out is calculated as if your credit agreement was an instalment agreement paid in equal instalments over a number of years.
It does not include:
○ any arrear instalments or rentals (payments you may have missed as part of your credit agreement), or any interest still owing on them
○ any premium refunds or recoveries from any insurance policy
○ any higher amounts outstanding as a result of a residual/balloon payment1 credit agreement, or unequal
instalments over the agreement period.
Extension of liability
You are already covered for liability to third parties, as explained earlier on page 113. However, here we extend that cover to include not just you, but any organisation of which you are a director, a partner, a member of a close corporation or a sole proprietor. This is on condition that the organisation is not involved in the hiring of vehicles or the carrying of fare-paying passengers.
Note, too, that this extended cover does not apply to any loss or damage that is insured under any other policy – or would be but for the existence of this extended cover.
In all cases, this extended cover is only ever valid if the vehicle is being used in accordance with the conditions of use as described on page 101 applicable to the speci c vehicle.
A  nal payment on a credit agreement that is signi cantly larger than the usual instalments, and pays off the entire debt.
Bay Union - Prestige Policy Wording - 20 June 2012 118

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