Page 36 - Bay Union - Prestige Policy Wording
P. 36

Pairs and sets
We will not pay more than the proportionate value of any article that is part of a pair or set. So if one washbasin forming part of a set is damaged, we will pay out the value of only that one basin.
Rebuilding your damaged home
If your damaged building has to be rebuilt entirely, and you choose to do it personally, we will pay you for the cost of rebuilding it. You can have it rebuilt on the same site, or elsewhere if you so choose. This is subject to the following conditions:
○ rebuilding starts within 6 months
○ the total cost will not exceed the cost of bringing the building back to its original condition
○ we will not make any payment to you until you have actually incurred the costs
○ you must make satisfactory arrangements to pay your rateable share of the loss before rebuilding starts.
As an example, if you have to pay R50 000 as your portion of the damage, you must prove that you have the money available before work can go ahead.
You can ask for an annual in ation increase
You may ask us to apply an annual in ation increase to your building sum insured. This should help to ensure that the replacement value of your building is in line with the building cost.
33 Bay Union - Prestige Policy Wording - 20 June 2012

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