Page 86 - Bay Union - Prestige Policy Wording

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ALL RISKS
Paying out after a claim
How much we pay
We will pay you out based on the replacement cost of any damaged or lost property.
For any claim under Unspeci ed Property we will pay up to 20% of the sum insured for any one item. If you have chosen a sum insured of R10 000 we will pay up to R2 000 (20%) for any one item. This payout will never exceed the amount in the LIMIT SECTION.
Unspeci ed Property includes money and negotiable instruments, but we will pay only up to the amount stated in the LIMIT SECTION.
In no case will a payout ever exceed the amount in the LIMIT SECTION.
For any claim under Speci ed Property, we will pay up to the full value of the sum insured.
Take the time now to check the schedule for those items you have chosen to list under Speci ed Property. These are the items that you will be able to claim for in full.
Example
Unspeci ed item
If you have lost a watch that costs R2 000 to replace, and your limit is R2 000 (20% of the sum insured of R10 000), we will pay the full R2 000. This payout will never exceed the amount in the LIMIT SECTION. Speci ed item
If you have lost a ring that costs R20 000 to replace, and it is insured for R20 000, we will pay you the full R20 000. If the ring is speci ed for only R16 000, we will pay only R16 000.
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 you lose one earring, for example, we will pay out the value of only that one earring.
83 Bay Union - Prestige Policy Wording - 20 June 2012
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