Page 35 - Hollard Namibia – Motor & Household Policy Wording

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 proportionate value of only that one earring. We do not cover the special value which any article may have as part of a set.
You always pay the first amount, or excess
You will always have to pay the first part of any claim settlement. This is known as the excess, and is stated in the SCHEDULE.
What if you are under-insured?
If you have specified your property for less than its replacement value then you are under-insured and you will have to bear a proportion of any loss in the event of a claim. In calculating this, we will apply the principle of average.
You cannot claim more than the actual loss
We will never pay out more than the actual value of the property lost or damaged, even if you are over-insured.
What we cover you for
We cover you for loss or damage anywhere in the world, from any accidental cause that is not specifically excluded in this section.
This includes loss or damage that occurs while you are visiting other countries, so long as the duration of your stay does not exceed six months.
All Risks
Example
If you successfully claim N$2 000 for a lost watch, and the excess for that claim is N$300, you get N$1 700.
Example
Your diamond ring is insured with us for N$40 000, but the cost to replace it is N$80 000.
This means you are under-insured by half (or 50%). So if N$10 000 of the diamonds are lost, we can pay out only half of N$10 000 = N$5 000. Equally, if the ring is lost we pay only up to a maximum of the sum insured – in other words N$40 000.
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