Page 49 - Hollard Namibia – Motor & Household Policy Wording

Key terms to understand
You Includes your spouse and members of your immediate family who normally reside with you and are financially dependent on you
Computer The computer itself, as well as the monitor, keyboard, peripherals and any specified programs or software
How much we pay
We will pay you out based on the replacement cost of the damaged or lost computer up to the sum insured stated in the SCHEDULE.
How we pay
If we cannot repair your computer, we can decide to replace it for you. Alternatively, we will give you the money and you can repair or purchase a new one yourself.
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 insured your property for less than its replacement value then you are under-insured. You will then have to bear a proportion of any loss in the event of a claim. In calculating this, we will apply the principle of average.
Six months to replace your computer
If we agree to have your lost or damaged computer replaced, you have up to six months in which to do so. Once that deadline passes, we will only pay you the replacement value of the computer as at the time of loss or damage.
What we cover you for
You have world-wide cover against accidental loss or damage to your computer, from any cause that is not specifically excluded.
Personal Computers
Example
If you have lost a laptop that costs N$8 000 to replace, we will pay you the N$8 000 or buy you a new one.
Example
If you successfully claim N$8 000 for a laptop, and the excess for that claim is N$ 500, you get N$7 500.
Example
Your laptop is insured with us for N$6 000, but the cost to replace it is N$12 000.
This means you are under-insured by half (or 50%). So if it costs N$8 000 to fix, we can only pay out N$4 000.
Example
You are covered if you drop your computer and break it, spill coffee on it, or it is stolen at home or at work.
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