Page 22 - Personal Underwriting Mandates & Guidelines - Binder product rules & addendums - Version 1

Broker's name : Broker's address :
Broker's contact person : Broker's claim number : Agent's contact person : Date submitted :
Signed by (name in block letters) :
11. UNDERINSURANCE AND CONTRIBUTION
Where the insured has not adequately insured himself, we will apply average in the event of a claim, as he is deemed to be his own insurer for the balance of the loss proportionately. Average will be calculated as follows:
The insured’s contribution, whether it be average, or betterment, or dual insurance (other insurer’s contribution), and excesses have to be agreed before the claim is authorised or finalised.
Where the underinsurance factor is 10% (ten percent) or less, Hollard does not apply average as a rule, but will, however, insist that the cover is amended to the increased cover.
12. POLICE REPORT REQUEST
12.1 Establish from the claim form to which police station the accident was reported and whether any criminal action resulted from the event.
12.2 Police reports are requested under the following circumstances:
12.2.1 CR/MR (i.e. criminal report)
12.2.2 AR/BR (accident report – dependent on accident details) 12.2.3 if there is any cause for suspicion.
12.3 Should a police report be required:
12.3.1 advise the insured that the claim cannot proceed without the police report, and request that the insured obtains the report and provides it to your offices.
12.3.2 diarise the file for 14 (fourteen) days hence to follow up if the report is not received.
12.4 If a case is pending against the claimant for any reason related to the accident, then diarise the file to re-request the information.
13. RECEIPT OF MONIES BY BROKERS
General Procedures
Sum insured X adjusted loss Value of risk 1
= claim – excess
= amount payable
13.1
In each and every case where monies are due to Hollard for payment of salvage, stolen and recovered vehicles, recoveries, etc., the nominated person in the office/claims supervisor should perform the following:
13.1.1 the issuing of a Hollard tax invoice, where applicable, with a full description of the transaction.
13.1.2 the Salvage Register and the Stolen Vehicle Register need to be updated accordingly.
13.1.3 if an EFT is received, it must reflect the details in 13.1.2 above and made into the claims account.
13.1.4 the Salvage Register and the Stolen Vehicle Register need to be updated accordingly.
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Full Binder Claims Mandates and Guidelines – V3: 2019