Page 42 - Personal Underwriting Mandates & Guidelines - Binder product rules & addendums - Version 1

2.2 Loss adjusters’ responsibilities
2.2.1 All reports to be addressed to Hollard care of the broker and sent to the broker.
2.2.2 The loss adjuster must conform to a Code of Conduct and Ethics laid down by the Institute of Loss Adjusters (ILA) and have professional indemnity insurance in place.
2.2.3 The loss adjuster may not conduct any other form of conflicting business.
2.2.4 Conflict in interpretation of policy wordings – the loss adjuster must consult with the principal, and present his own views. He must, however, follow the principal's guidelines and instructions and not venture into offering legal opinions.
2.2.5 The acceptance of affidavits as proof of ownership may not be accepted without consulting principals.
2.2.6 Where the loss adjuster suspects fraud of any nature, he must immediately contact Hollard concerning the matter before drafting any report. The report needs to be forwarded to Hollard immediately, as the insurer may wish to take legal advice.
2.3 Binder holder's responsibilities
2.3.1 Clear written mandates and instructions to be given.
2.3.2 Full details of cover to be given – copy of schedule, endorsement, wording, proposal forms.
2.3.3 Be reasonable – often the loss adjuster has to act speedily with limited information, for example a fire claim, to prevent further loss or damage.
2.3.4 Attempt to estimate the assessor’s fee at time of appointment.
NB: All reports must be without prejudice.
3. MINIMUM INFORMATION/REQUIREMENTS FOR SMALL COMMERCIAL BUSINESS INTERRUPTION CLAIMS
3.1
Manufacturing Type Business
3.1.1
Specifications of the plant and machinery which are the subject of the loss which would include the following:
3.1.1.1 The insured’s formulated claim in terms of the policy.
3.1.1.2 Make, model, name and description of the machinery.
3.1.1.3 Maximum capacity or plate speed of the plant and machinery.
3.1.1.4 The bottle neck in the insured’s manufacturing environment.
3.1.1.5 Confirmation whether the insured manufacture to order or to stock.
3.1.1.6 A brief description of the business and operations, including customers and suppliers together with mayor competitors if these are not clear from well-known companies.
3.1.1.7 The monthly stock figures (volume, quantity and value) for 12 (twelve) months prior to the incident and up to 1 (one) or 2 (two) months post the end of the interruption period.
3.1.1.8 We would request production figures for ideally 24 (twenty-four) months prior to the incident and from the date of the incident through to 2 (two) months post the end of the interruption period.
3.1.1.9 A description providing as much detail as possible surrounding the circumstances of the loss.
3.1.1.10 A description in as much detail as possible on the cause of the loss in as far as this is known to the insured.
3.1.1.11 A copy of the policyholder’s most recently completed annual financial statements.
3.1.1.12 For electricity, water, gas and other public supply interruptions we need the exact date of the interruption and the exact date of when the public utility supply interruption ended. We also require the reference numbers for calls made or logged, alternatively correspondence with the municipalities in respect of the interruption.
3.1.1.13 Detailed monthly income statements for 24 (twenty-four) months prior to the incident and from the date of the incident through to the end of the interruption period.
Non-motor Claims Procedures
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Full Binder Claims Mandates and Guidelines – V3: 2019