Page 25 - Personal Underwriting Mandates & Guidelines - Binder Addendums - Version 3

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Personal Underwriting Mandates & Guidelines – Binder Addendums – Version 3
Addendum B: Binder Risk Acceptance & Underwriting Limits (including decline-type risks)
Binder Underwriting Acceptance Limits
Binder
underwriting
manager
Hollard
regional
underwriting
manager
Driving on a course or race track unless the cover is provided as part of a specific
wording/endorsement ✓
Regular driver:
○ If the regular driver has had special terms applied by a previous insurer ✓
○ If the regular driver has had insurance cancelled or suspended ✓
○ If the regular driver’s licence has been suspended or endorsed ✓
○ If the regular driver has been convicted for driving offences other than parking or
speeding fines in the past five years ✓
○ If the regular driver suffers from impairments or infirmities ✓
○ Drivers of vehicles between R500 000 and R1 000 000, who are younger than
25 years or have had their licence for less than 2 years ✓
○ If the regular driver is 80 years or older for new business and there are concerns
with the medical or driver assessment report ✓
Vehicles:
○ On an agreed value or more than 20 years old ✓
○ Vehicles insured for market value ✓
○ Non-standard type vehicles or vehicles changed beyond the manufacturer’s
specifications, such as performance-enhancing modifications, armoured vehicles,
kit cars and code 3 vehicles – rebuilds
✓
○ Hybrid and electric vehicles, when underwriting requirements are not met ✓
○ Vehicles valued over R1 000 000 where there is a deviation in the underwriting
rules, otherwise the values over the RAL’s apply ✓
○ Vehicles used for neighbourhood watch purposes ✓
○ Vehicles or motorised caravans exceeding 3 500kg ✓
○ Unsupported motor where there is no Buildings or Household contents cover in
place ✓
Motorcycles:
○ With an engine capacity over 1850cc ✓
Decline-type risks
○ Armed-response reaction vehicles and couriers
○ Caravans and motor homes used for permanent residential purposes
○ Code 3A and Code 4 vehicles
○ Driving on a course or race track unless specifically agreed
○ If the regular driver’s licence has been cancelled
○ Left-hand drive vehicles first registered in South Africa after 23 July 2004
○ Transport of passengers for financial gain, including private taxis e.g. Uber
○ Use of motorcycles, scooters, etc. for business or commercial purposes
○ Vehicles not registered on the Natis System
○ Vehicles registered in a foreign country
○ Vehicles test-driven or kept at dealers to be sold