Page 10 - Hollard Business Branch Policy Wording

General Excep ons, Condi ons and Provisions
6.7 Prescrip on period
6.7.1 Expiry of claim
No claim shall be payable a er expiry of 24 (twenty four) months or such further me as the Company may allow from the happening of any event unless the claim is the subject of pending legal ac on or is a claim in respect of the Insured's legal liability to a third party;
PROVIDED THAT:
this Condi on shall not apply to claims under Sec ons (if applicable):
6.7.7.1 Business Interrup on;
6.7.7.2 Fidelity Guarantee;
6.7.7.3 Stated Bene ts or Group Personal Accident including Personal Accident (assault) under Money.
6.7.2 Rejec ons
No claim shall be payable unless the Insured claims payment by serving legal process on the Company within 6 (six) months of the rejec on of the claim in wri ng and pursues such proceedings to nality.
6.8 Recovery
6.8.1 If, a er payment of the claim in respect of lost or stolen property, such property is located or recovered, the Insured shall render all assistance in the iden ca on and in the physical recovery of such property.
6.8.2 The Company shall pay for the reasonable cost in iden fying such property.
6.8.3 Failure to assist the Company in the recovery of the said property, the Insured shall become legally liable to repay the Company all payments and expenses in respect of the claim.
6.8.4 If the property was successfully recovered the Company will be the righ ul owner of the property.
6.8.5 If the Company replaces or reinstates such vehicle the Company shall have the op on to take ownership of the vehicle.
7. Company’s rights a er an event
7.1 On the happening of any event in respect of which a claim is or may be made under this Policy, the Company and every person authorised by them may, without thereby incurring any liability and without diminishing the right of the Company to rely upon any condi ons of this Policy:
7.1.1 take, enter or keep possession of any damaged property and deal with it in any reasonable manner. This Condi on shall be evidence of the leave and licence of the Insured to the Company to do so. The Insured shall not be en tled to abandon any property to the Company whether taken possession of by the Company or not;
7.1.2 take over and conduct in the name of the Insured the defence or se lement of any claim and prosecute in the name of the Insured for their own bene t any claim for indemnity or damages or otherwise and shall have full discre on in the conduct of any proceedings and in the se lement of any claim. No admission, statement, o er, promise, payment or indemnity shall be made by the Insured without the wri en consent of the Company.
7.2 The Insured shall, at the expense of the Company, do and permit to be done all such things as may be necessary or reasonably required by the Company for the purpose of enforcing any rights to which the Company shall be, or would become, subrogated upon indemni ca on of the Insured whether such things shall be required before or a er such indemni ca on.
7.3 In respect of any Sec on of this Policy under which an indemnity is provided for liability to third par es, the Company may, upon the happening of any event, pay to the Insured the limit of indemnity provided in respect of such event or any lesser sum for which the claim or claims arising from such event can be se led and the Company shall therea er not be under further liability in respect of such event.
Hollard Business Policy – Branch – Version 1 2018 Page | 9