Page 12 - Hollard Business Branch Policy Wording

General Excep ons, Condi ons and Provisions
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 leading insurer.
7.2 The Insured shall, at the expense of the insurers, do and permit to be done all such things as may be necessary or reasonably required by the insurers for the purpose of enforcing any rights to which the insurers 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 insurers may, in the case 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 insurers shall therea er not be under further liability in respect of such event.
13. Value Added Tax (VAT)
13.1 De ni on
VAT shall mean the amount of Value Added Tax payable by the Insured or the Company to the revenue authori es in the Republic of South Africa.
13.2 Value Added Tax (VAT) inclusive condi on
It is understood and agreed that the monetary amounts as re ected in the sums insured and/or limits of indemnity shall be applied to the indemnity or amounts payable in terms of this Policy and to which sums the Terms, Condi ons, Provisions and Limita ons of this Policy shall apply, and VAT at the current rate as promulgated in legisla on rela ng thereto.
Subject to such sums/limits of indemnity being adequate to embrace the amounts described under 13.1 and 13.2 above, the Company will, to the extent that the Insured is accountable to the tax authori es for value-added tax in respect of any payment in terms of this Policy, include the amount of such tax in the nal se lement of any claim in terms of this Policy;
PROVIDED THAT:
the total amount payable for any De ned Event and the VAT related thereto shall not exceed the sum insured/limit of indemnity set against such De ned Event .
In circumstances referred to herein under which the Insured is required to bear the rst amount of any loss (excess), such amount shall also be inclusive of VAT in like manner to the sum insured/limit of indemnity referred to above.
Furthermore, in the event of a change in the rate of VAT during the period of insurance, sums insured, limits of indemnity and, if appropriate, premiums shall be adjusted automa cally.
14. Consent to disclosure of private informa on
14.1 The Insured acknowledges that the sharing of informa on for underwri ng and claims purposes is in the public interest, as it will enable insurers to underwrite policies and assess risks fairly and reduce the incidence of fraudulent claims with a view to limi ng premiums.
14.2 On behalf of the Insured and on behalf of anyone the Insured represents herein, the Insured hereby waives any right to privacy with regard to any underwri ng and claims informa on in respect of any insurance policy or claims made or lodged by the Insured, or on behalf of the Insured.
14.3 The Insured consents to such informa on being stored in the shared database and used as set out above.
14.4 The Insured also consents to such informa on being disclosed to any insurer or its agent.
14.5 The Insured further consents to any underwri ng informa on being veri ed against legally recognised sources or databases.
14.6 The Insured agrees that this consent clause will survive the termina on for whatever reason of the policy, including its cancella on or lapsing.
Hollard Business Policy – Branch – Version 1 2018 Page | 11