Page 81 - Hollard Business Branch Policy Wording

Business All Risks
2. wear and tear or gradual deteriora on (including the gradual ac on of light or clima c or atmospheric condi ons) unless following an accident or misfortune not otherwise excluded;
3. mechanical, electronic or electrical breakdown, failure, breakage or derangement unless caused by an accident or misfortune not otherwise excluded;
4. loss of or damage to cash, bank and currency notes, coins, bonds, coupons, stamps, nego able instruments, tle deeds, manuscripts or securi es of any kind;
5. loss of or damage to goods consigned under a bill of lading.
SPECIFIC CONDITIONS
Average
If the total value of property insured which is not separately and individually speci ed is, at the me of the happening of any loss or damage to such property, of greater value than the sum insured thereon, the insured shall be considered as being his own insurer for the di erence and shall bear a rateable share of the amount of the loss or damage. Each item of the schedule covering such property shall be separately subject to this condi on.
Replacement value
The basis upon which the amount payable is to be calculated shall be either:
1. the replacement of the property by similar property in a condi on equal to, but not be er nor more extensive than, its condi on when new; or
2. the repair of the property to a condi on substan ally the same as, but not be er than, its condi on when new;
PROVIDED THAT:
if, at the me of replacement or repair, the sum represen ng the cost which would have been incurred in replacement if the whole of the property had been lost, destroyed or damaged beyond repair exceeds the sum insured thereon at the commencement of the loss or damage, then the Insured shall be considered as being their own insurer for the di erence and shall bear a rateable propor on of the loss accordingly.
OPTIONAL EXTENSIONS (if stated in the Schedule to be included)
Increase in cost of working
The insurance under this Extension is limited to expenditure not otherwise recoverable under this Sec on, necessarily and reasonably incurred as a result of loss of or damage to property for which payment is made or liability therefore is admi ed under this Sec on, for the purpose of maintaining the normal opera on of the business, not exceeding R50 000 ( y thousand Rand) or the amount stated in the Schedule whichever is the lesser.
Riot and strike
Subject otherwise to the Terms, Condi ons, Exclusions, Excep ons and Warran es contained therein, this Sec on is extended to cover damage directly occasioned by or through or in consequence of:
1. civil commo on, labour disturbances, riot, strike or lockout;
2. the act of any lawfully established authority in controlling, preven ng, suppressing or in any other way dealing with any occurrence referred to in 1. above;
PROVIDED THAT:
this Extension does not cover:
1. loss or damage occurring in the Republic of South Africa and Namibia;
2. consequen al or indirect loss or damage of any kind or descrip on whatsoever, other than loss of rent if speci cally insured;
3. loss or damage resul ng from total or par al cessa on of work, or the retarding or interrup on or cessa on of any process or opera on;
4. loss or damage occasioned by permanent or temporary dispossession resul ng from con sca on, commandeering or requisi on by any lawfully cons tuted authority;
5. loss or damage related to or caused by any occurrence referred to in General Excep on 1.1.2, 1.1.3, 1.1.4, 1.1.5 or 1.1.6 of this Policy or the act of any lawfully established authority in controlling, preven ng, suppressing or in any other way dealing with any such occurrence.
If the Company alleges that, by reason of Provision 1, 2, 3, 4 or 5, loss or damage is not covered by this Sec on, the burden of proving the contrary shall rest on the Insured.
Page | 80 Hollard Business Policy – Branch – Version 1 2018