Page 97 - Hollard Business Branch Policy Wording

Combined Liability (Claims-made Basis)
PROVIDED THAT:
in the event of any claim(s) or series of claims resul ng in a liability of the Insured’s to pay in excess of the limit of indemnity, the Company’s liability by virtue of a judgment or se lement for such costs and expenses, will not exceed an amount being in the same propor on as the limit of indemnity bears to the total payment made by or on the Insured’s behalf in se lement of the claim(s).
6. Altera on of Risk
The Insured will give the Company immediate wri en no ce of any altera on which materially a ects the risk insured, and the Company will not be under any obliga on to indemnify the Insured in respect of any claim(s):
6.1 un l the Company has agreed in wri ng to accept the altered risk; and
6.2 the Insured has paid or agreed to pay any addi onal premium required by the Company.
7. Adjustments
Where the premium is calculated on the statements and es mates furnished by the Insured, it is a requirement that the Insured will:
7.1 keep an accurate record of all relevant par culars and at any reasonable me allow the Company to inspect such record;
7.2 within one month of the expiry of each period of insurance furnish to the Company such informa on as the Company requires for such expired period and the premium for such period will thereupon be adjusted by the Company and the di erence be paid by, or allowed to, the Insured as the case may be subject to any agreed minimum premium.
8. Law
This Policy is subject to and will be interpreted in accordance with the law of the Republic of South Africa.
9. Amendment
No amendment to this Policy will be e ec ve other than by way of a wri en endorsement issued and signed by the Company to the Policy.
10. O set of premium
The Company will be en tled, at its own discre on, to deduct from sums due to be paid in respect of claims admi ed by the Company under Sub-Sec ons 1 and 2 of the Policy, any sums owed to the Company by the Insured in respect of premium(s) due under this Policy.
11. Standard extended repor ng period
If this Sec on of the Policy is not renewed or is cancelled then the Insured will have 30 (thirty) days beyond the expiry date of the period of insurance in which to no fy the Company of any formal claim and/or writ and/or other demand for compensa on or court process received prior to the expiry date of this Sec on of the Policy for any event which happened a er the Retroac ve date and within the period of insurance.
12. Special extended repor ng period op on (to be exercised by the Insured in wri ng in the event of non-renewal).
At the Insured’s op on, which op on must be exercised within 30 (thirty) days of non-renewal of this Sec on of the Policy, and payment of the addi onal premium required by the Company within 30 (thirty) days, in respect of the period within which any claim or circumstance that may give rise to a claim in terms of this Sec on of the Policy is to be reported in terms of General Condi on 6, the Company agrees that no ce given within 36 (thirty six) months (hereina er referred to as the Special extended repor ng period op on) immediately following the expiry (non-renewal) of this Sec on will be regarded as having been reported on the last day preceding the expiry (non-renewal).
Page | 96 Hollard Business Policy – Branch – Version 1 2018