Page 29 - Execuline - Classic Policy Wording

Buildings
Paying out after a claim
How much we pay
We pay out based on the replacement cost of the part of your building that is damaged.
You always pay the first amount, or excess
You will always have to pay the first part of any claim settlement. This is known as the excess, and is listed in your schedule.
Bank may be paid out before you
The financial institution financing your home always has first claim on any pay-out to you, if this is the only way to settle any outstanding debt you still owe them.
This means that if you are financing your home with a bank or authorised credit provider, be aware of the fact that they are entitled to use your insurance pay-out to settle any money that you still owe them.
In the event of your claim being rejected for breach of the terms and conditions of the policy, we will still pay the financial institution up to the amount owing to them in order to protect their interests.
This is subject to the following conditions:
○ the financial institution was not aware of the fact that you were in breach of the policy
○ you did not put in a fraudulent claim, or cause the loss or damage yourself.
Matching damaged building materials
When repairing a part of your building that is damaged, we will always try to restore it to its original state. However, this will not always be possible, as colours cannot always be matched and the original material may no longer be available.
In such cases, we will use material which, in our opinion, most closely matches the original. This will be limited strictly to the part of the building that is damaged, and not to any of the surrounding area.
For example, if a carpet in one room is damaged, we will find the best available match and replace that carpet only; we will not replace any other carpet.
Example
If your claim is for a new wall that costs R10 000 to replace, we will pay you R10 000 so that you can have a new one built – even if the damaged wall is old and worth a lot less.
Example
If you successfully claim R20 000 for repairs to your swimming pool, and the excess for that claim is R1 000, your net pay-out from us will be R19 000.
HPL – Execuline – Classic Personal Insurance Policy – 6 July 2015 27