Page 107 - Policy Wording - Hollard Prestige Portfolio 1.4

Section 7 – Watercraft
What is covered
○ We will cover you against loss or damage to the watercraft, which is being used for social, pleasure and domestic purposes only, up to the sum insured stated in the schedule subject to the following:
– If the watercraft is less than five years old – the basis for calculating settlement is the current purchase price of a new watercraft of the same or similar model.
– If the watercraft is more than five years old – the basis for calculating settlement is the current market value. Quotations from two qualified watercraft dealers will be used to determine market value.
○ If a part necessary for the repair of the watercraft is not available in the Republic of South Africa, we will pay an amount equal to the value of the part at the time when the loss or damage occurred. The value of the part will be determined by the price stated in the most recent catalogue or price list. The cost of air freight and/or importing replacement parts and express delivery is limited to the amount stated in the schedule.
○ Our payment for sails (less than three years old), protective covers, erected tackle, outboard motors, inboard motors and batteries will be the cost to replace such items up to its reasonable market value less depreciation.
○ The maximum amount we pay for loss of or damage to the watercraft is the sum insured.
○ We will not be expected to achieve an exact restoration, repair or replacement. It will be as close to the original
specification as possible.
○ Inspection of the hull after stranding, sinking or collision means the costs up to the limit stated in the schedule incurred to inspect the hull of the watercraft for possible damage that may have occurred due to stranding, sinking or collision.
○ Medical benefit means bodily injury sustained by any person while on board the watercraft as a result of an accident. We will pay the benefit stated in the schedule.
○ Outboard motors means loss or damage to outboard motors as a result of dropping off or falling overboard, provided that they have been bolted or chained to the hull.
○ Repatriation costs means the cost necessarily incurred by you to repatriate the watercraft when damage was sustained while outside of the borders of the Republic of South Africa, but within 'Where we cover your watercraft' up to the limit stated in the schedule.
○ Safeguarding and emergency repairs means:
– the necessary costs up to the limit stated in the schedule to store, safeguard and remove the watercraft to the nearest repairer, if the watercraft is not in working order, due to loss or damage covered under this section
– costs up to the limit stated in the schedule for emergency services you are liable to pay to any public authority following a loss.
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