Page 12 - Policy Wording - Hollard Prestige Portfolio 1.4

General terms and conditions
General definitions
The words and phrases below have the same special meaning throughout this policy and are defined below or within the cover part of this policy wording where they are used or have a separate meaning. Throughout the policy, any words with a specific meaning will be in bold type.
○ Accident/accidental damage means an incident that is sudden and unforeseen which you did not intend to happen, for example accidentally breaking kitchen tiles or breaking a window.
○ At the home or insured address means within the home’s domestic land boundaries located at the insured address stated in your schedule.
○ Average means that if the amount required to replace or to reinstate all your property with similar new property amounts to more than the sums insured, you will be your own insurer for the difference. You will bear a proportionate share of the loss or damage.
Average under the contents section will be waived only if:
– an asset inventory has been conducted; and
– if the calculated loss or damage amount does not exceed more than 10% of the contents sum insured; and
– you have accepted the annual inflation protection increase.
○ Collection means a number of items that, by being gathered together according to some underlying principle, has a greater value than the total value of all the individual items.
○ Common areas mean anywhere on the common property according to the strata, body corporate, unit title or similar law in the region or territory in which the insured address is located.
○ Computer means any computer, data-processing equipment, microchip, integrated circuit or similar devices in computer or non-computer equipment or any software, tools, operating system or any computer hardware or peripherals or otherwise-stored in or on any of the above, whether it is your property or not.
○ Domestic employee means domestic workers, staff, nannies, au pairs, drivers, gardeners or the like (full-time or casual) whom you employ in a domestic capacity at the insured address stated in your schedule.
○ Electricity grid failure is an interruption to or suspension of electricity supply, in any manner and from any source, and for any reason (including damage and any inability and/or failure on the part of the supplier) which affects an entire municipality (including local, district, regional or any other level that is created by law) or province or the country at substantially the same time, including any interruption, power surge or suspension at the reconnection or reinstatement of electricity supply.
○ Forced entry means unlawful entry into your home by a person/s using force, including entry by using stolen keys or remote controls or picking locks. It does not mean opening an unlocked door or window. Violence or threats of violence to persons to gain entry are regarded as evidence of violent and forced entry.
○ Incident or event means a single occurrence which is not intended or expected to happen.
○ Limit means the most you can claim for any one incident. It includes VAT.
10 Hollard Prestige Portfolio – Version 1.4 – 2 Feb 2023