Page 101 - Hollard Business Policy - Binder

Combined Liability (Claims-made Basis)
PROVIDED THAT:
in the event of any claim(s) or series of claims resulting 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 settlement for such costs and expenses, will not exceed an amount being in the same proportion as the limit of indemnity bears to the total payment made by or on the Insured’s behalf in settlement of the claim(s).
6. Alteration of Risk
The Insured will give the Company immediate written notice of any alteration which materially affects the risk insured, and the Company will not be under any obligation to indemnify the Insured in respect of any claim(s):
6.1 until the Company has agreed in writing to accept the altered risk; and
6.2 the Insured has paid or agreed to pay any additional premium required by the Company.
7. Adjustments
Where the premium is calculated on the statements and estimates furnished by the Insured, it is a requirement that the Insured will:
7.1 keep an accurate record of all relevant particulars and at any reasonable time 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 information as the Company requires for such expired period and the premium for such period will thereupon be adjusted by the Company and the difference 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 effective other than by way of a written endorsement issued and signed by the Company to the Policy.
10. Offset of premium
The Company will be entitled, at its own discretion, to deduct from sums due to be paid in respect of claims admitted by the Company under Sub-Sections 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 reporting period
If this Section 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 notify the Company of any formal claim and/or writ and/or other demand for compensation or court process received prior to the expiry date of this Section of the Policy for any event which happened after the Retroactive date and within the period of insurance.
12. Special extended reporting period option (to be exercised by the Insured in writing in the event of non-renewal).
At the Insured’s option, which option must be exercised within 30 (thirty) days of non-renewal of this Section of the Policy, and payment of the additional 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 Section of the Policy is to be reported in terms of General Condition 6, the Company agrees that notice given within 36 (thirty six) months (hereinafter referred to as the Special extended reporting period option) immediately following the expiry (non-renewal) of this Section will be regarded as having been reported on the last day preceding the expiry (non-renewal).
Hollard Business Policy – Binder – Version 8 2024 Page | 99