Page 16 - Hollard Business Policy - Binder

PROVIDED THAT:
the total amount payable for any Defined Event and the VAT related thereto shall not exceed the sum insured/limit of indemnity set against such Defined Event.
In circumstances referred to herein under which the Insured is required to bear the first amount of any loss (excess), such amount shall also be inclusive of VAT in like manner to the sum insured/limit of indemnity referred to above.
Furthermore, in the event of a change in the rate of VAT during the period of insurance, sums insured, limits of indemnity and, if appropriate, premiums shall be adjusted automatically.
14. Consent to disclosure of private information
14.1 The Insured acknowledges that the sharing of information for underwriting and claims purposes is in the public interest, as it will enable insurers to underwrite policies, assess risks fairly, to reduce the incidence of fraudulent claims with a view to limiting premiums and to conduct surveys.
14.2 On behalf of the Insured and on behalf of anyone the Insured represents herein, the Insured hereby waives any right to privacy with regard to any underwriting and claims information in respect of any insurance policy or claims made or lodged by the Insured, or on behalf of the Insured.
14.3 The Insured consents to such information being processed and stored in a shared database.
14.4 The Insured also consents to such information being disclosed to any insurer or third parties.
14.5 The Insured further consents to any underwriting information being verified against legally recognised sources or databases.
14.6 The Insured agrees that this consent clause will survive the termination for whatever reason of the Policy, including its cancellation or lapsing.
15. Interest on payments
No interest will be payable on any amount due by the Company in terms of this Policy unless a Court of Law orders otherwise.
16. Law and jurisdiction
Any dispute between the Insured and the insurers in connection with or arising out of the Policy shall be decided exclusively in accordance with the law of the Republic of South Africa and exclusively by a competent court of South Africa.
The Insured undertakes that they will not institute any action against the insurers nor bring joinder proceedings against the insurers in the court of any country other than the Republic of South Africa.
17. Change of interest/disclosure/non-disclosure/misrepresentation/misdescription
17.1 Before the Insured enters into a contract of insurance with an insurer, the Insured has a duty to disclose to the insurer every matter known, or that the reasonable person in a similar position could reasonably be expected to know, that is relevant to the insurer's decision whether to accept the risk of the insurance and, if so, on what terms.
17.2 The Insured has the same duty to disclose those matters to the Company before the Policy is renewed, extended, amended or reinstated.
17.3 Failure to comply with the duty of disclosure, the Company may be entitled to reduce its liability under the Policy in respect of a claim or may void the Policy from the date of the material change of risk or non- disclosure.
17.4 Further, the cover provided by this Policy shall be void with respect to any item insured:
17.4.1 to which any alteration after the commencement of this insurance takes place;
17.4.2 whereby the Insured's interest ceases except by will or operation of law;
unless notice has been given to the Company in writing as soon as practicable after such alteration and an additional premium paid if required.
General Exceptions, Conditions and Provisions
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Hollard Business Policy – Binder – Version 8 2024