Page 166 - Hollard Business Policy - Binder

PROVIDED THAT:
1. the amounts payable shall not exceed the maximum indemnity less the first amount payable under Sub-Section A;
2. this endorsement shall not apply to an agreement whereby the amount of any single installment other than the final residual amount after the initial payment differs by more than 10% (ten percent) from any other installment;
3. if such shortfall is as a result of a re-advance under an installment sale or refinancing in terms of a lease the insurance by this Extension shall be void;
4. the amount payable under this Extension shall not exceed the amount stated in the Schedule subject to the Terms, Provisions and Conditions of this Extension.
Loss of use
If a comprehensively insured vehicle is stolen, hijacked or damaged and for which the Company accepted liability to compensate for, the Company will pay to the Insured the equivalent rental cost of a replacement vehicle;
PROVIDED THAT:
1. Cost of the vehicle rented:
1.1 the daily rental cost shall not exceed the amount stated in the Schedule;
1.2 all delivery and/or collection costs;
1.3 administration costs chargeable by the vehicle hire company;
subject to a maximum of R1 500 (one thousand five hundred rand) for each and every event in terms of 1.2 and 1.3 above.
2. Excluded costs (costs the Company shall not be liable to pay):
2.1 any deposits payable;
2.2 fuel used during the rental period;
2.3 parking fees, speeding fines or fines, toll or e-toll costs;
2.4 excesses payable to the rental company.
3. The rental period:
3.1 starts on the day the Company admits liability in terms of the original claim and agrees to the rental;
3.2 the rental period shall cease at the time when:
3.2.1 the vehicle is recovered upon theft (and repaired if necessary) and returned to the owner;
3.2.2 the vehicle is repaired after being damaged and returned to the owner;
3.2.3 the Company has discharged liability in respect of the loss suffered;
3.2.4 after 30 (thirty) consecutive days;
whichever occurs first.
PROVIDED FURTHER THAT:
the rental costs will be borne by the Insured and the rental invoice submitted to the Company for reimbursement following the conclusion of the rental period as stated.
This Extension is only applicable to heavy commercial vehicles with a GVM in excess of 3 500 kg (three thousand five hundred kilograms).
Retail value plus
If the vehicle described in the Policy Schedule, covered under Sub-Section A, is stolen, hijacked or damaged beyond economical repair and for which the Company accepted liability to compensate for, the Company will pay the Reasonable retail value (as per the Defined Events) at the time of loss, plus the additional percentage selected plus any specified accessories as as stated in the Policy Schedule;
Motor
Page | 164 Hollard Business Policy – Binder – Version 8 2024