Page 172 - Hollard Business Policy - Binder

DEFINITIONS
Motor Traders Risk
4. Repair, reinstate or replace
4.1 The Company may, at its own option and discretion, repair, reinstate or replace such vehicle or any part part thereof and/or its accessories and spare parts whilst therein or thereon or may pay in cash the amount of the loss or damage not exceeding the amount stated in the Schedule or the reasonable retail value (including its accessories and spare parts whilst therein or thereon) of such vehicle, whichever is the lesser;
4.2 if the Company replaces or reinstates such vehicle the Company shall have the option to take ownership of the vehicle.
PROVISIONS
1. Suspensive sale
If, to the knowledge of the Company, the vehicle is subject to a suspensive sale or similar agreement, such payment shall be made to the owner described therein whose receipt shall be in full and final discharge to the Company in respect of such loss or damage.
2. First amount payable
In respect of each and every occurrence giving rise to a claim under this Sub-Section, the Insured shall be responsible for the first amounts payable stated in the Schedule of any expenditure (or any less expenditure which may be incurred) for which provision is made under this Sub-Section (including any payment in respect of costs, expenses and fees) and of any expenditure by the Company in the exercise of any discretion it may have under this insurance. If the expenditure incurred by the Company shall include any first amount payable for which the Insured is responsible, such amount shall be paid by the Insured to the Company forthwith.
Accessories and spare parts (non standard)
Damage
Employee
Injury
Loss
Occurrence
Premises
Purchase price
Reasonable retail value
Vehicle
Vehicle:
1. any motor vehicle, trailer, motorcycle, scooter and quad bike which is the property of or in the custody or control of the Insured but excluding vehicles of any description:
1.1 being the property of the Insured other than trading stock;
1.2 hired or sold under a suspensive sale or other deferred ownership agreement;
2. any vehicle (mechanically propelled or otherwise) attached to a vehicle covered under 1 above for the purpose of being towed or salvaged;
3. any vehicle as described in 1. and 2. belonging to any customer
Any accessory or part not supplied by the manufacturer as a standard fitment and fitted as an aftermarket fitment (optional extras)
Physical damage to the vehicle
Any person employed by the Insured and acting in the course of the business
Bodily injury including death and illness
Disappearance, lost through hold-up or hi-jacking and forcible dispossession which was reported to the South African Police Service
An occurrence or series of occurrences arising from one cause in connection with any one vehicle in respect of which indemnity is provided by this insurance
Any premises stated in the Schedule, occupied by the Insured for the purpose of the business and shall include open-air car parks and pavements immediately adjacent to the premises, including street parking abutting such pavements
The price paid as a trade in or cash purchase from a third party
The reasonable retail value of the vehicle and its accessories and spare parts thereon or therein at the time of such loss or damage shall be determined by the current Auto Dealers Guide or Commercial Vehicle Guide.
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Hollard Business Policy – Binder – Version 8 2024