Page 19 - Hollard Business Policy - Binder
P. 19
General Exceptions, Conditions and Provisions
D. Office Contents but not applicable to accidental damage to sanitary-ware;
E. Glass;
F. Electronic Equipment.
If the property insured is, at the commencement of any damage to such property by any peril insured against, collectively of greater value than the sum insured thereon, then the Insured shall be considered as being their own insurer for the difference and shall bear a rateable share of the loss accordingly. Every item, if more than one, shall be separately subject to this Condition.
31. Medical expenses benefit
The medical expenses benefit included in any Section of this Policy does not provide the benefits of a medical scheme and is not a substitute for a medical scheme membership.
32. The Insured
Unless otherwise stated under a specific Section of this Policy, the term Insured shall mean:
1. the named party(ies) stated in the Schedule, hereinafter referred to as the Named Insured;
2. any subsidiary company of the Named Insured declared to the Company;
3. any employee of the Named Insured, while acting on behalf of or in the course and scope of their employment or engagement by the Named Insured.
GENERAL PROVISIONS
1. Claims preparation costs
The insurance by each Section of this Policy is extended to include costs reasonably incurred by the Insured in producing and certifying any particulars or details required by the Company in terms of General Condition 6 Claims or to substantiate the amount of any claim;
PROVIDED THAT:
the liability of the Company for such costs shall not exceed R250 000 (two hundred and fifty thousand rand) for each and every occurrence and in the annual aggregate applicable to all Sections cumulatively claimed under.
Additional cover may be purchased per Section in which case the limit stated in the Schedule will be over and above the automatic cover provided under this Provision.
2. Payments on account
In respect of any Section where amounts recoverable from the Company are delayed pending finalization of any claim, payments on account may be made to the Insured, if required, at the discretion of the Company.
3. First amount payable
Except where provided for specifically in any Section, the amount payable under this Policy/Section for each and every loss, damage or liability shall be reduced by the first amount payable shown in the Schedule for the applicable Defined Event.
4. Members, directors, partners or employees
Wherever the word "director" is used it is deemed to include "member" if the Insured is a close corporation.
5. Meaning of words
The Schedule, any endorsements thereto and the Policy Wording shall be read together and any word or expression to which a specific meaning has been given in any part thereof shall bear such meaning wherever it may appear.
6. Holding covered
If the Company is holding covered on a risk they will not reject a claim on the basis that the premium has not been agreed.
Hollard Business Policy – Binder – Version 8 2024 Page | 17