Page 222 - 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 Extension 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 20% (twenty percent) of the sum insured of the affected property stated in the Schedule under Sub-Section A, subject to the Terms, Provisions and Conditions of this Extension.
Hire purchase/finance agreements
Where the Company has knowledge of the property insured, or any individual item thereof, being subject to a suspensive sale or similar agreement, payment hereunder shall be made to the owner described therein whose receipt shall be in full and final discharge to the Company in respect of loss or damage indemnifiable by this Sub-Section of the Policy.
Software upgrade
If the Company has accepted liability in terms of a claim, the Company will pay in addition to any other amount the reasonable cost to reinstate or upgrade the software installed on the system which is lost or damaged;
PROVIDED THAT:
1. the cost towards the replacement or upgrade of the software shall not exceed 20% (twenty percent) of the value of the insured equipment or R5 000 (five thousand rand), whichever is the lesser;
2. the Insured shall be responsible for the first R750 (seven hundred and fifty rand) for each and every upgrade or replacement;
3. this Extension shall apply to each item separately and individually.
Temporary removal
Except in so far as it is otherwise insured, landlord’s fixtures and fittings covered whilst temporarily removed elsewhere on the premises stated in the Schedule or to any other premises including transit by road, rail or inland waterway anywhere within the Republic of South Africa, Namibia, Botswana, Lesotho, the Kingdom of Eswatini (formerly Swaziland), Zambia, Zimbabwe, Mozambique and Malawi;
PROVIDED THAT:
1. unless such temporary removal is for the purpose of cleaning, renovation, repair or similar process, the liability of the Company shall not exceed 20% (twenty percent) of the sum insured applicable to any item;
2. the amount payable under this Clause shall not exceed the amount that would have been payable had the loss occurred on the part of the premises from which the property is temporarily removed.
Temporary repairs and measures after loss
The insurance under this Section is extended to include all costs and expenses incurred by the Insured in effecting such temporary repairs and by taking such temporary measures as may be reasonably necessary after loss of or damage to the insured property by any peril hereby insured against;
PROVIDED THAT:
the liability of the Company for such loss or damage and costs and expenses shall not exceed in the aggregate R50 000 (fifty thousand rand).
Tenants
The Company’s liability to the Insured shall not be affected by any act or omission on the part of any tenant (other than the Insured) without the Insured’s knowledge. The Insured shall, however, inform the Company as soon as any such act or omission which is a contravention of any of the Terms, Exceptions or Conditions of this Section comes to their knowledge and will be responsible for any additional premium payable from the date any increased hazard shall be assumed by the Company.
Solar Power
Page | 220 Hollard Business Policy – Binder – Version 8 2024