Page 28 - Hollard Business Policy - Binder

Cost of demolition, clearing and erection of hoardings
The insurance under this Section includes costs necessarily incurred by the Insured in respect of the demolition of buildings and machinery and/or the removal of debris (including stock debris) and in providing, erecting and maintaining hoardings required during demolition, site clearing and/or building operations following damage to the property insured by a Defined Event;
PROVIDED THAT:
the total amount recoverable shall not exceed the sum insured on the property affected.
The Company will not pay for any costs or expenses:
1. incurred in removing debris except from the site of such property destroyed or damaged and the area immediately adjacent to such site;
2. arising from pollution or contamination of property not insured by this Policy/Section.
Cost of removal of fallen or leaning trees
The insurance under this Section is extended to cover costs reasonably and necessarily incurred in removing trees or parts of trees from the insured premises, as described in the Schedule, that have fallen following a Defined Event or leaning trees that are in danger of causing damage to the insured property;
PROVIDED THAT:
1. the Company's liability shall not exceed R10 000 (ten thousand rand) any one occurrence;
2. such costs will be subject to the Company's prior written consent;
3. the Insured shall be responsible for the first R500 (five hundred rand) in respect of any one occurrence.
Designation of property
For the purpose of determining where necessary the column under which any property is insured, the Company agrees to accept the designation under which such property has been entered in the Insured's books.
Deterioration of undamaged stocks
The insurance under this item is limited to the deterioration of undamaged stocks due to the Insured's inability to process such stocks following a Defined Event under this Section;
PROVIDED THAT:
1. such stocks would have been utilised by the business had the Defined Event not occurred;
2. such stocks cannot be utilised before or, as far as can reasonably be foreseen, after the expiry of two years from the date of occurrence;
3. the amount payable will be limited to the actual purchase costs incurred by the Insured for such stocks or the actual manufacturing costs incurred in producing such stocks up until the occurrence of the event, less, if the goods are sold for salvage, the net amount realised from such sale.
Disposal of salvage
Without diminishing the rights of the Company to rely on the provisions of the General Conditions in the event of a loss, the Company agrees that it will not sell or otherwise dispose of any property which is the subject of a claim hereunder without the consent of the Insured;
PROVIDED THAT:
the Insured can establish to the satisfaction of the Company that to do so will prejudice their interests, in which event the Company agrees to give the Insured first option to repurchase such property at its fair intrinsic value or market value, whichever is the greater.
The Insured shall not be entitled under the Provisions of this Clause to abandon any property to the Company whether taken possession of by the Company or not.
Fire
Page | 26 Hollard Business Policy – Binder – Version 8 2024