Page 32 - Hollard Business Policy - Binder

3. it is a condition precedent to liability that the Insured shall, on discovery of a leak (by physical evidence or on receipt of abnormally high water reading indicated on the account), take immediate steps to identify and repair the affected leaking apparatus/pipes;
4. in addition the Company will pay for the cost of identifying water leaks on the premises up to R5 000 (five thousand rand) per event or R10 000 (ten thousand rand) in the annual aggregate;
5. in addition the Company will pay the cost of filling up swimming pools or ponds following maintenance or repairs up to R10 000 (ten thousand rand) per event or R20 000 (twenty thousand rand) in the annual aggregate;
6. the Company will not be liable to pay for:
6.1 cost towards remedial action including repairs to affected apparatus/pipes;
6.2 losses as a result of:
6.2.1 leaking taps, geysers, toilet systems, swimming pools or any other water tank;
6.2.2 any deliberate acts of the Insured;
6.2.3 taps or else taps left open after being used;
6.2.4 any unit left unoccupied for more than 30 (thirty) days consecutively;
7. the Insured shall be responsible for the first 10% (ten percent) of the claim with a minimum of R500 (five hundred rand) for each and every claim.
OPTIONAL CLAUSES AND EXTENSIONS (if stated in the Schedule to be included) Additional Leakage — first loss
Damage caused by discharge or leakage from any sprinkler, drencher system or fire-extinguishing installation/appliances.
Where a limit is shown against this additional peril in the Schedule, the amount of such limit shall be the maximum liability of the Company in respect of any one event and, for the purposes of this Extension only, the following shall be substituted for the average condition hereinbefore expressed:
"If the property insured is, at the commencement of any damage to such property by discharge or leakage, collectively of greater value than the sum insured thereon against fire damage, then the Company shall be liable under this Extension only for that proportion of the first loss limit as the sum insured against fire bears to the total value of such property and 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, to which this Extension applies shall be separately subject to this Clause."
Average extension: Day One Basis (non-adjustable) – applicable to buildings and machinery only
The items to which this Extension applies and their declared values are shown in the Schedule.
1. The Insured having stated in writing the declared value incorporated in each item to which this Extension applies and the premium has been calculated accordingly.
'Declared Value' shall mean the Insured's assessment of the cost of reinstatement of the property insured arrived at in accordance with the first paragraph of the Reinstatement Value Conditions at the level of costs applying at the inception of the period of insurance (ignoring inflationary factors which may operate subsequently to the fixing of the Declared Value) together with, in so far as the insurance by the item provides, due allowance for:
1.1 the additional costs of reinstatement to comply with Public Authority Requirements (as stated herein);
1.2 architects' and other professional fees (as stated herein);
1.3 costs of demolition and clearing and erection of hoardings (as stated herein).
2. At the inception of each period of insurance, the Insured shall notify the Company of the declared value of the property by each of the said item(s). In the absence of such declaration, the last amount declared by the Insured shall be taken as the declared value for the ensuing period of insurance.
3. Notwithstanding any General Condition or endorsement to the contrary, the following wording applies to Provision 3 of the Reinstatement Value Conditions:
"Each item insured under these conditions is declared to be separately subject to the following condition of average, namely:
Fire
Page | 30 Hollard Business Policy – Binder – Version 8 2024