Page 33 - Hollard Business Policy - Binder

Fire
if, at the time of damage, the declared value of the property covered by such item be less than the cost of reinstatement (as defined in paragraph 1 above) at the inception of the period of insurance, then the Company's liability for any loss hereby insured shall be limited to that proportion thereof which the declared value bears to such cost of reinstatement."
The following special memorandum is added to the Reinstatement Value Conditions:
Where, by reason of any of these conditions, no payment is to be made beyond the amount which would have been payable under the policy if this Extension had not been incorporated therein, the rights and liabilities of the Company and the Insured in respect of the destruction or damage shall be subject to the terms and conditions of the Policy including any condition of average therein, as if this Extension had not been incorporated therein, except that the total amount payable shall be limited to a maximum of the percentage of the declared value shown in the Schedule.
4. In the event of loss, the liability of the Company in respect of property to which this Extension applies shall not exceed the sums insured stated in the Schedule.
5. If this Section of the Policy is subject to a capital additions clause, then such clause is deleted and replaced by the following:
"The insurance hereby extends to cover alterations, additions and improvements (but not appreciation in value in excess of the sums insured) to property specified herein (other than stocks) for an amount not exceeding 10% (ten percent) of such sums insured, it being understood that the Insured undertakes to advise the Company each quarter of such alterations, additions and improvements and to pay the appropriate additional premium thereon".
Brands and labels
In the event of loss or damage to property insured carrying a brand name, trade mark or label or where the sale of such property in any way carries a guarantee or where the sale of such property might have an adverse effect upon the market value of similar property, the Company agrees to remove all such brand names, trademarks, labels or guarantees before disposing of and determining the value of the salvage.
It is further agreed that, on containers from which the brand name, trade mark, label or guarantee cannot be removed, the contents will be removed to plain containers;
PROVIDED THAT:
1. in the event of loss or damage to labels or names, the amount payable will be the cost of labelling and/or reconditioning the property;
2. the Insured shall be responsible for 10% (ten percent) of each claim with a minimum of R2 500 (two thousand five hundred rand).
Escalation/Inflation (Year 1 and Year 2)
During each period of insurance, the sum(s) insured under columns 1 and/or 3 of this section shall be increased by that portion of the percentage specified in the Schedule which the number of days since the commencement of such period bears to the whole of such period. Unless agreed otherwise, these provisions shall only apply to the sum(s) insured in force at the commencement of the period of insurance.
At each renewal date, the Insured shall notify the Company of the sum(s) to be insured for the forthcoming period of insurance and the percentage increase required for such period. In default thereof, the Provisions of this Clause shall cease to apply.
Rent (if insured under column 2)
The Company will pay the amount of rent receivable, rent payable or rental value (as the case may be) defined hereunder in the event of the premises stated in the Schedule being rendered untenantable during the term specified therein in consequence of damage by a defined event.
the actual rent receivable by the Insured at the time of the event in respect of the aforesaid premises or on such part of the same as may then be let
the actual rent payable by the Insured to the owner or landlord of the said premises the actual rental value of the said premises
Rent receivable
Rent payable
Rental value
Hollard Business Policy – Binder – Version 8 2024 Page | 31