Page 114 - Commercial - Underwriting Mandates & Guidelines Binder

2.1
Vehicle values
2.1.1
Retail value
2.1.1.1 Vehicles are to be insured at current retail value with an adjustment for accessories and/or extras as noted in the TransUnion Auto Dealer’s Guide (or similar accepted industry authority).
2.1.1.2 If the retail value of the vehicle cannot be established, we will consider insuring the vehicle at an agreed value.
2.1.1.3 Accessories and extras
2.1.2
2.1.1.3.1
2.1.1.3.2 2.1.1.3.3
Retail value plus
Factory fitted items are automatically included in the retail value provided by TransUnion. Any loss or damage suffered to the sound equipment where it forms part of the sum insured will be treated as a motor claim.
Optional extras and after-market fitments must be specifically listed and insured at the correct replacement value, an additional premium is payable.
Non-factory fitted sound equipment must be specified in the schedule at an additional premium.
2.1.2.1 2.1.2.2
This has been added as an optional extension in the policy wording and is only applicable in instances where the vehicle is a total loss (theft/hijack/write off).
Increases the reasonable retail value as per ‘Auto Dealer’s Guide’ by the percentage selected.
Motor
1.
UNDERSTAND THE RISK
2.
1.1 Establish the type of vehicle and its use (i.e. private type, LDV, HCV, busses, special type, caravan, trailer, motorcycle or plant)
1.2 Details required:
• registered owner;
• year, make and model;
• registration-, engine- and VIN numbers;
• engine capacity;
• vehicle value;
• list and values of after-market accessories;
• area of use (i.e. urban, rural, contract site);
• type of use (i.e. private, business, long haul or construction).
1.3 Do not accept stand-alone motor business. Cover must be supported by at least one material damage section such as:
• Fire;
• Building Combined;
• Office Contents.
1.4 If unsupported motor is accepted as a business decision, this must be agreed and signed off by your Hollard branch.
UNDERWRITE THE RISK
MOTOR
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Commercial Underwriting Mandates and Guidelines – Binder – Version 4 2022