Page 116 - Commercial - Underwriting Mandates & Guidelines Binder

2.2.1
Exotic/Executive/Hi-performance/Luxury vehicles
2.2.1.1 The above vehicles have become high risk and therefore, a decision was made that these vehicles must be referred to Hollard for approval.
2.2.1.2 The following criteria will apply:
• no unsupported motor;
• named driver/s with full names and ID numbers irrespective of value;
• proof of previous claims prior to quoting;
• no drivers under 30 years of age;
• driver’s licence valid for more than 5 years irrespective of value;
• VIN number is required;
• vehicles to be garaged at night;
• minimum rate of 2%;
• percentage based excess only – based on value:
– vehicles valued up to R999 999 – 5% of claim, minimum R10 000;
– vehicles valued from R1 000 000 – 5% of claim, minimum R15 000.
2.2.1.3 Please see Annexure F for the list of vehicles which are considered "exotic".
2.2.1.4 Luxury vehicles are classed according to the vehicle type as per the TransUnion Auto Dealer’s Guide.
Rebuilt and re-registered vehicles
2.2.2
2.2.2.1
If cover is agreed, the following reports must be submitted to confirm roadworthiness and the insurability of the vehicle:
• • •
engineer’s report on the mechanical condition of the vehicle; AA report in all instances;
motor assessor’s report;
Motor
2.2
2.1.4.1 This basis will apply to certain trailer, caravans and special types where the current retail value cannot be established and the vehicle is not classified as classic, vintage or imported.
2.1.4.2 The broker must ensure that the sum insured is reviewed annually at every subsequent renewal and adjusted accordingly.
2.1.4.3 Points 2.1.3.6 and 2.1.3.7 noted under Agreed value basis will also apply to vehicles insured according to broker value.
Vehicle types requiring special attention
2.1.3.9.3 2.1.3.9.4
2.1.3.9.5 2.1.3.9.6
2.1.4 Broker value
The annual mileage is restricted to 10 000 km. Should a higher mileage limit be required, please send the request to Hollard for approval.
Owners of classic vehicles can approach a Classic Car Club for a valuation indicating the condition and value.
Minimum rate of 1.2% must apply.
The following warranty must be stated in the schedule:
Keep fire extinguisher in the vehicle – Classic cars
You must keep an SABS-approved and fully serviced portable fire extinguisher in the insured vehicle. Hollard may reject the Insured's claim for loss or damage to the vehicle caused by fire if the Insured does not comply with this condition.
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Commercial Underwriting Mandates and Guidelines – Binder – Version 4 2022