Page 132 - Commercial - Underwriting Mandates & Guidelines Binder

5.5
Method 2 – flat rate
10% 15% 15% 20%
Discount to be calculated on base premium only
Motor Traders
Internal and external cover
Description
Notes
Rates
Premium calculation
Private type motor vehicle and LDV’s with a GVM < 3500kg
a) Applicable to own damage limit
b) Includes theft cover
c) Includes third party liability cover of
R2 500 000
30%
Own damage limit x rate
Commercial vehicles with a GVM > 3500kg, busses
a) Applicable to own damage limit
b) Includes theft cover
c) Includes third party liability cover of
R2 500 000
35%
Own damage limit x rate
Motorcycles
a) Applicable to own damage limit
b) Includes theft cover
c) Includes third party liability cover of
R2 500 000
45%
Own damage limit x rate
Trailers and Caravans
a) Applicable to own damage limit
b) Includes theft cover
c) Includes third party liability cover of
R2 500 000
25%
Own damage limit x rate
Discount allowed per class of business
Panel beaters
Auto electricians/mechanic
Fitment centers
Car wash/valet service
5.5 Optional Extensions
Description
Third Party Liability
Notes
Rates
Premium Calculation
a) Cover included at R2 500 000
b) Maximum limit of indemnity R5 000 000
.9%
Limit of indemnity – R2 500 000 x rate
Contingent liability
Limits of indemnity:
a) R1 000 000
b) R2 500 000
c) R5 000 000
a) .085%
b) .095%
c) .105%
Base premium x rate
Vehicle hoists/ramps
Legal liability of passengers
Limits of indemnity:
a) R1 000 000
b) R2 500 000
c) R5 000 000
a) .075%
b) .085%
c) .095%
Base premium x rate
Obtain number of hoists/ ramps on the Insured’s premises
.500%
Base premium x rate x number of hoists/ramps
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Commercial Underwriting Mandates and Guidelines – Binder – Version 4 2022