Page 35 - Commercial - Underwriting Mandates & Guidelines Binder

Fire
Rate
Property description
Fire, lightning, explosion
Fire and allied perils
a) Shade nets
b) Plastic coverings
4.3.5
1.00% 1.575%
.850% 1.850%
Up to 1 year
Up to 2 years
Up to 3 years
Up to 4 years
Up to 5 years
Older than 5 years
10% of claim
25% of claim
40% of claim
60% of claim
80% of claim
100% of claim
Replacement value, average applicable
Replacement value, average applicable
Replacement value, average applicable
Replacement value, average applicable
Replacement value, average applicable
Replacement value, average applicable
Shade nets depreciation:
• Shade nets and plastic coverings are not as durable as metal or more solid material;
• the Insured has to take responsibility in the form of co-insurer in terms of the nets and plastic coverings;
• the Policy wording makes provision for an amount of R50 000 (fifty thousand rand), but this limit can be increased at an additional premium;
• the condition of average applies;
• the applicable excess structure is stated in the table below:
Age of shade nets
Excess
Comments
4.4
a) Stands
b) Fuel
4.5
Fuel and fuel stands
4.4.1 4.4.2 4.4.3
4.4.4
It is not uncommon for businesses or farms to have their own fuel supply on the premises. Obtain proof of installation by the fuel supplier and compliance with SABS standards.
With environmental pollution and awareness in mind the tank(s) must have sufficient bund walling to restrict contamination of the surrounding area.
Bund walls must have capacity equal to 110% or more of the tank's contents.
.350% 5% of claim minimum R1 500
.350% 10% of claim minimum R1 500
Rate
Description
Rate
Excess
Riot and Strike
This extension is sub-limited to 75% (seventy five percent) of the applicable sum insured. Please refer to the section on Riot and Strike.
Rate
Description
Rate
Excess
Outside RSA and Namibia, sum insured .100%
4.6 Retaining walls
Can be covered for special perils subject to:
• building specifications provided;
• engineer's report on the construction of the wall;
• full replacement value of the wall;
10% of claim minimum R1 000
Commercial Underwriting Mandates and Guidelines – Binder – Version 4 2022
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