Page 61 - Commercial - Underwriting Mandates & Guidelines Binder

Theft
4. RATING
3.15.2.3 3.15.2.4 3.15.2.5
the conditions in respect of visible forcible and violent entry to or exit from the premises as described in the Defined Events of this Section shall still apply;
the Company's liability in respect of this Extension shall be limited to the amount stated in the Schedule;
apply a first amount payable of 10% (ten perecent) of claim minimum R750 (seven hundred and fifty rand).
3.16 Cell phone retailers
3.16.1 Cell phone retailers situated in stand alone shops, strip malls and at the entrances to shopping malls are highly susceptible to armed robberies as stock (including handsets, pre-paid cards and accessories) is easily turned into cash.
3.16.2 It is best to treat these risks as accommodation business and to consider the following restrictions:
3.16.2.1 handsets to be kept in a time lock safe; 3.16.2.2 maximum first loss limit of R25 000 to apply.
3.17 Solar power systems
3.17.1 Cover under the optional extension "Losses in the open at the insured premises" may be extended
to include theft of solar power systems.
3.17.2 The sum insured must be limited to R250 000 per premises. If a higher limit is required, please refer same to your Hollard branch.
3.17.3 The following endorsement must be noted on the policy schedule:
"Losses in the open at the insured premises – solar power systems:
Loss of or damage to the solar power system (the property of the Insured or for which they are responsible) whilst in the open at the insured premises described in the Schedule as a result of theft or attempt thereat;
PROVIDED THAT:
1. the entrance gate(s) must be kept securely locked after regular business hours;
2. the conditions in respect of visible forcible and violent entry to or exit from the premises as described in the Defined Events of this Section shall still apply;
3. solar panels must be securely fixed or bolted to the structure;
4. inverters and batteries to be kept in an enclosed building which is securely locked after regular business hours;
5. the Insured shall be responsible for the first 10% (ten percent) with a minimum of R2 000 (two thousand rand) in respect of each and every claim."
4.1 It is unacceptable to underwrite on a single First Loss amount where more than one premises is being insured, specify each premises.
4.2 Please refer to Annexure C for the definitions of the risk classifications.
Rate
Areas
Excess
1
2
1.
Low attraction:
a) property with no cash value
b) not easily disposable
c) heavy and sizable
6%
8%
10% of claim minimum R750
2.
Medium attraction:
a) guest houses
b) shops in malls
7%
8%
10% of claim minimum R1 250
Commercial Underwriting Mandates and Guidelines – Binder – Version 4 2022 59