Page 75 - Commercial - Underwriting Mandates & Guidelines Binder

Goods in Transit
4.
RATING
Please refer to Annexure C for the definitions of the risk classifications.
3.2.4 A declaration must be obtained at quoting stage as well as at each subsequent renewal and terms adjusted accordingly.
3.2.5 A minimum annual carry figure of R1 500 000 must be used when calculating premium.
4.1 Rating on Annual Carry
Risk Classification
All Risks Cover
Restricted Cover
Min Annual Premium
Excess
Limit 1
Limit 2
Limit 3
Limit 4
Limit 5
Hijacking Extension
0.385% 0.245%
0.475% 0.290%
0.565% 0.350%
0.850% 0.500%
Decline Decline
25% of base
rate
R2 500
R3 500
R4 000
R5 000
Decline
R2 500
R3 500
R4 000
R5 000
Decline
Basic – 10% of claim Minimum R2 500
Theft – 20% of claim Minimum R2 500
N/A
Additional 25% of claim
Basic – 10% of claim Minimum R2 500
Theft – 20% of claim Minimum R2 500
N/A
Additional 25% of claim
4.2 Rating on Load Limit (applicable per vehicle)
Risk Classification
All Risks Cover
Restricted Cover
Min Annual Premium
Excess
Limit 1
Limit 2
Limit 3
Limit 4
Limit 5
Hijacking Extension
3.85%
4.75%
5.65%
8.50%
Decline
2.45%
2.90%
3.50%
5.00%
Decline
25% of base rate
4.3 In the event that cover is required for once off conveyance the following terms should be applied:
4.3.1 Rating – load limit x rate (as per table above) x 15%.
4.3.2 Minimum premium of R2 500 applies.
4.3.3 Adjust excess according to load limit and goods being conveyed.
4.4 Optional Extensions
Descriptition
Rate
Excess
Fire extinguishing charges
Debris removal
Riot and Strike
Additional claims preparation costs
5. DECLINED AND REFERRAL RISKS
5% R500
5% Nil
0.1%
50% of the underlying base rate
10% of claim Minimum R1 000
Nil
5.1 The following risks should be avoided:
5.1.1 Antiques and works of art
5.1.2 Dangerous goods, i.e. explosives, corrosives, toxins, radio active material
5.1.3 Glass merchants
5.1.4 Haulage contractors
Commercial Underwriting Mandates and Guidelines – Binder – Version 4 2022
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