Page 116 - Policy Wording - Hollard Business Binder (2020-08-26)

Motor
1. UNDERSTAND THE RISK
MOTOR
1.1 Establish the type of vehicle and its use (i.e. private type, LDV, HCV, busses, special type, caravan, trailer, motorcycle or plant)
1.2 Details required:
• registered owner;
• year, make and model;
• registration-, engine- and VIN numbers;
• engine capacity;
• vehicle value;
• list and values of after-market accessories;
• area of use (i.e. urban, rural, contract site);
• type of use (i.e. private, business, long haul or construction).
1.3 Do not accept stand-alone motor business. Cover must be supported by at least one material damage section such as:
1.3.1 Fire;
1.3.2 Building Combined;
1.3.3 Office Contents.
1.4 If unsupported motor is accepted as a business decision, this must be agreed and signed off by Hollard.
2. UNDERWRITE THE RISK
2.1 Vehicle values
2.1.1 Retail value
2.1.1.1 Vehicles are to be insured at current retail value with an adjustment for accessories and/or extras as noted in the TransUnion Auto Dealer’s Guide (or similar accepted industry authority).
2.1.1.2 If the retail value of the vehicle cannot be established, we will consider insuring the vehicle at an agreed value.
2.1.1.3 Accessories and extras
2.1.1.3.1
2.1.1.3.2 2.1.1.3.3
2.1.2 Agreed value
Factory fitted items are automatically included in the retail value provided by TransUnion. Any loss or damage suffered to the sound equipment where it forms part of the sum insured will be treated as a motor claim.
Optional extras and after-market fitments must be specifically listed and insured at the correct replacement value, an additional premium is payable.
Non-factory fitted sound equipment must be specified in the schedule at an additional premium.
2.1.2.1 Agreed values may be considered only where the particular motor vehicle code does not appear in the ‘Auto Dealer’s Guide’ or any similar accepted industry authority, which usually includes vehicles over the age of 15 years, classic vehicles and imported vehicles.
2.1.2.2 Agreed value should ideally only be considered for vehicles that appreciate.
Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020 115