Page 143 - Policy Wording - Hollard Business Binder (2020-08-26)

3.7 Blanket cover
3.7.1 Where property is insured on a 'blanket' basis, for example static equipment or portable equipment, the sum insured must represent the replacement cost of all property of that nature.
3.7.2 An item limit must always be applied. The item limit must not exceed 25% (ten percent) of the blanket/globular sum insured.
3.7.3 If an item limit is not applied the claim for one item may be the full sum insured and that is not the intention of the blanket cover basis.
3.8 Average
Average applies to this section whether items have been specified on an individual or blanket basis.
4. RATING
Static equipment (i.e. desktops, printers, etc. kept at 3.50% the premises)
Portable equipment (i.e. laptops, tablets, etc. used 12.50% away from premises)
Software 3.50%
Additional increased cost of working 2.50%
Additional reinstatement of data/programs 2.50%
Incompatibility cover .25%
Telecommunication access lines .25%
Riot and strike .10%
Additional claims preparation costs 2%
Minimum section premium
Annual Monthly
10% of claim min R750
10% of claim min R1 000
10% of claim min R750
24 hour time excess
R750
Nil
12 hour time excess
10% of claim min R1 000
Nil
R1 000 R95
Electronic Equipment
Description
Rate
Excess
142
Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020