Page 159 - Policy Wording - Hollard Business Binder (2020-08-26)

3.13 Home business
3.13.1 the intension is to provide cover for the home industry;
3.13.2 be careful not to provide cover for a commercial business;
3.13.3 not for the home industry attracting feet in numbers;
3.13.4 really for the one man office, baking for home industry, selling Tupperware and the like and low volume business;
3.13.5 commercial stock must be excluded.
3.14 Farms
3.14.1 the wording makes provision for alarms and burglar bars and the like;
3.14.2 it will be irresponsible to waive any form of protection;
3.14.3 farms are no longer safe havens and are under constant attack;
3.14.4 other sections me be affected, such as Personal Accident and All Risks;
3.14.5 by applying an excess as trade off will not solve the crime issues.
3.15 Minimum sums insured
Private dwellings with cottages
Each additional private dwelling with cottage
Cottages insured as a separate item including rondavels Laborer’s cottages, living quarters
R200 000
R100 000
R75 000
Decline (insurable interest)
Householders
Description
Minimum sum insured
3. 15
Construction
3.15.1 Asbestos construction is a declined risk. However, if an existing policy it may be retained. For new business refer to Hollard.
3.15.2 For thatch, refer Thatch section.
3.15.3 Nnon-standard construction represents any structure other than cement/concrete and iron/tile and must be rated differently (higher risk).
4. RATING
Standard construction
Laborer’s cottages, living quarters
Non-standard construction including wood, thatch, asbestos, straw and the like, load by
Riot and strike
Subsidence and landslip (questionnaire required)
Accidental damage inside the dwelling
Accidental damage outside the dwelling
Assets
.675% .875%
Decline Decline
.750% .750%
.025% .025%
.100% .100%
3.50% 3.50%
3.50% 3.50%
5.75% 5.75%
1.25%
Decline
.750%
.025%
.100%
3.50%
3.50%
5.75%
10% of claim minimum R500
N/A
10% of claim minimum R750
10% of claim minimum R1 000
5% of claim minimum R2 500
10% of claim minimum R500
10% of claim minimum R500
10% of claim minimum R500
4.1 Contents
Rate
Excess
Area 1
Area 2
Farms
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Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020