Page 161 - Policy Wording - Hollard Business Binder (2020-08-26)

1. GENERAL
1.1 Minimum requirement for this cover is the Householders Section to be selected and not available without supporting business.
1.2 Clothing and personal effects as described in this section of the policy and other valuables can be insured against All Risks.
1.3 No item can be specified without underlying unspecified All Risks.
1.4 All specified items exceeding R5 000 (five thousand rand) must be accompanied by a valuation certificate not older than 2 (two) years failure which will result in the unspecified limit to apply.
2. UNDERSTAND THE RISK
2.1 Items to be covered at replacement cost and while the average condition is not applicable a lesser value could jeopardise the Insured in terms of replacement.
2.2 Firearms must be licensed.
2.3 Professional sporting equipment must be referred to Hollard. The activity increases the risk of damage and even theft.
3. UNDERWRITE THE RISK
3.1 The valuation certificate is the only proof of existence and value hence its importance.
3.2 Make sure you understand the item covered and the relation between owner work and the item.
3.3 Single item value: 25% (twenty five percent) of sum insured and is not adjustable.
3.4 Minimum sum insured in terms of unspecified section is R10 000 (ten thousand rand).
3.5 Wearing apparel specified as a bulk sum insured has to be capped per item, usually not more than the 25% (twenty five percent) of the sum insured.
3.6 Jewellery:
3.6.1 all jewellery should be kept in a safe;
3.6.2 all jewellery should be evaluated and a certificate not older than 2 (two) years kept on file;
3.6.3 the limit section will determine application.
4. RATING
Clothing and personal effects as described in the
wording definitions 6.5%
Specified property
Contact lenses 7.5%
Car sound equipment and the like 12.5%
Cellular phones, iPhones, ipads and the like 15.5%
Sporting equipment (non-professional) 7.5%
Bicycles 10%
Laptops (Electronic Equipment provides better value) 15%
Bank vault 1.5%
10% of claim minimum R500
10% of claim minimum R350
10% of claim minimum R500
10% of claim minimum R750
10% of claim minimum R500
10% of claim minimum R750
10% of claim minimum R1 000
10% of claim minimum R500
Personal All Risks
PERSONAL ALL RISKS
4.1 Property
Rate
Excess (suggested)
Unspecified property (compare with wording)
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Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020