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

Sectional Title and Property Risk
3.6 Inflation and Escalation
Refer to point 4.2 under the Fire section.
3.7 Retaining walls
Refer to point 4.11 under the Fire section.
3.8 Solar systems and wind generated power systems
Refer to point 4.20 under the Fire section.
3.9 Business interruption extensions to other premises
Please refer to the section on Business Interruption.
4. INSURANCE CERTIFICATES
4.1 The certificate which is received from an attorney is completed, stamped, signed and returned. We no longer charge a fee for this service.
4.2 The value of the unit is to be checked against the Participation Quota (PQ) and adjusted, if necessary, in collaboration with the Insured.
5. COMMERCIAL CRIME INCREASED LIMITS
In response to The Community Schemes Ombud Service Act, 2011 (Act no. 9 of 2011) we are extending the Commercial Crime section of our current Sectional Title Policy to include the insurable persons as defined in the above mentioned act up to the limit of R75 000.
5.1 Insurable Persons:
5.1.1 scheme executive;
5.1.2 employee or agent of a community scheme who has control over the money of a community scheme;
5.1.3 managing agent; or
5.1.4 contractor, employee or other person acting on behalf of or under the direction of a managing agent, who in the normal course of the community scheme’s affairs has access to or control over the monies of the community scheme.
5.2 Existing Limit:
5.2.1 Up to R75 000 – free cover.
5.2.2 First amount payable: 20% of claim, min R2 500.
5.3 Increased Limit (in excess of R75 000):
Cover is subject to the managing agent having their own Fidelity Guarantee and Professional Indemnity insurance in place. The relevant proposal form must be completed, signed and referred to Hollard for approval.
5.4 The following endorsement must be noted on the policy schedule:
“Endorsement forming part of and attaching to the Commercial Crime section of the Hollard Sectional Title product for limits greater than R75 000.
In addition to the sum insured stated in the schedule, the limit of indemnity under this section may be increased subject to the acceptance of a completed and signed proposal form. It is a condition of cover that the Managing Agent should have their own Fidelity Guarantee and Professional Indemnity policies in place. The Company reserves its right of subrogation against any other insurance policy, effected by any insured person that covers loss of money belonging to our Insured.
It is hereby noted that the definition of Employee under the Fidelity Guarantee section will be extended to include the insurable person as defined in the Community Schemes Ombud Service Act 2011.”
Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020 25