Page 56 - Policy Wording - Hollard Business Binder (2020-08-26)

Business Interruption
For the purposes of this extension, a municipal, provincial or national quarantine of the premises shall not result in cover in terms of the clause 3 unless there is evidence of the disease physically being present on the Premises."
Limit R960 R80
1.12 Suppliers and customers
Rate
Description
Annual Premium
Monthly Premium
1.12.1 1.12.2 1.12.3
1.12.4
1.12.5 1.12.6
Specified suppliers
Specified customers
Unspecified suppliers
Specified suppliers or customers (per risk location):
up to 10% dependency
11% to 25% dependency
26% to 50% dependency
51% dependency and over
Unspecified suppliers (per risk location):
up to 10% dependency
10% to 15% dependency
15% dependency and over
Cover is extended to the premises of the supplier/customer as stated in the Schedule.
We are exposed as we are providing cover on a premises or business we have no knowledge of.
If you are providing cover for specified suppliers/customers, always obtain the names of the supplier or customer, including business descriptions and physical addresses, and attach a percentage dependency to the said supplier/customer. This dependency does not necessarily relate to the Gross Profit limit but rather to how dependent the operation of the Insured's business is on that of their supplier or customer.
Due to the high risk, unspecified customers extension is not supported by Reinsurers and is therefore no longer available.
The below table states that maximum percentages and limits available.
In the event that a higher percentage of the GP sum insured is required, refer to Hollard together with motivation.
Maximum acceptance Limits
Description
% of GP sum insured
Maximum limit
25%
25%
10%
R200 000 000
R200 000 000
R100 000 000
Rate
Description
Rate on gross profit
.0175%
.0355%
Refer Hollard –
Decline
.0550%
Refer Hollard –
Decline
.0500%
.0675%
The questionnaire should be completed on each and every instance:
DEPENDENCY CALCULATOR
Are you dependent on any one supplier for more than 5% of your annual turnover, but restricted to 25%? Please specify:
Supplier
Country
Percentage value
Purchase
Is an alternate supplier available?
%
R
YES/NO
%
R
YES/NO
%
R
YES/NO
Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020
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