Page 62 - Policy Wording - Hollard Business Binder (2020-08-26)

Theft
3.11 Smash-and-grab
The Insured should be cautioned against keeping large amounts of attractive goods in display windows or cabinets, particularly where physical protections are poor or the premises are situated in high-risk areas. Consideration should be given to either limiting the sum insured, imposing a First Amount Payable or if necessary, excluding the cover from that area.
3.12 Fixtures and fittings only
Where theft cover is requested in respect of external building fixtures and fittings only, the following endorsement must apply:
"Additional damage to buildings is restated as follows:
Loss of or damage to the buildings including building’s fixtures and fittings whether inside the buildings or attached to the outside of the buildings at the insured premises in the course of theft or any attempt thereat;
PROVIDED THAT:
1. the Company will not be liable to pay more than the amount stated in the Schedule;
2. the Insured shall be responsible for 10% (ten percent) of the claim subject to a minimum amount of R750 (seven hundred and fifty rand) in respect of each and every claim."
3.13 Damage to buildings
Cover is automatically included up to R5 000 (five thousand rand) and increased limits can be purchased. Do not allow sums insured greater than the Theft First Loss limit. If required, please refer to Hollard.
3.14 Malicious Damage
3.14.1 There is often confusion between malicious damage and damage to buildings.
3.14.2 If movable contents is damaged as a result of theft or attempt thereat, the cost of replacement/ repair will be covered up to the Theft First Loss limit stated in the Schedule.
3.14.3 If there is damage to the building or fixtures and fittings as a result of theft or attempt thereat, the cost of replacement/repair will be covered under the Damage to buildings extension.
3.14.4 Where an insured requires cover for Malicious Damage only or a limit higher than the Theft First Loss limit, cover may be granted at an additional premium and the policy Schedule may be endorsed as follows:
"It is hereby noted and agreed that cover is included for damage directly occasioned by or through or in consequence of the deliberate or willful or wanton act of any person committed with the intention of causing such damage to the property insured and stated in the Schedule, but only following theft or attempt thereat and limited to R... (variable) per event."
3.15 Goods in the open
3.15.1 Cover may be extended for goods designed to be in the open. The items must be specified.
3.15.2 The following measures must be adhered to in order for cover to be granted:
3.15.2.1
3.15.2.2 3.15.2.3
3.15.2.4 3.15.2.5
the premises must be surrounded by a security fence that is at least 1.8m (one point eight metres) high;
the entrance gate(s) must be kept securely locked at all times;
the conditions in respect of visible forcible and violent entry to or exit from the premises as described in the Defined Events of this Section shall still apply;
the Company's liability in respect of this Extension shall be limited to the amount stated in the Schedule;
apply a first amount payable of 10% (ten perecent) of claim minimum R750 (seven hundred and fifty rand).
Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020 61