Page 64 - Policy Wording - Hollard Business Binder (2020-08-26)

Theft
5. SHORT PERIOD COVER
5.1 This extension is intended to cover a specific period.
5.2 The period will impact on the rating and underwriting of the risk.
5.3 Always specify the period to which the increase applies.
Rate
Description
Rate loading
Excess
a) Increase in stock over a specific period.
b) Period must be specified.
c) The increased limit must not exceed 35% of the current sum insured.
d) Maximum period of increase is 6 months.
a) Apply the current rate to the additional limit.
b) Premium loading:
• 1-month period, load by 25%;
• 2-month period, load by 45%;
• 3-month period, load by 65%.
• 4-month period, load by 75%
• 5-month period, load by 80%
• 6-month period, load by 80%
c) After application of the loading apply a pro-rata premium according to the number of days the cover is required for.
No additional excess. The excess is based on the underlying policy schedule.
6. DECLINED AND REFERRAL RISKS
6.2
Annual Monthly
6.2.1 6.2.2 6.2.3 6.2.4
Builders and contractors site office
Caravans in the open
Country trading stores/General dealers – country areas Dealers in parts for ships and boats
6.1
The following risks should be avoided:
6.1.1 Action bars/Beer halls
6.1.2 Ammunition manufacturers
6.1.3 Amusement arcades
6.1.4 Art & Antique dealers/Pawnbrokers/Auctioneers
6.1.5 Cigarettes, cigars and tobacco – wholesale
6.1.6 Diamond cutters/Jewellers/Watchmakers and repairers
6.1.7 Financial institutions (including Banks)
6.1.8 Furriers
6.1.9 Night clubs
6.1.10 Scrap dealers
6.1.11 Wine and spirit wholesalers
The following risks should be referred:
Minimum section premium
R1 000 R85
Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020
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