Page 68 - Policy Wording - Hollard Business Binder (2020-08-26)

Money
First Amount(s) Payable
Description
Excess
Major limit Collectors Hold-up
10% of claim minimum R750 10% of claim minimum R1 000 20% of claim minimum R1 000
Seasonal Increase
Description
Rate loading
Excess
a) Increase in sales over a specific period.
b) The increased limit must not exceed 35% of the Major limit.
1. 20% of the Major Limit rate x number of months required
2. example:
a. Major Limit R30 000
b. Sum Insured seasonal increase R10 000
c. New Sum Insured for period R40 000
d. Base rate 10%
e. Calculation R10 000 (b) x 10% (d) x 20% = R200 per month
f. R200 additional premium per month, based on the period selected.
No additional excess.
5. DECLINED AND REFERRAL RISKS
5.2
Annual Monthly
5.1.10 Security companies involved in the handling of cash
5.1.11 Stokvels
5.1.12 Ticket/cash offices at sporting and entertainment venues
The following risks should be referred:
5.1
The following risks should be avoided:
5.1.1 Amusement arcades
5.1.2 Beer halls
5.1.3 Betting agencies/Bookmakers
5.1.4 Dealers in precious stones/Diamond cutters/Jewellers
5.1.5 Financial institutions (including Banks)/Money lenders/Debt collectors
5.1.6 Mine concession trading stores
5.1.7 Night clubs
5.1.8 Pawn brokers
5.1.9 Risks involving money in slot and vending machines, coin operated laundrettes, car washing machines, etc. unless incidental to the business of the Insured
5.2.1 5.2.2 5.2.3 5.2.4
Casinos
Country trading stores
Dealers in non-ferrous metals
Pay offices at contract site including transit risk
Minimum section premium
R750 R65
Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020
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