Page 78 - Policy Wording - Hollard Business Binder (2020-08-26)

Business All Risks
3.4.4.5 The following warranty must be noted on the Schedule, without exception:
"It is hereby warranted that the toolbox is securely fixed to the vehicle and kept securely locked when not in use."
3.5 Electronic equipment
3.5.1 Smart phones are still insured under this section as the original intent of these devices was to be a cellular phone not electronic equipment, no matter the functionality.
3.5.2 All tablets and similar hand-held devices are considered electronic equipment.
3.5.3 Rather cover electronic equipment items under the Electronic Equipment section as mechanical breakdown cover is included together with the benefits of this section.
3.6 Deterioration of stock
3.6.1 See point 4.21 under the Fire section.
3.6.2 Where All Risks cover is required, the items should be insured under the Deterioration of Stock section.
3.7 Exhibition risks
3.7.1 These must be avoided, unless the security arrangements are sufficient.
3.7.2 Theft should be restricted to loss following forced and violent entry into or exit from the premises.
3.7.3 The nature of property being exhibited must be considered.
3.7.4 No exhibitions in the open.
3.7.5 Premium must be sufficient to cover at least one loss and should be no less than the premium equal to six months.
3.7.6 A deductible of 10% (ten percent) of the claim minimum R5 000 (five thousand rand) is recommended.
3.8 Milk bottles and insemination flasks (Agri only)
3.8.1 Sum insured must be for all bottles and flasks and must not be underwritten on a First Loss basis.
3.8.2 Flasks must be inspected annually and a warranty to the effect must be applied.
3.8.3 Avoid providing cover for contents of insemination tubes (accommodation) and milk bottles.
3.8.4 If all bottles are insured as one item the single-item limit has to be noted.
3.8.5 Contents of flasks are not to be insured for periods longer than 6 months.
3.9 Guest's property (Agri only)
3.9.1 This section provides cover in terms of guest's property at a maximum of R25 000 (twenty five thousand rand), limited to R3 000 (three thousand rand) any one item.
3.9.2 Cover is only effective if guest has no insurance.
3.10 Remote blocking
3.10.1 This cover is automatically included in the wording but limited to R25 000 (twenty five thousand rand).
3.10.2 No higher limits should be considered.
3.10.3 Only specified property will be covered.
3.11 Drones
3.11.1 There is an increasing need for this cover, whether it is used socially or commercially.
3.11.2 The use of a drone does have an impact on privacy which may result in a Public Liability claim.
3.11.3 The construction is not robust and a handling error will certainly result in a total loss.
3.11.4 Drones are highly susceptible to theft as they are easily intercepted when airborne.
Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020 77