AMENDMENTS TO THE 2015 VERSION OF THE HOLLARD BUSINESS POLICY AND SECTIONAL TITLE & PROPERTY PROTECT WORDINGS

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Ashlyn Blair
6 years ago
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1 AMENDMENTS TO THE 2015 VERSION OF THE HOLLARD BUSINESS POLICY AND SECTIONAL TITLE & PROPERTY PROTECT WORDINGS RISK CLASSIFICATION o The risk classification section is removed from the Commercial and Agricultural Underwriting Guideline and is now provided as a separate guideline o Familiarise yourself with the change in Fire risk classification codes o The policy wording no longer makes use of the Section Limits, all limits are now contained in the wording alternatively provided for in the Schedule HOLLARD BUSINESS POLICY GENERAL EXCEPTIONS o Nuclear risk format changed o Asbestos exclusion format changed o Territorial extension 29 property incidentally across border o Maintenance of thatch roofs 30 provide guideline and requirement o Gas installations 31 provide guideline and requirement GENERAL CONDITIONS o 3. Cancellation 3.3 added to clarify no premium refunds for annual premium where claims were paid o Claims 7.8 added recovery after loss o Delay of cover 28 added tsunamis not covered unless cover is uninterrupted o Policy and schedule condition to state that in a dispute the wording takes preference. This follows the audit on schedules. Hollard would like to see the schedules free of endorsements and if required have it approved by Hollard o Territorial extension 29 added property across border movement restriction o Maintenance of thatch roofs 30 added provide guideline and requirements o Gas installations 31 added provide guideline and requirements GENERAL PROVISIONS o Security guards limit is removed from Section Limits (this is discontinued) and added to the specific provision, now R for each section applicable o Malicious damage limit removed and now provides full cover Theft section included and damage as a result of theft also included, subject to limit in Theft section Malicious damage to buildings o Power surge the Provision includes columns 1 to 5 and makes provision for stock in freezers or cold rooms with a time excess please note standard exclusions of this provision, the limit now increased to R and excess R2 500 per event Amendments to the 2015 Hollard Business Policy and Sectional Title & Property Protect Wordings Page 1

2 GENERAL PROVISIONS (cont...) o Locks and keys added (deleted from Office and Money sections) and Theft included in terms of this extension o Warranties and endorsements added to clarify and acknowledge same to apply o Average waiver average shall be waived if the B I calculator is being used FIRE o Special perils excess R1 000 added o Geyser extension format changed and wording extended to include pipes o Clauses and extensions Motors and pumping equipment added free R cover o Architect s and professional fees increased to 20% o Capital additions increased to 20% o Limitations increased to R in terms of 1 and 2 o Temporary removal increased to 20% COMBINED o Special perils excess R1 000 added o Geyser extension format changed and wording extended to include pipes o Clauses and extensions Landscaping limit is removed from Section Limits and added to the extension, R limit o Motors and pumping equipment added free R cover o Sub-Section C Rent Defined Events 1 and 2 both increased to 30% o Architect s and professional fees increased to 20% o Capital additions increased to 20% o Temporary removal increased to 20% o Prevention of access increased to 20 kilometres OFFICE CONTENTS o Definition of contents 1.3 limits increased to R and the aggregate to R o Capital additions increased to 20% o Temporary removal increased to 20% o Alarm warranty (where it appears in other sections) the word "at" the premises changed to "in" in the premises o Accidental damage to sanitary ware reworded and simplified o Locks and keys added (General Provisions) BUSINESS INTERRUPTION o Prevention of access perils and extended cover: distance limit extended to 25 km o Public utilities perils and extended cover: the limitation now reads "The Company will not be liable to pay more than 75% (seventy five percent) of the sum insured for each and every event being R (twenty million Rand)" to be in line with the treaty requirement (the R (ten million Rand) limitation no longer applies) Amendments to the 2015 Hollard Business Policy and Sectional Title & Property Protect Wordings Page 2

3 THEFT o Limitations employee property increased from R5 000/R to R10 000/R o Malicious damage to buildings Damage to buildings renamed. Standard cover R5 000 and optional cover to extend limit o Guests increased to R10 000, but aggregate remains at R MONEY o Personal Accident increased from R7 500 to R o Money in transit warranty added o Locks and keys increased to R7 500 GLASS o Defined Events, boarding up, shop fronts, removal and watchman each individual limit increased to R5 000 GOODS IN TRANSIT o Defined event 4 Conveyance added to make provision for reputable carriers o Tarpaulins and packing material included in load limit o Removal of debris increased to R each event o Hi-jacking the cover does not include hi-jacking automatically and as such the premium must be indicated separately optional extension o Specific exceptions an additional exception to make provision for overloaded goods carrying vehicles COMBINED LIABILITY o Name change changed to Combined Liability. Cover same as before, but now including Umbrella. Umbrella as a stand-alone product will be phased out. Higher limits now available o Specific Exception added excludes radio controlled aircraft and drones o Specific Exception 13 added electrified fencing o Amended a. Legal Defense Cost increased to R peer event or R in the aggregate respectively o Warehousemans liability optional extension added b. Wrongful Arrest increased to R per event or R in the aggregate respectively GROUP PERSONAL ACCIDENT & STATED BENEFITS o Provisions added 7. Makes provision for deductions of payments made by COIDA 8. T T D payments restricted to actual earnings o Wordings new wordings with more extensions (on par with Hollard Accident and Health wording) Amendments to the 2015 Hollard Business Policy and Sectional Title & Property Protect Wordings Page 3

4 MOTOR o Defined Events 2 a. Protection and removal b. Delivery after repair c. Cost of storage d. Repatriation cost e. In the aggregate R of a., b., c. and d. o Description of use added to exclusions tracks, driver training and advanced driver training o Specific Exceptions Sub-Section A 1.1 exclusion of maintenance plans and the like o Definitions Spare parts and accessories defined o Locks and keys limit increased to R with excess of 10% claim minimum R1 250 o Wreckage removal increased to R per event o Tracking device increased to R2 000 o Fuel in tanks provision for R1 000 with R250 excess o Credit shortfall the Optional Extension makes provision for R50 000, but a higher amount can be selected and stated in the Schedule o Vehicles written of write off at 70% and the Company is the owner thereof MOTOR TRADERS o Definitions Spare parts and accessories defined o Defined Events 2 a. Protection and removal R b. Delivery after repair R o Loss of keys increased to R7 500 o Wreckage removal increased to R c. Repatriation cost increased to R d. In the aggregate a, b and c limited to R o Specific Exceptions Sub-Section A theft accompanied by visible signs of violence EN-ROUTE o En-route added, the Sections to cover: i. on road ii. in car, and iii. for motorcycles iv. Premium ceded by the system to the relevant division v. Binder partners have to add additional column on reporting bordereaux ELECTRONIC EQUIPMENT o Theft (9) the circumstances and cover relating to theft of portable equipment reworded and simplified o Alarm warranty added as an optional extension (no charge as the cover is limited) o Specific Exceptions format changed and additional exceptions added Amendments to the 2015 Hollard Business Policy and Sectional Title & Property Protect Wordings Page 4

5 ELECTRONIC EQUIPMENT (cont...) o R O D and I C O W increased to R respectively o Architect's fees now 20% o Clearance cost increased to 20% o Prevention of access increased to 20 kilometres PERSONAL SECTIONS o Delete all sections issue separate policy with specific plain language wording Amendments to the 2015 Hollard Business Policy and Sectional Title & Property Protect Wordings Page 5

6 SECTIONAL TITLE AND PROPERTY PROTECT INTRODUCTION o Insurance code of conduct added (in line with Commercial wording) GENERAL EXCEPTIONS o Nuclear risk format changed o Asbestos exclusion format changed GENERAL CONDITIONS o Prescription period 7.7 added o Claims 7.8 added recovery after loss o Law and jurisdiction 17 added o Change of interest 18 added o Alterations to the business 19 added o Insurable interest 20 added o Delay of cover 26 tsunamis not covered unless cover is seamless o Maintenance of thatch roofs 27 provide guideline and requirement o Gas installations 28 provide guideline and requirement o Floor coverings 31 limit replacement to the room affected o Obsolescence 32 property no longer available o Cancellation of cover 33 conditions under which a policy is cancelled o Fire protection 34 fire fighting equipment must be maintained o Security guards limit is removed from Section Limits and added to the provision o Malicious damage now full cover and no longer limited o Power surge limit increased to R to be in line with the Commercial wording PROPERTY o Defined events in line with the Commercial wording o Geyser extension format changed and wording extended and in line with the Commercial Asset Protection wording o Solar systems extension added o Wild baboons and monkeys added but limited OFFICE CONTENTS o Special perils excess R1 000 added o Defined events in line with commercial wording ELECTRONIC EQUIPMENT o Defined events in line with commercial wording o R O D and I C O W increased to R Amendments to the 2015 Hollard Business Policy and Sectional Title & Property Protect Wordings Page 6

7 PUBLIC LIABILITY o No limit indicated in wording o Limit stated in the schedule with premium charged o For rating consult the guideline FIDELITY GUARANTEE o Definition of employee extended to include trustee Amendments to the 2015 Hollard Business Policy and Sectional Title & Property Protect Wordings Page 7

COMMERCIAL 1. General. Fire and Allied Perils (buildings, contents, machinery and stock-in-trade)

COMMERCIAL 1. General. Fire and Allied Perils (buildings, contents, machinery and stock-in-trade) COMMERCIAL 1 Sometimes in business, it seems that what can go wrong, does go wrong. Luckily, commercial insurance can help you plan for every eventuality. We offer invaluable protection against theft,