30 DAY BI-LATERAL CANCELLATION CLAUSE 50/50 PROVISIONAL CLAIMS SETTLEMENT CLAUSE AIRCRAFT FINANCIAL INTEREST ENDORSEMENT AIRCREW WAIVER OF

Transcription

1 30 DAY BI-LATERAL CANCELLATION CLAUSE 50/50 PROVISIONAL CLAIMS SETTLEMENT CLAUSE AIRCRAFT FINANCIAL INTEREST ENDORSEMENT AIRCREW WAIVER OF SUBROGATION AGGREGATE EXCESS CLAUSE: ASBESTOS EXCLUSION CLAUSE ADDITIONAL / NON-STANDARD EQUIPMENT CLAUSE ADDITIONAL EQUIPMENT AMOUNT TO BE DEDUCTED IN THE EVENT OF A CLAIM ADDITIONS AND DELETIONS CLAUSE AVIATION RADIO ACTIVE CONTAMINATION EXCLUSION CLAUSE GENERAL) AGREED VALUE ADDITIONAL INSURED ENDORSEMENT (APPLICABLE TO SECTION II AND III ONLY) BREACH OF AIR NAVIGATION REGULATIONS BANNER TOWING BALLOON AND DIRIGIBLE ENDORSEMENT COMPONENTS PART CLAUSE CHEMICAL LIABILITY EXCLUSION CLAUSE CHILDREN'S SEATS CARRIAGE OF INFANTS CARGO LEGAL LIABILITY ENDORSEMENT CO-INSURANCE CLAUSE COMPONENT PARTS CLAUSE CO-INSURANCE UNDERWRITING & CLAIMS CONTROL CLAUSE CROSS LIABILITY CLAUSE (CLUBS) CROSS LIABILITIES DEBIT ORDER PROVISIONS DEDUCTIBLE IN RESPECT OF THIS SECTION DATE RECOGNITION EXCLUSION CLAUSE EXCESSES EXCESSES EXCESS EXCESSES EXCESSES EXCESS TRANSIT ESCALATOR CLAUSE FREIGHT LEGAL LIABILITY FORFEITURE OF NO CLAIMS BONUS REFUND CLAUSE FOOD AND DRINK CLAUSE

2 FREIGHT LEGAL LIABILITY GEOGRAPHICAL LIMITS GEOGRAPHICAL LIMITS GROUND RISKS ONLY GROUND RISKS ONLY INCLUDING ENGINE RUN-UP HI JACK HELICOPTER EXCLUSION CLAUSE INSTRUCTOR'S LEGAL LIABILITY TO PUPILS CLAUSE "INGESTION" LEGAL LIABILITY TO INSTRUCTORS LEGAL LIABILITY TO PARACHUTISTS EXCLUSION CLAUSE LIABILITY INCURRED BY THE INSURED TO PILOT / AIRCREW LEGAL LIABILITY TO SPOTTERS / SHOOTERS LEGAL LIABILITY TO STUDENT AND HIRE PILOT LEGAL LIABILITY TO EMPLOYEES LAYING-UP RETURNS CLAUSE LOSS PAYEE CLAUSE LABOUR CLAUSE MISSING AIRCRAFT MOZAMBIQUE EXCESS NON OWNERSHIP LEGAL LIABILITY EXTENSION (SUBSTITUTE AIRCRAFT) NUCLEAR LOSSES EXCLUSION CLAUSE NO CLAIM BONUS ON RENEWAL CLAUSE NO CLAIM BONUS ON RENEWAL (SLIDING SCALE) OWNERS/JOINT INSUREDS PRESCRIPTION PREMIUM INSTALMENT CLAUSE (Quarterly) PROFIT COMMISSION ON RENEWAL CLAUSE PRO RATA CANCELLATION IN THE EVENT OF SALE OF AIRCRAFT PRESIDENT TROPHY AIR RACE PASSENGER RECOVERY PROPORTION OF LIABILITY OF SANTAM LIMITED (THE INSURED) RISKS COVERED RISKS COVERED ROTORS IN MOTION ROTORS-NOT-IN-MOTION RESTRICTION OF COVER IN RESPECT OF SECTIONS II AND III OF THE POLICY DURING FERRY RESTRICTION OF COVER IN RESPECT OF SECTIONS II AND III OF THE POLICY DURING TRAINING REINSURANCE CLAUSE RATE OF EXCHANGE APPLICABLE AT DATE OF SETTLEMENT

3 REPATRIATION CLAUSE (applicable to claims occurring outside South Africa) SALVAGE DISPOSAL OPTION CLAUSE STOP ORDER PROVISIONS SEARCH AND RESCUE CLAUSE SEARCH AND RESCUE, RUNWAY FOAMING AND WRECK REMOVAL EXPENSES CLAUSE SOUTH AFRICAN JURISDICTION SUPPLEMENTAL PAYMENT CLAUSE (applicable to all claims) TUG-AIRCRAFT TRAILERING UNAUTHORISED USE CLAUSE UNAUTHORISED USE CLAUSE - THEFT ONLY UNAUTHORISED USE CLAUSE (WRITTEN PRECAUTIONS) WRECK REMOVAL EXPENSES CLAUSE WRECK SALVAGE CLAUSE WARRANTY (Paved Runway)

4 30 DAY BI-LATERAL CANCELLATION CLAUSE This Policy may be cancelled by the Insured or by the Insurer by the giving of 30 days notice which may be done by the Insurer by sending such notice by registered letter to the last known address of the Insured in which event the company shall on demand refund to the insured a proportionate part of the premium corresponding to the unexpired term of the Policy provided no accident has occurred which could give rise to a claim during the current period of insurance. 50/50 PROVISIONAL CLAIMS SETTLEMENT CLAUSE Whereas the Insured has in full force and effect:- (a) (b) An All Risks policy which, inter alia, contains the War Hi-jacking and other perils exclusion clause A War Risks policy which, inter alia, covers certain of the risks excluded in (a) above. Now it is hereby understood and agreed that:- In the event of loss of or damage to an aircraft identified on the Schedule of aircraft forming part of policy and where agreement is reached between the All Risks Insurers and the War Risks Insurers that the Insured has a valid claim under one or other policy where nevertheless it cannot be resolved within 21 days from the date of occurrence as to which policy is liable, each of the aforementioned groups of Insurers agree without prejudice to their liability to advance to the Insured 50% of such amount as may be mutually agreed between them until such time as final settlement of the claim is agreed. Provided always that:- (i) (ii) (iii) (iv) The All Risks and War Risks placing slips are identically endorsed with this provisional claims settlement clause. Once the advance has been made all Insurers specified in (I) above agree to refer the matter to arbitration in the Republic of South Africa in accordance with the statutory provision for arbitration for the time being in force. Once the arbitration decision has been conveyed to the parties concerned the All Risks Insurers or the War Risks Insurers as the case ma be shall repay the amount advanced by the other group of Insurers together with interest of the period concerned which is to be calculated using the Republic of South Africa clearing bank base rate. If the All Risks and War Risks policies contain differing amounts payable the advance will not exceed the lesser of the amounts involved. In the event of co-insurance or risks involving uninsured proportion(s) is appropriate adjustment will be made.

5 AIRCRAFT FINANCIAL INTEREST ENDORSEMENT It is noted that the Party named in the Schedule hereto has a financial interest in the Aircraft under the Agreement. Accordingly, with respect to losses occurring during the period from the Effective Date of this Endorsement until the expiry of the Insurance or until the satisfaction of the obligations under the Agreement, whichever shall first occur, in respect of the interest of the Party and in consideration of an Additional Premium IT IS UNDERSTOOD AND AGREED THAT : 1. The insurance afforded by this Policy for loss of or physical damage to the insured Aircraft shall not be invalidated as regards the interest of the Party by any act or omission by the Insured which results in a breach of any term, condition or warranty of the Policy PROVIDED THAT the Party has not caused, contributed to or knowingly condoned the said act or omission. Nevertheless any change in title or ownership of the Aircraft, conversion, embezzlement or secretion by the Insured in possession of the Aircraft is not covered hereunder. 2. The protection afforded to the Party by the terms of this Endorsement shall be limited to loss of or physical damage to the insured Aircraft and shall not exceed the Original Amount under the Agreement less any relevant Policy Deductible and less all matured Instalments paid or due prior to the accident giving rise to a loss hereunder. 3. The Party shall notify the Insurers of any increase in hazard which comes to the Party's attention and if agreed by the Insurers it shall be endorsed on the Policy, the Party agreeing to pay any additional required premium if the Insured fails to do so on demand of the Insurers. 4. If the Insured fails to notify the Insurers as specified in the Policy Conditions of any event likely to give rise to a claim under the Policy, the Party shall do so immediately he becomes aware of the event in form and manner as prescribed by the Policy. 5. Upon payment of any loss or claim to the Party, Insurers shall to the extent and in respect of such payment be subrogated to all legal and equitable rights of the Party. At the expense of Insurers the Party shall do whatever is necessary to assist the Insurers to exercise such rights. 6. Except in respect of any provision for Cancellation or Automatic Termination specified in the Policy or any endorsement thereof, cover provided by this Endorsement may only be cancelled by Insurers giving not less than Thirty (30) days notice in writing to the Appointed Broker. Notice shall be deemed to commence from the date such notice is given by the Insurers. In the event of cancellation for non-payment of premium, the Party shall have the option to pay all outstanding premiums in respect of the Aircraft within the notice period.

6 EXCEPT AS SPECIFICALLY VARIED OR PROVIDED BY THE TERMS OF THIS ENDORSEMENT THE FINANCIAL INTEREST OF THE PARTY IS COVERED BY THE POLICY FOR LOSS OF OR PHYSICAL DAMAGE TO THE INSURED AIRCRAFT ONLY SUBJECT TO ALL TERMS, CONDITIONS, LIMITATIONS, WARRANTIES, EXCLUSIONS AND CANCELLATION PROVISIONS THEREOF. SCHEDULE IDENTIFYING TERMS USED IN THIS ENDORSEMENT 1. Aircraft: Robinson R44 Raven II Registration: ZS-tba 2. Party: 3. Agreement 4. The Original Amount under the Agreement: Payable in Instalments of R the last Instalment being due The amount outstanding at the Effective Date of this Endorsement: 5. Policy Deductible: 5% of Agreed Value each and every claim. 6. Effective Date of this Endorsement: 01/03/ Additional Premium:

7 AIC S - The President's Trophy Air Race and/or Rallies Clause Notwithstanding the exclusion relating to racing and/or rallies in the within Policy it is agreed to include participation in The President's Trophy Air Race and/or rallies subject to the following conditions: 1. Cover in respect of Section II of the Policy (Legal Liability to Third Parties) is restricted to a limit of R100,000 (One Hundred Thousand South African Rands) whilst the insured Aircraft is being used in the said race or rally. 2. Cover in respect of Section III of the Policy (Legal Liability to Passengers) shall not apply whilst the insured Aircraft is being used in the said race or rally. 3. All deductibles are increased to 10% (Ten Per Cent) of the Agreed Value of the insured Aircraft subject to a minimum of R10,000 (Ten Thousand South African Rands) including Total Loss, Constructive Total Loss and Arranged Total Loss. 4. This cover to apply from arrival of the insured Aircraft at the aerodrome prior to the start of the race or rally and to remain in force until departure from the aerodrome after the end of the race or rally. It is further agreed and understood that any breach of Air Navigation Regulations by either the insured or any pilot flying the Aircraft will invalidate any claim of whatever kind under any Section of the Policy.

8 AIRLINE FINANCE /LEASE CONTRACT ENDORSEMENT It is noted that the Contract Party(ies) have an interest in respect of the Equipment under the Contract(s). Accordingly, with respect to losses occurring during the period from the Effective Date until the expiry of the Insurance or until the expiry or agreed termination of the Contract(s) or until the obligations under the Contract(s) are terminated by any action of the Insured or the Contract Party(ies), whichever shall first occur, in respect of the said interest of the Contract Party(ies) and in consideration of the Additional Premium it is confirmed that the Insurance afforded by the Policy is in full force and effect and it is further agreed that the following provisions are specifically endorsed to the Policy:- 1. Under the Hull and Aircraft Spares Insurances 1.1 In respect of any claim on Equipment that becomes payable on the basis of a Total Loss, settlement (net of any relevant Policy Deductible) shall be made to, or to the order of the Contract Party(ies). In respect of any other claim, settlement (net of any relevant Policy Deductible) shall be made with such party(ies) as may be necessary to repair the Equipment unless otherwise agreed after consultation between the Insurers and the Insured and, where necessary under the terms of the Contract(s), the Contract Party(ies). Such payments shall only be made provided they are in compliance with all applicable laws and regulations. 1.2 Insurers shall be entitled to the benefit of salvage in respect of any property for which a claims settlement has been made. 2. Under the Legal Liability Insurance Subject to the provisions of this Endorsement, the Insurance shall operate in all respects as if a separate Policy had been issued covering each party insured hereunder, but this provision shall not operate to include any claim howsoever arising in respect of loss or damage to the Equipment insured under the Hull or Spares Insurance of the Insured. Notwithstanding the foregoing the total liability of Insurers in respect of any and all Insureds shall not exceed the limits of liability stated in the Policy. The Insurance provided hereunder shall be primary and without right of contribution from any other insurance which may be available to the Contract Party(ies) This endorsement does not provide coverage for the Contract Party(ies) with respect to claims arising out of their legal liability as manufacturer, repairer, or servicing agent of the Equipment. 3. Under All Insurances The Contract Party(ies) are included as Additional Insured(s).

9 The cover afforded to each Contract Party by the Policy in accordance with this Endorsement shall not be invalidated by any act or omission (including misrepresentation and non-disclosure) of any other person or party which results in a breach of any term, condition or warranty of the Policy PROVIDED THAT the Contract Party so protected has not caused, contributed to or knowingly condoned the said act or omission. The provisions of this Endorsement apply to the contract Party(ies) solely in their capacity as financier(s)/lessor(s) in the identified Contract(s) and not in any other capacity. Knowledge that any Contract Party may have or acquire or actions that it may take or fail to take in that other capacity (pursuant to any other contract or otherwise) shall not be considered as invalidating the cover afforded by this Endorsement. The Contract Party(ies) shall have no responsibility for premium and Insurers shall waive any right of set-off or counterclaim against the Contract Party(ies) except in respect of outstanding premium in respect of the Equipment. Upon payment of any loss or claim to or on behalf of any Contract Party(ies), Insurers shall to the extent and in respect of such payment be thereupon subrogated to all legal and equitable rights of the Contract Party(ies) indemnified hereby (but not against any Contract Party). Insurers shall not exercise such rights without the consent of those indemnified, such consent not to be unreasonably withheld. At the expense of Insurers such Contract Party(ies) shall do all things reasonably necessary to assist the Insurers to exercise said rights. Except in respect of any provision for Cancellation or Automatic Termination specified in the Policy or any endorsement thereof, cover provided by this Endorsement may only be cancelled or materially altered in a manner adverse to the Contract Party(ies) by the giving of not less than Thirty (30) days notice in writing to the Appointed Broker. Notice shall be deemed to commence from the date such notice is given by the Insurers. Such notice will NOT, however, be given at normal expiry date of the Policy or any endorsement. EXCEPT AS SPECIFICALLY VARIED OR PROVIDED BY THE TERMS OF THIS ENDORSEMENT:- 1. THE CONTRACT PARTY(IES) ARE COVERED BY THE POLICY SUBJECT TO ALL TERMS, CONDITIONS, LIMITATIONS, WARRANTIES, EXCLUSIONS AND CANCELLATION ROVISIONS THEREOF. 2. THE POLICY SHALL NOT BE VARIED BY ANY PROVISIONS CONTAINED IN THE CONTRACT(S) WHICH PURPORT TO SERVE AS AN ENDORSEMENT OR AMENDMENT TO THE POLICY. SCHEDULE IDENTIFYING TERMS USED IN THIS ENDORSEMENT 1. Equipment (Specify details of any aircraft, engines or spares to be covered):

10 2. Policy Deductible applicable to Physical damage to the Equipment 3. (a) Contract Party(ies): AND (b), in addition, in respect of Legal Liability Insurances: 4. Contract(s): 5. Effective Date: 6. Additional Premium: 0.15% of outstanding amount) 7. Appointed Broker: AVN67B

11 AIRCREW WAIVER OF SUBROGATION It is hereby declared and agreed that Insurers hereon agree to waive all rights of recourse against any member of the aircrew of the Aircraft, acting therein within the scope of his employment with, or duties for, the Insured. AGGREGATE EXCESS CLAUSE: The basis of this insurance is amended as follows: (a) (b) There shall be deducted from each claim in respect of Section 1, Aircraft hull, the amount payable stated in the schedule up to the aggregate of R If during any 12-month period of insurance (calculated from the inception of this policy section) an aggregate is exceeded the insured's responsibility reverts to the first amount payable ASBESTOS EXCLUSION CLAUSE This policy does not apply to and does not cover any actual or alleged liability whatsoever for any claim or claims in respect of loss or losses directly or indirectly arising out of, resulting from or in consequence of, or in any way involving asbestos, or materials containing asbestos in whatever form or quantity provided that the loss or losses are caused or contributed to by the hazardous nature of asbestos ADDITIONAL / NON-STANDARD EQUIPMENT CLAUSE It is hereby understood and agreed that the equipment and/or any equipment other than the standard instruments and/or accessories in the aircraft described in the Schedule hereto are not covered in terms of this policy for loss of or damage to unless a valid and collectable claim can be made (or could have been made save only for the application for any excess provision) in respect of the aircraft Hull described in the Schedule hereto whilst in flight, taxying or on the ground. ADDITIONAL EQUIPMENT It is hereby declared and agreed that the following equipment has been installed in the aircraft as a permanent fixture and the value of the equipment is included in the Sum Insured of the aircraft GARMIN AVD VALUED R AMOUNT TO BE DEDUCTED IN THE EVENT OF A CLAIM It is hereby declared and agreed that the Insured shall be liable for the first R of each and every claim in respect of Sections II and III of the policy.

12 ADDITIONS AND DELETIONS CLAUSE It is hereby understood and agreed that: 1. The cover afforded by this contract is automatically extended to include at pro rata additional premium further aircraft added during the currency by the Insured and are of the same type and value as aircraft already covered hereunder. 2. Inclusion of additional aircraft of other types or different values shall be subject to special agreement and rating by the Insurer prior to attachment. 3. Aircraft which have been sold or disposed of shall be deleted from the Schedule of this contract and the Insured shall be entitled to pro rata return of premium provided no claim has arisen and become payable under this contract in respect of such aircraft. ALWAYS PROVIDED THAT i) Notwithstanding the foregoing provisions for additions and deletions the premium in respect of each separate period of flight risk insurance on any aircraft covered during the currency of this contract shall in no case be less than (15) fifteen days pro rata premium. ii) iii) In the event of a claim arising in respect of any aircraft added thereto being settled on a total loss basis full (12) twelve months premium shall be paid hereunder in respect of such aircraft. Immediate notice of the addition or deletion of any aircraft under the provisions of paragraph 1 and 3 respectively shall be given to the Insurer or their representative date of attachment or deletion. AVIATION RADIO ACTIVE CONTAMINATION EXCLUSION CLAUSE (GENERAL) 1. This policy does not cover a) loss or destruction of or damage to any property whatsoever of any loss or expense whatsoever resulting or arising therefrom b) any legal liability of whatsoever nature directly or indirectly caused or contributed to by or arising from ionising radiation of contamination by radioactivity from any source whatsoever. 2. Loss, destruction, damage, expense or legal liability which, bur for the provisions of paragraph (1) of this clause, would be covered by this policy, and is directly of indirectly cause or contributed to by or arises from ionising radiations or contamination by radioactivity from any radioactive materials in course of carriage as cargo under Insternational Air Transport Association regulations, shall (subject to all the other provisions of this policy) be covered, provided that:

13 a) It shall be a condition precedent to the liability of the Insurer that the carriage of any radioactive materials shall in all respects comply with the current regulations, issued by the International Air Transport Association relating to the carriage of restricted articles by air; b) This policy shall only apply to any claim made against the Insured arising out of any accident or incident occurring during the period of this insurance and any such claim by the Insured against the Insurer or by any claimant against the Insured shall have been made within three years after the date of the occurrence giving rise to the claim; c) In the case of any claim by virtue of this paragraph (2) under the hull section of this policy, the level of contamination shall have exceeded the maximum permissible level set out in the following scale:- AGREED VALUE The amount shown in the Policy Schedule as the "Insured Value" shall be deemed to be the value agreed between the Insured and the Insurer. In the event of total loss of the aircraft, the said Agreed Value will be paid to the Insured in full, less any applicable deductible. ADDITIONAL INSURED ENDORSEMENT (APPLICABLE TO SECTION II AND III ONLY) It is understood and agreed that is added as an Additional Insured but only insofar as their interests arise as Operators of the aircraft. This endorsement does not provide coverage for the Additional Insured with respect to claims arising out of their Legal Liability as manufacturers, repairers, suppliers or servicing agents and shall not operate to prejudice the Insurer s rights of recourse against the Additional Insured as manufacturers, repairers, suppliers or servicing agents where such rights of recourse would have existed had this endorsement not been effected under this Policy. BREACH OF AIR NAVIGATION REGULATIONS It is hereby declared and agreed that notwithstanding anything contained in the printed wording of the policy any breach of air navigation and/or airworthiness orders and requirements or contraventions of the Insured's flying instructions and regulations without the Insured's knowledge and consent shall not invalidate a claim by the Insured under this Policy, but the individual causing such breach or contravention shall not be entitled to indemnity hereunder.

14 BANNER TOWING It is hereby declared and agreed that the section of the schedule headed "Purpose of Use" includes Banner Towing. PROVIDED ALWAYS THAT:- a) The Insurer shall not be liable for damage caused to the Banner. b) The limit of liability under Sections II and III of the policy in respect of damage caused by the Banner is amended to read: Section II - Third Party Legal Liability R c) The Insured shall be liable for the first R in respect of each and every claim in respect of damage caused by the Banner. BALLOON AND DIRIGIBLE ENDORSEMENT Insofar as this Insurance covers a Balloon or Dirigible the Policy is amended follows:- as 1. loss of gas is not insured hereunder. 2. flights beyond the mainland are not insured hereunder 3. racing is not excluded in respect of Balloons without tractive power. 4. in flight shall be defined as: (i) in respect of portable hot air balloons without tractive power. The balloon shall be deemed in flight from the time of unpacking with the intent of inflating until safely repacked. (ii) in respect of balloons and dirigibles: The craft will be deemed in flight when it is being removed from a hangar until it is safely rehoused in a hangar. The taxying definition in the Policy is therefor irrelevant. 5. Moored shall mean whilst the balloon or dirigible is afloat in the air and made fast to a mooring on the ground or to a mast constructed for the purpose of mooring and airship.

15 THERE IS NO INSURANCE BY THIS POLICY WHILST THE AIRCRAFT IS MOORED UNLESS A FULLY QUALIFIED CREW IS ON BOARD. 6. The word aircraft is understood to include balloons and dirigibles. Subject nevertheless to the Policy limits and to all other terms and conditions remaining unaltered. COMPONENTS PART CLAUSE It is hereby declared that in the event of the Aircraft named in the schedule sustaining damage which cannot be repaired due to non availability of spares, the loss payable hereunder shall be limited to that percentage damage assessed by suitable licensed aircraft engineer, less the appropriate excess. CHEMICAL LIABILITY EXCLUSION CLAUSE It is hereby declared and agreed that this policy does not cover 1. Any injury (fatal or otherwise), sickness or disease 2. Loss of or destruction of or damage to any property whatsoever or any loss or expenses or consequential loss directly or indirectly related or caused or arising from any form of aerial application (including but not limited to the dusting, spraying or dropping of any chemicals, pesticides, herbicides, seed or the like) whether the aerial application is deliberate or in error CHILDREN'S SEATS It is declared and agreed that the aircraft covered hereunder is fitted with 4 passenger seats the use of one of which is restricted to the carriage of children. Section III of the policy - Legal Liability to Passengers - does not include cover in respect of the occupants of such children's seats. The carriage of adult passengers and one child in the special children's seats is permitted hereunder provided the maximum certified weight of the aircraft is not exceeded, notwithstanding Exclusion (ii) under Section III. CARRIAGE OF INFANTS The Insured may exceed the declared seating capacity of aircraft by virtue of the carriage of infants subject otherwise to compliance with the relevant provision of the air navigation regulation or any other relevant regulations, rules or enactments.

16 CARGO LEGAL LIABILITY ENDORSEMENT This Endorsement extends the coverage provided under this Policy, subject to the Limit of Indemnity and to the Deductible stated below for legal liability in respect of accidental physical loss of or damage to cargo whilst in the care, custody or control of the Insured, for the purpose of carriage by air. CO-INSURANCE CLAUSE Please note that we, the insurers whose names are set out in the attached table, hereby bind ourselves each for his own part and not one for another and in respect of his due proportion only, to pay for, replace or make good to the Insured or his Executors, Administrators of Assigns or to indemnify him of then against all such loss, damage or liability as aforesaid subject always to the Terms, Conditions and Limitations contained herein or endorsed heron or attached hereto, and the due proportion for which each of us, the Insurers, is liable shall be ascertained by reference to his share, as shown in the said list, of the amount, percentage or proportion of the total sum insured hereunder which is in the table set opposite the named of each Insurer, and further that the list of insurers is deemed to be incorporated in and to form part of the Policy. SANTAM LIMITED % xxx INSURANCE COMPANY % COMPONENT PARTS CLAUSE SINGLE-ENGINED AIRCRAFT 1. In the event of loss or damage to the aircraft the maximum liability of the Insurer in respect of any loss of or damage to a specified component of the aircraft shall be limited to the lesser of: i) The Maximum Value of such specified component as detailed hereunder SPECIFIED COMPONENT PERCENTAGE OF TOTAL INSURED VALUE Engine 18.0% Propeller 2.5% Wings including fuel tanks and ailerons 26.0% Under carriage 10.0% Tailplane including elevators 6.5% Fuselage including all instrumentation and equipment 33.0% Rubber and Fin 2.5% Other aircraft parts or equipment not specified above 1.5%

17 ii) The cost of all materials and spare parts (excluding labour costs) incurred in the repair of the damaged aircraft, with the approval of the Company, up to but not exceeding the Maximum Value of any specified component as detailed above. 2. In the event that the liability of the Insurer should exceed the sum insured stated in the schedule on the basis as described above then the Insurer will treat the aircraft as a constructive total loss and pay the value as stated in the Schedule. 3. In the event of any spare parts being unobtainable, the liability of the Insurer shall be limited to the manufacturer's last published list price for such parts. Nothing contained in this provision shall operate in such a way as to increase the liability of the Insurer further that as provided for in 1) above. Subject otherwise to the Policy Terms, Conditions, Limitations, Exclusions and Warranties. CO-INSURANCE UNDERWRITING & CLAIMS CONTROL CLAUSE 1. Being a Co-Insured of the Zambia State Insurance Company, and except as provided by paragraph 2 hereof, warranted the same gross rate, terms and conditions as the said Company as agreed at inception and that the said Company retains during the currency of this policy at least 30 % on the identical subject matter and risk and in identically the same proportion on each separate part thereof, but in the event of the retained line being less than as above, Santam Limited s lines be proportionately reduced. 2. Subject to the foregoing, it is a condition precedent to any liability under this Co- Insurance that:- a) No amendment to the terms or conditions or additions to or deletions from the original policy shall be binding upon Santam limited hereon unless prior agreement has been obtained from Santam Limited b) Zambia State Insurance Company shall upon knowledge of any loss or losses which may give rise to a claim under this policy, advice Santam Limited in writing within 72 hours. c) Zambia State Insurance Company shall furnish Santam Limited with all information available respecting such loss or losses, and Santam Limited shall have the sole right to appoint adjusters, assessors, surveyors and/or Lawyers and to control all negotiations, adjustments and settlements in connection with such loss or losses. Aviation 41 (amended)

18 CROSS LIABILITY CLAUSE (CLUBS) MEMO Notwithstanding anything contained in the Policy to the contrary, it is hereby understood and agreed that this Policy shall extend to indemnify the insured and/or members and/or visitors in respect of compensation which the respective insured shall become legally liable to pay as follows:- 1. Indemnity as aforesaid by Third Parties against - i. The Club ii. The Members iii. Visitors 2. Indemnity as aforesaid by Members against - i. The Club ii. Visitors iii. Other Members 3. Indemnity as aforesaid by Visitors against - i. The Club ii. Members iii. Other Visitors CROSS LIABILITIES The parties comprising the Insured shall each be considered as a separate and distinct unit and the words "The Insured" shall be considered as applying to each party and in the same manner as if a separate Policy had been issued to each of the parties. It is expressly understood and agreed that the Insurer will not be liable under this Policy for any claim which but for this extension would otherwise fall under any other insurance. Nothing contained herein shall increase the liability of the Insurer beyond the limit(s) stated in the Schedule. In the event of more than one Insured being named in the Policy and should an incident occur which might give rise to a claim under any section of the Policy, it is agreed that should the Insured calling for indemnity be in breach of any term, condition, warranty or stipulation contained in the said Policy, such insured shall not be entitled to any form of indemnity under the Policy in its entirety. It is furthermore agreed that in the event of the Insurer indemnifying an Insured under any of the sections comprising the Policy, in such event, the Insurer shall be subrogated to all rights in terms of all monies paid to or on behalf of the Insured claiming indemnity as against the Insured who acted in breach of the aforesaid terms, conditions, warranties or stipulations.

19 DEBIT ORDER PROVISIONS By accepting to pay the Annual Premium stated in the Schedule hereto in MONTHLY instalments by means of a debit order it is understood and agreed that: (a) (b) the Insured authorises the Insurer to draw the monthly premium required by the Insurer on the Insured's or other's bank account or the account of the institution nominated by the Insured provided that if the said bank or institution fails to make such payment this Policy shall be deemed to have lapsed on the last day of the month preceding the month in which such failure occurs and the Insurer shall retain all premiums paid; in the event of a Total Loss, Constructive Total Loss or Arranged Total Loss the outstanding premium for the unexpired terms of insurance in respect of the lost or damaged aircraft shall be deducted from the amount of the claim. DEDUCTIBLE IN RESPECT OF THIS SECTION The Insured shall be liable for the first R... per airway Bill in respect of each and every claim. DATE RECOGNITION EXCLUSION CLAUSE This Policy does not cover any claim, damage, injury, loss, cost, expense or liability (whether in contract, tort, delict, negligence, product liability, misrepresentation, fraud or otherwise) of any nature whatsoever arising from or occasioned by or in consequence of (whether directly or indirectly and whether wholly or partly): (a) the failure or inability of any computer hardware, software, integrated circuit, chip or information technology equipment or system (whether in the possession of the Insured or of any third party) accurately or completely to process, exchange or transfer year, date or time date or information in connection with: - the change of year from 1999 to 2000; and/or - the change of date from 21 August 1999 to 22 August 1999; and/or - any other change of year, date or time; whether on or before or after such change of year, date or time; (b) any implemented or attempted change or modification of any computer hardware, software, integrated circuit, chip or information technology equipment or system (whether in the possession of the Insured or of any third party) in anticipation of or in response to any such change of year, date or time, or any advice given or services performed in connection with any such change or modification;

20 (c) any non-use or unavailability for use of any property or equipment of any kind whatsoever resulting from any act, failure to act or decision of the Insured or of any third party related to any such change of year, date or time; and any provision in this Policy concerning any duty of Insurers to investigate or defend claims shall not apply to any claims so excluded. AVN 2000 (RSA) EXCESSES It is hereby declared and agreed that the amount to be borne by the Insured in respect of each and every claim shall equally apply in the event of a total loss, constructive total loss or arranged total loss. EXCESSES Notwithstanding anything contained herein to the contrary it is hereby declared and agreed that whenever the aircraft described in the schedule takes of, lands or taxis on un-paved runways and/or taxiways, the amount to be borne by the insured in respect of each claim including total loss constructive total loss or arranged total loss, shall be amended to read: Flight/Taxiing: R EXCESS Notwithstanding anything contained herein to the contrary it is hereby declared and agreed that whenever the aircraft described in the schedule takes off from or lands at an un-tarred/cemented airstrip and/or airport whilst in Malawi and/or Zambia and/or Mozambique the amount to be borne by the Insured in respect of each claim including Total Loss, Constructive Total Loss or Arranged Total Loss, shall be amended to read:- WHILST IN FLIGHT R WHILST TAXYING R Until such time as obtains hours on type. EXCESSES Notwithstanding anything contained herein to the contrary it is hereby declared and agreed that whenever acts as pilot in command of the aircraft described in the schedule to this policy, or whenever the aircraft is being used for conversion to type instruction the amount to be borne by the insured in respect of each claim including total loss constructive total loss or arranged total loss, shall be amended to read: WHILST IN FLIGHT : R WHILST TAXYING : R

21 until such time as Mr obtains hours on type as pilot in command. EXCESSES Notwithstanding anything contained herein to the contrary it is hereby declared and agreed that whenever the aircraft described in the schedule is being used for, the amount to be borne by the insured in respect of each claim including total loss constructive total loss or arranged total loss, shall be amended to read: WHILST IN FLIGHT: WHILST TAXYING: until such time as Mr obtains hours on make and model. EXCESS TRANSIT Notwithstanding anything contained herein to the contrary, it is hereby declared and agreed that whenever the Balloon described in the schedule to the policy is in transit the amount to be borne by the Insured in respect of each claim, including Total Loss, Constructive Total Loss or Arranged Total Loss shall be amended to read: R ESCALATOR CLAUSE Whereas the Hull All Risks rate at inception is 6% the final rate payable under this insurance shall be determined by the ratio of premiums and claims on 70% loss ratio, subject to a maximum annual rate of 12%. The cover afforded by this policy shall be the difference in premium between the rate at inception and the maximum annual rate, subject to a maximum Sum Insured of R FREIGHT LEGAL LIABILITY Additional premium: (R XXXXX) This Section is deemed to be Section VI and shall indemnify the Insured for all sums which the Insured shall become legally liable to pay including legal expenses incurred with the Insurer's consent as compensation for loss of or damage of freight during the course of carriage whilst in the custody or control of the Insured whether in the air or on the ground. LIMIT OF LIABILITY (R XXXX) each aircraft any one accident or series of accidents arising out of any one event but unlimited in all during the currency hereof. EXCLUSIONS APPLICABLE TO THIS EXTENSION ONLY This extension shall not apply in respect of :

22 1. Claims for loss of or damage due to inherent vice, moth, wear and tear, gradual deterioration, delay, or loss of market unless caused by an accident to the conveyance. 2. Claims for loss of or damage to precious stones, precious metals, money, securities, bonds, promisory notes, cheques, stamps, postal orders, deeds or documents of title to property. 3. Claims for loss of or damage to cargo or freight which is not on board, being transported by or being loaded onto or off loaded from the aircraft insured hereunder or stored on the premises of the Insured. 4. This extension shall not apply if any other insurance which is payable in consequence of loss or damage to cargo or freight has been or shall be effected by the Insured without the knowledge and consent of the Company. Excesses R XXXX per airwaybill FORFEITURE OF NO CLAIMS BONUS REFUND CLAUSE It is hereby declared and agreed that by way of compensation for the forfeiture of a No Claims Bonus on Renewal, which would have been earned under the Insured s policy a special rebate of R is allowed to the Insured. This provision shall in no way affect the Insured s right to earn a No Claims Bonus in terms of the relevant clause of this contract FOOD AND DRINK CLAUSE It is agreed that Section IV of this Policy - Legal Liability to Passengers - is extended to include the Insured's Legal Liability of a maximum N$ in respect of personal injury to Passengers and/or sickness of passengers arising out of catering services supplied by the Insured. FREIGHT LEGAL LIABILITY Notwithstanding anything contained in this Policy to the contrary the Company will indemnify the Insured in respect of all sums which the Insured shall become legally liable to pay and shall pay as compensation (including costs awarded against the Insured) in respect of loss of or damage to property caused by an accident directly connected with the aircraft whilst such property is on board the aircraft or in the course of any of the operations of being loaded into or unloaded from the aircraft. This indemnity shall extend to include the legal liability of the Captain or any other operative member of the crew of the aircraft in respect of such loss or damage, if it arises directly from the execution of his duty as such on behalf of the Insured but not so as to increase the limit of Liability of the Company under this Section. Provided always that in respect of all carriage for reward (or gratuitous carriage by aircraft performed by an Air Transport Undertaking) property shall be carried subject

23 to the terms of a consignment note approved by the company which shall be issued by the Insured to the Consignor before the commencement of the journey and that in respect of property other than the above the Insured shall take the most effective steps available either by contract or by notice to exclude his liability to the extent permitted by law. The liability of the Company under this Section shall not exceed the limit stated below. The Company will, however, in addition defray and law costs incurred with their written consent in defending any action which may be brought against the Insured in respect of any claim covered by these Section but should the amount paid or awarded in settlement of such law costs shall be limited to that proportion of the costs which the limit of the indemnity hereunder bears to the amount paid for damages. LIMIT OF LIABILITY: US$5,000,000 any one accident or series of accidents arising out of one event Deductible R25,000 each and every claim and/or waybill Warranted that cover under this Policy exclude delay or loss of market, perishables and/or livestock, consequential loss howsoever arising, slung-loads, money, securities, precious stones, precious metals, jewellery, fine art and antiques of any kind and losses arising as a result of delay and inherent vice. Warranted that cover in respect of this extension will include and not exceed the overall limit in respect of Sections II and III combined of the Schedule of this Policy. GEOGRAPHICAL LIMITS It is hereby declared and agreed that the Geographical limits as contained in the schedule to the policy are extended to include Mozambican coastal towns and offshore islands GEOGRAPHICAL LIMITS The Republics of South Africa, Namibia and Botswana and adjoining territories or countries excluding Angola, Mozambique, Zambia and Lesotho other than north and west of an imaginary line joining Quthing, Mohaleshoek, Roma and Libono. Overflying of the whole of Lesotho by multi-engined aircraft is permitted. GROUND RISKS ONLY Ground means whilst the aircraft is stationary on the ground with its engine(s) shut down and propeller(s) not in motion.

24 GROUND RISKS ONLY INCLUDING ENGINE RUN-UP Ground means whilst the aircraft is stationary on the ground with its engine(s) shut down and propeller(s) not in motion. However, cover is extended to include engine(s) run-ups and propeller(s) in motion warranted that the aircraft is securely choked and that a competent person allowed by law to do so manipulates the engine(s) and propeller(s) controls. HI JACK It is hereby declared and agreed that the amount to be borne by the Insured in respect of each claim, including claims settled on a Total Loss, Constructive Total Loss or Arranged Total Loss be equal to 5 % of the value of the Balloon. 25 % Subject always to a minimum excess of R HELICOPTER EXCLUSION CLAUSE It is agreed that this Policy does not cover claims arising whilst the Insured Helicopter is engaged in:- OFF-SHORE DRILLING, FIRE PATROL, FIRE SUPPORT, FIRE FIGHTING, EXTERNAL LOADS (SLUNG CARGO), ERECTION, CONSTRUCTION, WIRE STRINGING, POWER AND PIPELINE PATROL, POLE SETTING, SURVEY, BANNER TOWING, GAME CATCHING, HERDING, SHOOTING. TRAFFIC SURVEILLANCE AND TRAFFIC PATROL. INSTRUCTOR'S LEGAL LIABILITY TO PUPILS CLAUSE It is hereby declared and agreed that the cover afforded by this contract is extended to include the legal liability of any qualified, licensed instructor employed by the insured to a pupil pilot undergoing instruction, subject to the following limits: R R any one person any one accident or series of accidents arising out of one event. unlimited any one period of insurance. The Insurer shall in terms of this extension indemnify any instructor of the Insured in respect of Liability to which this extension applies arising solely out of his or her duties in the course of and in the scope of his or her capacity as an employee of the Insured. Provided that such person shall as though he or she were the Insured be subject to the terms, exclusions, limitations, conditions and warranties of this Insurance insofar as they can reasonably apply. "INGESTION"

25 Ingestion damage by stones, grit, dust, sand, ice and the like which result in progressive engine deterioration will be regarded as "wear and tear and deterioration" and excluded; but ingestion causing sudden damage attributable to a single recorded incident is covered, each occurrence, each engine to be a separate claim, unless such damage is caused by a forced or crash landing. The excess to be borne by the Insured in respect of each claim shall be as applicable in case of Flight and Taxying Claims. LEGAL LIABILITY TO INSTRUCTORS The Insurer agrees to indemnify the Insured against all sums which the Insured shall become legally liable to pay as compensation arising from death, bodily injury, illness or disease of any instructor arising out of and in the course of the use or operation of the aircraft described in the SCHEDULE OF AIRCRAFT. The liability of the Insurer under this Section for all compensation in respect of any one occurrence or series of occurrences arising out of any one event shall not exceed the Combined Single Limit of R The Insurer shall in terms of this extension indemnify any employee of the Insured in respect of liability to which this extension applies arising solely out of his or her duties in the course of and in the scope of his or her capacity as an employee of the Insured. Provided that such person shall as though he or she were the Insured be subject to the terms, exclusions, limitations, conditions and warranties of this insurance insofar as they can reasonably apply. LEGAL LIABILITY TO PARACHUTISTS EXCLUSION CLAUSE It is hereby declared and agreed that the indemnity granted under this policy shall not apply to or nor include: a) liability to parachutists arising from any cause whatsoever including whilst entering, on board or alighting from the Aircraft. b) liability arising out of an accident caused or contributed to by or through or in connection with the said parachutists. LIABILITY INCURRED BY THE INSURED TO PILOT / AIRCREW Notwithstanding anything contained herein to contrary the indemnity granted under Section 4 - legal liability to passengers is hereby extended to indemnify the Insured in respect of legal liability as being defined, to any pilot or members of the crew of the aircraft or any person working in, on or/about the aircraft, but excluding any liability for which the Insured or company may be held liable under workmans compensation / unemployment compensation or disability benefits law or any similar law.

26 LEGAL LIABILITY TO SPOTTERS / SHOOTERS If at any time during the period of this insurance any Spotter / Shooter shall sustain bodily injury (fatal or non-fatal) whilst travelling as a passenger in the aircraft (including entering or alighting from the aircraft) in the course of his employment by the Insured and if the Insured shall become legally liable to pay and shall pay as compensation (including costs awarded against the Insured) in respect of such injury, the Company will indemnify the Insured in terms of Section III in respect of all sums for which the Insured shall be so liable up to but not exceeding the limit of indemnity as described in the Schedule. PROVIDED ALWAYS THAT The indemnity provided by this extension shall not apply if the liability of the Insured arises under any law requiring compensation to be paid for injury to workmen. The limit of indemnity under the policy is amended to read: Third Party / Passenger Legal Liability - Combined Single Limit - R any one person / any one accident or series of accidents arising out of one event / unlimited any one period of insurance. LEGAL LIABILITY TO STUDENT AND HIRE PILOT The Insurer agrees to indemnify the Insured against all sums which the Insured shall become legally liable to pay as compensation arising from death, bodily injury, illness or disease of any hire or student pilot arising out of and in the course of the use or operation of the aircraft described in the SCHEDULE OF AIRCRAFT. The liability of the Insurer under this Section for all compensation in respect of any one occurrence or series of occurrences arising out of any one event shall not exceed the Combined Single Limit of R The Insurer shall in terms of this Extension indemnify Employee of the Insured in respect of liability to which this extension applies arising solely out of his or her duties in the course of and in the scope of his or her capacity as an employee of the Insured. Provided that such person shall as though he or she were the Insured be subject to the terms, exclusions, limitations, conditions and warranties of this insurance insofar as they can reasonably apply. LEGAL LIABILITY TO EMPLOYEES If at any time during the period of this insurance any employee of the Insured shall sustain bodily injury (fatal or non-fatal) whilst travelling as a passenger in the aircraft (including entering or alighting from the aircraft) in the course of his employment by the Insured and if the Insured shall become legally liable to pay and shall pay as compensation (including costs awarded against the Insured) in respect of such injury, the Insurer will indemnify the Insured in terms of Section III in respect of all sums for which the Insured shall be so liable up to but not exceeding the limit of indemnity as described in the Schedule.