What Is Insured? Pt 3
WHAT IS INSURED ON MY POLICY? – Community Schemes Part 3
This week we continue on looking at what is insured, we focus on additional sections of the policy schedule to start we focus on the Geyser section and the Liability sections.
Under replacement it refers to increased geyser limits with the word Yes and a figure of R 432.10. This refers to the geyser limits included, and that the premium amount for this is R 432.10 per month.
Next is the list of the different sizes of the geysers with a value placed next to each size. This value represents the total limit that the insurance company will pay for that geyser size when it needs to be replaced. This limit is applied, and then the excess is deducted when a claim is made. It does not matter what value the invoice for the replacement has.
The last item mentions geyser repair for the amount of 1500.00. This is the limit for any geyser repair or replacement of a component, less the excess amount applicable.
Here it states claim occurrence basis meaning that the coverage is the act giving rise to a claim needs to occur within the period of the policy. Meaning that the policy has to be in force and active when the event happens that gives rise to a claim.
The amount that is reflected here is the indemnity limit in place for a liability claim and the amount of R 25.22 is the premium payable for this cover.
This is cover that provides an insured party with protection against claims resulting from injuries and damage to other people or property. Liability insurance policies cover any legal costs and pay-outs an insured party is responsible for if they are found legally liable.
The excess mentioned here is the excess amount or first amount payable for a claim that would fall under this section of the policy.
Here it states claim made basis a form of reinsurance under which the date of the claim report is deemed to be the date of the loss of the event.
The amount reflected here is the indemnity limit in place for a claim made against this section.
This cover provides direct cover for the individual trustees or board of trustees which protects trustees from personally having to pay legal claims made against them for any breach of trust or duty of negligence or care.
The excess mentioned here is the excess amount or first amount payable for a claim that would fall under this section of the policy.
Here it states claim made basis a form of reinsurance under which the date of the claim report is deemed to be the date of the loss of the event.
The amount reflected here is the indemnity limit in place for a claim made against this section.
Damage which the insured shall be legally liable for following death of or bodily injury to or illness of any person employed under a contract of service or apprenticeship with the insured which occurred in the course of and in connection with such person’s employment by the insured.
The excess mentioned here is the excess amount or first amount payable for a claim that would fall under this section of the policy.
Next week we continue our education process of How to Read a Policy, we hope this was helpful!
