BMW CREDIT PROTECTION DEBT RELIEF COVER....BMW Financial Services (South Africa) (Pty) Ltd., is an...
Transcript of BMW CREDIT PROTECTION DEBT RELIEF COVER....BMW Financial Services (South Africa) (Pty) Ltd., is an...
BMW CREDIT PROTECTION DEBT RELIEF COVER.
BMW Financial Services
Sheer Driving Pleasure
Page 2 of 13
TABLE OF CONTENTS.
Section Page/s
Table of contents. 02
Terms and conditions. 03
Definitions. 04-05
Benefitspayableintermsofthispolicy. 06-07
General exclusions. 08
Provisions and conditions. 09
Page 3 of 13
The BMW Group Debt Relief Policy (To a maximum specified Insured sum of R1 500 000). BMW Financial Services (South Africa) (Pty) Ltd., is an Authorised Financial Services and Registered Credit Provider (NCRCP2341).
ThisdocumentcontainstheBMWGroupDebtReliefCoverPolicywording.ThedetailsofthisPolicydocumenthavebeensetoutforYourinformation.ThisPolicyisunderwrittenbyGuardriskInsuranceCompanyLimited(FSPNo.75),hereafterreferredtoas(Guardrisk)andadministeredbyIUABusinessSolutions(Pty)Ltd,anAuthorisedFinancialServicesProvider(FSPNo.15737),hereafterreferredtoas(IUA).
TheBMWDebtReliefproductcoversaseriesofEventsandcanbespecificallypackagedforaclient’s needs. Thebenefitscaneitherpaytheoutstandingbalanceorthemonthlyinstalmentunderafinanceagreement,dependingonwhichEventhastakenplace.Thisproductisavailablewherethereisanydebtorfinanceagreement.
TERMS AND CONDITIONS.
InreturnfortheInsuredpayingthePremiumandcontinuingtomeetalltheconditionsforcover,GuardriskwillprovideinsurancecoverundertheBMWGroupDebtReliefPolicyasdescribedinthisdocument.
Guardrisk,agreesandundertakesinfavouroftheInsured’snamedintheScheduleofInsurancetopaythebenefitsdescribedinthePolicy,subject to:
1. theactualreceiptbyGuardriskatitsheadofficeofthecorrectandsufficientPremiumor Premiums;2. whereneitherOption(Life,TotalandPermanentDisability,CriticalIllness,Retrenchment,Hospitalisation,TemporaryTotalDisability)isselected,the
Insurer’sliabilitywillberestrictedtothePolicythatcorrelatestothePremiumreceivedandthemaximumspecified sum;3. thetruthandaccuracyoftheinformationgivenintheInsured’sScheduleofInsurance;4. thetermsandconditionscontainedhereinorendorsedhereon;5. theMandatoryDeclarationbeingmadewithoutqualification;6. intheEventofahealthdeclarationbeingmade,writtenacceptanceoftheproposalwillbemadeinwritingbyGuardriskorits
appointedadministrator.
OTHER MATTERS OF IMPORTANCE.
1. Youwillbeinformedofanymaterialchangestotheinformationabouttheintermediary,insurerandorunderwriterprovided above.2. Ifanyoftheinformationreflectedabovewasgiventoyouorally,thisdisclosurenoticeservestoprovideyouwiththeinformationinwriting.3. Ifwefailtoresolveyourcomplaintsatisfactorily,youmaysubmityourcomplainttotheOmbudofShort-TermInsurance.4. Youwillalwaysbegivenareasonfortherepudiationofyour claim.5. Iftheinsurerwishestocancelyourpolicy,thiswillbedoneinwriting,toyourlastknown address.6. Youwillalwaysbeentitledtoacopyofyourpolicyatnoextracharge.
COOLING OFF PERIOD.
Shouldyounotbesatisfiedwiththepolicy,youareentitledtoaperiodofupto30(Thirty)Daysafterthepolicyhasbeenissuedwithinwhichyoumaycancelyourpolicyinwritingatnocost.Coverwillceaseuponcancellationofthepolicy.
Pleasenotethatyoumayonlycancelthispolicywithin30(Thirty)Dayswherenobenefithasyetbeenpaidorclaimedoriftheeventinsuredagainstunderthepolicyhasnotyet occurred
WARNING.
1. Donotsignanyblankorpartiallycompletedapplication form.2. Keepnotesofwhatissaidtoyouandalldocumentshandedtoyou.3. Don’tbepressurisedtobuytheproduct.4. Failuretoprovidecorrectorfullrelevantinformationmayinfluencetheinsureronanyclaimsarisingfromyourcontractofinsurance.
WAIVER OF RIGHTS.
TheGeneralCodeofConductstipulatesthatnoFinancialServicesProvidermayrequestorinduceinanymanneraclienttowaiveanyrightorbenefitconferredontheclientby/orintermsofanyprovisionsofthesaidCode,orrecognise,acceptoractonanysuchwaiverbyaclient.Anysuchwaiverisnull and void.
Page4of13
“Balance of Indebtedness”ThetotalamountofallinstalmentsfallingdueunderandintermsoftheCreditAgreement,afterthedateoftheEventgivingrisetoaclaimunderthisPolicy,plustheresidualwhereapplicable,lessallsuchfinancechargesasaretoberebatedinaccordancewiththeprovisionsoftheNationalCreditAct34of2005relatingtotheadvancedpaymentofinstalmentsunderandintermsofaCreditAgreement,excludingearlysettlementinterest.TheaboveshallequallyapplytoLeaseandRentalAgreements.
ThebenefitpayableisbasedupontheSumInsuredreflectedontheProposalatthetimeofinceptionofthisPolicy,beingequaltotheamountofthe(PrincipalDebt+VAT)asreflectedontheCreditAgreement.ShouldtheSumInsuredontheProposal,belessthanthe(PrincipalDebt+VAT)asreflectedontheCreditAgreement,thenthebenefitspayablewillbedeterminedatthesameproportionthattheSumInsuredbearstotheamountadvancedundertheCreditAgreement(PrincipalDebt+VAT).
Allarrearpaymentsareexcludedfromthebenefitpayment,andanyamountonunexpiredriskportionofinsurancePremiums,including,interaliabutnotlimitedtoanyshort-term,creditlifeassuranceormotorwarrantyPremiums,asattheDateofLoss;asdeterminedbyUs.
“Benefit”Coversthecostofyourdebtifyouaren’tabletopayitbackduetoDeathorPermanentDisabilityorCriticalIllnessorRetrenchment orHospitalisation.
“Comprehensive Underlying Insurance Policy”ThefullycomprehensiveenforceablemotorvehicleinsurancePolicyenteredintobyYouwithanyregistereddomesticinsurancecompany(TheComprehensiveUnderlyingInsurer),whichcoversTheVehicleagainst,andobligestheComprehensiveInsurertopay,forallpossiblemotorvehiclerisks(includingtheftandhijacking)occurringatleastinthewholeoftheRepublicofSouthAfrica.TheVehicleanditsaccessoriesandextrasmustbecorrectlyInsuredintermsoftheTransUnionAutoDealerGuideforatleastitsfullMarketValue,RetailValueorNewListPriceatDate of Loss.
“Credit Agreement”TheAgreementasdefinedintheNationalCreditAgreementsAct34of2005(OrasAmended)andreferredtointheScheduleofInsurance,whichshallbeavalidandcurrentCreditAgreementorloanagreementtowhichtheInsured’sshallbeboundeitherasadebtororassuretyforthedebtor.
“Credit Provider”Theinstitutiongrantingthe finance.
“Days”OrdinaryDays,includingweekendsandpublicholidays.ADayshallalsomeanacontinuous24(Twenty-Four)hour Period.
“Deposit”AcontractualmonetaryamountasdescribedintheNationalCreditAgreementsAct34of2005(OrasAmended).
“Dual Insurance”SituationinwhichthesameriskisInsuredby2(Two)overlappingbutindependentInsurance Policies.
“Event”TheEventwhichgaverisetoYourclaimintermsoftheComprehensiveUnderlyingInsurancePolicy.
“Ex Gratia”WhereliabilityundertheComprehensiveUnderlyingInsurancePolicyisdeniedandanon-contractualpartialorfullsettlementoftheclaimismadewithoutprejudice.
“Extras”Anytangibleadditiontothefinancedasset,allinsurancepoliciesandfeesareexcludedfromthisdescription.
“His / Her”For“his”and“he”wheretheInsuredismaleandread“her”and“she”wheretheInsuredis female.
“Hospitalisation”Meansbeingadmittedtohospitalandregisteredasanin-patientduetoanaccidentorillness.Youmustbeself-employedtobeeligible for thiscover.
“Insured”AnInsuredshallmeanapersonorlegalentitywhohassuccessfullyappliedforthisPolicyandpaidforitinfull.WherethePolicyisissuedonthelifeofmorethanonedebtor,referencetothe“Insured”shallapplytothefirstclaimantofthelivesInsurednamedintheScheduleofInsurance.Thiswillapplytoanyfullsettlementpayment.
“Insurer”ShallmeanGuardriskInsuranceCompanyLimited’s FSPNo.75.
“IUA Business Solutions (Pty) Ltd”Anon-mandatedintermediarywhoismandatedbyGuardrisktoadministerthePolicyandisanauthorisedFinancialServicesProvider(FSPNo.15737).
DEFINITIONS.
“Market Value”TheaverageoftherecommendedretailvalueandtradevalueofTheVehicle(IncludingitsaccessoriesandsparepartsasspecifiedintheInvoice/OffertoPurchase)attheDateofLoss,asdeterminedbythatmonth’sissueoftheTransUnionAutoDealerGuide,andadjustedaccordingtotheKilometrereading,atthetimeoftheEvent,andConditionchartcontainedintheGuide.WheretheparticularmakeandmodelofTheVehicleisnotreflectedinthe“AutoDealer’sGuide”(or“AutoDealer’sDigestforCarsOver10(Ten)YearsOld”or“CommercialVehicleDealer’sGuide”)thentheaveragevaluegivenforTheVehiclebythreeindependentmotorindustrysourcesofOurchoicewillbeusedastheMarketValueofTheVehicle.TheMarketValueislimitedto10%(TenPercent)overtheMarketValueasstated above.
“Maximum Indemnity”OurMaximumIndemnityisequalto R1500000(OneMillionFiveHundredThousandRand).ShouldtheVehiclebeunderinsuredintermsofitsSumInsuredunderthisPolicy,Ourbenefitpaymentwillbeadjustedinthesameproportionastheproportion of under insurance.
“Misrepresentation”Consciousdecisiontochangethefactsastheyare,tomisleadaninterestedparty.ThisshallalsomeanthefailuretodisclosematerialinformationatthedateofapplicationthathadtheInsurerbeenawareofwouldhaveresultedinthePolicynotbeing issued.
“Period of Insurance”AsstatedintheScheduleofInsuranceissuedintermsofthisPolicy.
“Policy”TheScheduleofInsurance.
“Policy Inception Date”Thepolicyinceptiondateisthepurchasedateof thepolicy.
“Pre-existing Condition”Pre-existingConditionsmeansanIllnessorBodilyInjurysustainedorcontractedbyanInsuredPersonwhichheorshehasbeenawareof,orreceivedmedicaltreatmentoradvicebyaPhysician,priortosuchInsuredPerson’sinitial Commencement or Reinstatement Date (WhicheverOccurredLast)underthisPolicy.Thisincludes,butisnotlimitedto,anyphysicalormentaldefect,symptoms,disease,infirmityorconditionwhichexistedpriortotheinitialCommencementorReinstatementDateofthisPolicy(WhicheverOccurredLast).
“Premium” ThemonthlyamountpayableasstatedintheScheduleofInsuranceoranyendorsementissuedintermsofthisPolicy.
“Premium Due Date”TheDatethattheagreedPremiumsaredue,eitherinadvanceofthePeriodofInsuranceonorbeforethedateappearingontheScheduleof Insurance.
“Purchase Value”ThevalueofTheVehicleandextrasasstatedontheoriginalpurchaseinvoice,beforedeductionoftheDeposit,includingtangible extras.
“Schedule of Insurance”TheschedulecontainingYourdetailsandthedetailsofTheVehicle,PeriodofInsurance,Premiumpayable,SumInsured,bankdetailsand address.
“Selling Price”TheSellingPriceofTheVehicle,istheprice,includingphysicalextraswhichYoupaidforTheVehicleatthetime.ThisPolicywillnotcovermorethan10%(TenPercent)abovethenewlistpriceorretailvalueofTheVehicleasstatedinthatmonth’sissueoftheTransUnionAutoDealerGuide.TheSellingPriceislimitedtoaminimumofR50000(FiftyThousandRand)andamaximumofR1500000(OneMillionFiveHundredThousandRand)excludinganyinsurancePremiumsandfees,warrantycosts,fuelanddeliverycharges,interiorandpaintworkprotectionapplications,administrationchargesorotheradditionalrefundableorfinanceamountsincludedinthe invoice.
“Statutory Settlement Balance”ThepaymentduebyYouasattheDateofLosswhichwouldliquidateYouroutstandingliabilitytoTheCreditProviderinTermsoftheCreditAgreementandentitleYoutoretainTheVehicleunencumbered,excludinganyarrearinstalmentsdueasattheDateofLoss,interestand/orfinancechargesonsucharrearinstalmentsandanyearlysettlementpenalties.
“Sum Insured”TheequivalentoftheSelling Price.
“Suspensive Condition”AconditionoftheComprehensiveUnderlyingInsurancePolicywhichsuspendscover,eitherpartlyorwholly,pendingtheimplementationofarequirementintermsofthatPolicy.
“The Vehicle”TheVehicledescribedintheScheduleofInsuranceandwhichmaybeanyofthefollowing:lightmotorvehicles,minibuses(maximum16(Sixteen)seater),motorcycles,lightdeliveryvehiclesandpanelvansallwithagrossvehiclemassofnotmorethan3500kg(ThreeThousandFiveHundred)withacarryingcapacityofnotmorethan750kg(SevenHundredandFifty).
“We, Us, Our”GuardriskInsuranceCompanyLimited(“Guardrisk”).AnauthorisedFinancialServicesProvider,FSPNo.75.
“You, Your”ThepersonorentitynamedastheInsuredintheScheduleofInsurance.Youmustbe18(Eighteen)yearsofageandbeapermanentresidentofSouthAfricaand/orpermanentlyresidinginSouthAfricaoraproperlyconstitutedandregisteredCompany or Trust.
Page5of13
DEFINITIONS.
BENEFITS PAYABLE IN TERMS OF THIS POLICY.1. Death Benefit Anamountequivalenttobutnotexceeding
theBalanceoftheIndebtednessashereindefinedassumingallinstalmentsdueintermsoftheCreditAgreementhavebeenpaid.TheInsurer’sliabilityunderthisandallotherPoliciesissuedbytheInsurerinrespectoftheInsurednamedintheScheduleofInsurancewillnotexceeda total of R1500000(OneMillionFiveHundredThousandRand).IntheEventthatthetotalofallsuchassurancepolicies exceeds R1500000(OneMillionFiveHundredThousandRand)suchPolicywillcontributeonapro-ratabasisandPremiumspaidinrespectofInsuranceinexcessofR1500000(OneMillionFiveHundredThousandRand)willbe refunded.
CoverundertheDeathBenefitwillceaseat65(Sixty-Five)years of age.
2. Total and Permanent Disability Benefit IntheEventofthetotalandpermanent
disablementoftheInsuredoccurringpriortotheattainmentofage65(Sixty-Five)andbeforetheexpiryofthetermofthePolicy,anamountequivalenttothedeathbenefitshallbepayablebytheInsurer.Forthepurposeshereof,permanentandtotaldisablementshallmeansuchincapacitywhichpreventstheInsuredfromfollowinghisownoranysimilaroccupationforwhichheisorcouldreasonablybeexpectedtobequalifiedbyvirtueofhisknowledge,training,education,abilityandexperience.TheInsuredshallbedeemedtohavesufferedtotalandpermanentdisablementuponthetotalandpermanentlossofeitherhand,orbothfeet,orbotheyes.
CoverundertheTotalandPermanentDisabilityBenefitwillceaseat65(Sixty-Five)years of age.
3. Retrenchment Benefit IntheEventoftheInsuredsuffering
lossofemploymentresultingfromtheimplementationofastaffreductionprogrammebyhisemployer,priortotheattainmentofage65(Sixty-Five),afteradeferredperiodof30(Thirty)DaysthebenefitpayableshallbethemonthlyinstalmentagreeduponundertheCreditAgreementreferredtointheScheduleofInsurance.SuchbenefitshallbepayableonamonthlybasistotheCreditProvideronlyforsuchtimeastheInsuredcontinuestosufferlossofemployment,subjecttoamaximumbenefitperiodof4(Four)continuousmonths.Thebenefitisfurtherrestrictedtoamaximumof4(Four)months’inrespectofanystaffreductionprogrammebyanemployer,whicheffectstheInsuredduringtheperiodoftheCreditAgreement.Nobenefitispayablewithin3(Three)monthsoftheinceptiondateofthePolicyorwithin3(Three)monthsofthepaymentofaclaimundertheRetrenchmentbenefit.NofurtheramountsshallbepayableunderthisbenefitintheEventofasubsequentlossofemploymentbytheInsuredwherethefullbenefitof4(Four)months’paymentshasbeenpaidunderprior claims.
NotwithstandingthelatterprovisionofClause6(Six)“Claims”undertheheadingProvisionsandConditionsonpage9(Nine),GuardriskhastherighttocallfordocumentsfromtheInsuredand/ortheCreditProviderand/ortheInsured’sretrenchingemployerand/orwhomsoeverelse,toverifytheauthenticityandvalidityoftheretrenchment,whethersuchdocumentsbeintheformofUIFandIRP5certificates,bankstatements,salaryadviceoranyotherformwhatsoever.
CoverundertheRetrenchmentBenefitwillceaseat65(Sixty-Five)years of age.
Page6of13
4. Critical Illness Benefit IntheEventoftheInsured’shaving
sufferedanyofthefollowing,priortohis60th(Sixtieth)birthday
4.1 HeartAttack; 4.2 StrokeCerebro-vascular Incident; 4.3 Cancer-thefollowingare
specificallyexcluded: 4.3.1 allskincancersexceptinvasive
malignant melanomas; 4.3.2 Stage1Hodgkin’s disease; 4.3.3 Cancerin-situonthecervix. 4.4 Renal failure; 4.5 Paraplegia; 4.6 Blindness; 4.7 Surgeryforcoronaryheartdisease,
excludingpercutaneousangioplastyand/oranyintra-arterialprocedure;
4.8 SurgeryforthediseaseoftheAorta;4.9 Replacementoftheheart valve;
4.10 Human-to-humanorgantransplantofkidney,heart,lung,liver,pancreasorbonemarrow;
4.11 Coma; 4.12 Majorburns–thirddegreeburns
coveringatleast20%(twentypercent)ofthebodysurface area;
4.13 Lossofspeech–totalandirrevocablelossoftheabilitytospeakforaperiodof12(Twelve)continuousmonths.
TheInsurershallpayanamountequaltothedeathbenefitprovidednoclaimismadeunderthetotalandpermanentdisabilitybenefit.Thediagnosedillnessmustbediagnosedbyaregisteredmedicalpractitionerorspecialistandmustbesupportedbycritical,radiological,histologicalandlaboratoryevidenceacceptabletothe Insurer.
Coverundercriticalillnesswillceaseat60(Sixty)years of age.
5. Hospitaliation Benefit (Only for self-employed)
IntheEventoftheInsuredsufferinghospitalisationpriortotheattainmentofage65(Sixty-Five),thebenefitshallbethemonthlyinstalmentagreeduponundertheCreditAgreementreferredtointheScheduleofInsurance.Suchbenefitshallbepaidafter7(Seven)consecutivedaysandonamonthlybasisthereaftertotheCreditProvideronlyforsuchtimeastheInsuredishospitalisedoruntil4(Four)monthlyinstalmentshavebeenpaid.Whenpayingyourclaim,weshallconsiderthefirstdayoftheInsuredhospitalisationtobethedaytheInsuredisregisteredasanin-patient.Nobenefitispayablewithin3(Three)monthsoftheinceptiondateofthePolicy.
ForpolicieswherearecurringPremiumisbeingpaid,aclaimwillonlybeconsideredifthePremiumpositionisuptodateatthetimeoftheInsuredhavingreceivednotificationofhospitalisation.
CoverunderHospitalisationwillceaseat65(Sixty-Five)years of age.
6. Temporary Total Disability Benefit If,beforethePolicyanniversarypreceding
theInsured’s65th(Sixty-Fifth)birthdayandtheexpiryofthetermofthisPolicy,theInsuredisprevented,asaresultofillnessorbodilyinjury,fromearninghisnormalincomefromhisownoranysimilaroccupation,theInsurershallpay,afteradeferredperiodof30(Thirty)Days,themonthlyinstalmentagreeduponundertheCreditAgreementreferredtointheScheduleofInsurance,oraproportionthereofiftheInsuredsuffersonlyapartiallossofincome,untilthefirsttooccur of :
6.1 theexpiryofthetermofthisPolicy;or 6.2 theInsured’sattainmentofage65
(Sixty-Fifth);or 6.3 therecoveryoftheInsured; or 6.4 12(Twelve)monthlyinstalmentshave
beenpaid; 6.5 thetotalandpermanentdisablementof
theInsured; or 6.6 thedeathofthe Insured.
WhentheInsuredisnolongertemporarytotallydisabled,hemustreturntoworkforatleast6(Six)continuousmonthsbeforehecanmakeaclaimforarelatedtemporarytotaldisability,orforonecompletemonthbeforehecanmakeaclaimforanunrelatedtemporarytotaldisability.
CoverunderTemporaryTotalDisabilitywillceaseat65(Sixty-Five)years of age.
Page7of13
BENEFITS PAYABLE IN TERMS OF THIS POLICY.
GENERAL EXCLUSIONS.TheInsurershallnotbeobligedtomakeanypaymentinrespectofanyconditionorEventarisingdirectlyorindirectlyfromortraceable to:1. Intentionallyself-inflictedinjury,suicide
orsuicideattemptwithin24(twenty-four)monthsoftheinceptiondateofthisPolicy;or
2. AnyphysicaldefectormedicalconditionofwhichtheInsuredwasawareofandwhichhaditsoriginpriortotheissueofthisPolicy;or
3. TheInsuredbeingaffected(temporarilyorotherwise)byalcoholordrugsotherthanasprescribedbyamedicalpractitioner,or
4. TheInsuredcommittinganybreachofcriminallaw;or
5. Airbornepursuitsexceptasapassengerflyingsolelyforthepurposeoftransportinanaircraftholdingavalidcertificateofairworthinessandpilotedbyapilotholdingavalidpilot’slicense; or
6. Nuclearaccidents,warorarmedconflict(whetherwarbedeclaredornot),terroristorinsurgencyactivities,rebellion,civilcommotion,sedition,sabotageoranyactivityassociatedwiththeforegoing,orthedefence,quelling,investigationorcontainmentthereofbyanysecurity force; or
7. AreaswithatravelriskalertaspertheUnitedStatesofAmericaGovernmentandwebsite; or
8. Hazardouspursuitsoranyotheractivitywhichcouldenhancethechanceofa claim; or
9. Refusing medical treatment as recommendedbyyourownmedicalpractitioner; or
10.Pregnancy,childbirth,theendingofpregnancyoranyrelatedcondition; or
11.AmedicalprocedureundertakenattheInsured’srequestwhichintheopinionofadoctorisnotnecessarytomaintainthequalityoftheInsured’s life; or
12.Aconditionofmentalornervousoriginincludingstress,anxietyordepressionunlesstheconditionisbeingtreatedunderthedirectandregularcareofaconsultantpsychiatricspecialist; or
13.AbackorspinalconditionunlessitisshownbyanMRIorCTscanconductedorsupervisedbyanappropriatespecialistattheInsured’sexpense;or
14.AclaimunderBenefits–Section2,3,4,&5iftheyoccurredwithin90(Ninety)DaysoftheinceptionofthePolicy,or
15.Notbeinginpossessionofarequiredlicense,formotorizedvehiclesincludingaircraftandwaterbornevehicleswhilstincontrolofthesaidvehicleandbeinginvolvedinanaccidentwhichresultedin a claim.
16.RetrenchmentExclusions Nobenefitswillbepayablewhere: 16.1theInsuredisself-employed,
oremployedwithinafamily-owned business;
16.2theInsuredisanindependentorfixedterm contractor;
16.3theInsuredisapartnerinapartnership,memberofaclosecorporationoradirectorofacompany;
16.4resignation,normalorearlyretirement,voluntaryretrenchmentoutsideofacompanyrestructureordismissalbyreasonoftheInsured’smisconduct;
16.5theInsuredisawareoforhaspriorknowledgeofpendingretrenchmentprogramsbeinginstitutedbyhisemployerpriortooratthetimeoftheinceptionofthis contract;
16.6theInsuredhasanalternativesourceofincomeotherthanthatreceivedfromhisemployer;
16.7theInsuredhasnotbeencontinuouslyemployedforatleast6(SixMonths)priortotheinceptionofthis contract.
Page 8 of 13
1. Specific Restrictions on Liability TheInsurer’sliabilityintermsofthis
Policyshallnot,underanycircumstances,extendbeyond:
1.1 nomonthlyinstalmentbenefitpaidintermsofaclaimshallexceedR20000(TwentyThousandRand);
1.2 notmorethanonebenefitshallbepayableforanyoneconditionorclaimatany one time.
TheInsurer’sliabilityintermsofthePolicyshallceaseintheEventofaclaimsettlementbeingmadeforthebenefitoftheInsured.Thisisapplicable to a once-offclaimpayment,whichsettlestheCredit Agreement.
AnyPermanentDisabilityBenefitpaidintermsofthisPolicywillbesubjecttothelimitationofdisabilitybenefitsagreementasenteredintobyamemberofficesoftheASISA,whereapplicable.
2. Termination of this Policy Theenddatewillbetheearliest of: 2.1 thedateattheendofthePeriod
of Insurance; 2.2wheretheCreditProvideristheowner
ofTheVehicle,thedateonwhichTheVehicleisrepossessed;
2.3thedateonwhichTheVehicleissoldbyYou;
2.4thedateonwhichabenefitispaidunderthisPolicy;
2.5whenWedonotreceiveYourPremium,subjecttoCondition16under Provisions and Conditions and Premium under Definitions;
2.6wheneitherYouorWecancelthePolicy,subjecttoCondition17underProvisions and Conditions;
2.7whenCreditAgreementis settled; 2.8the65th(Sixty-Fifth)birthdayofthe
InsurednamedinthisPolicy.
3. Premium Computation IntheEventthatthePremiumorPremiums
actuallypaidtotheInsurerareincorrectlycalculatedsothattheyareinfactinsufficienttopayforthebenefitsassetforthintheScheduleofInsurance,then:
3.1 writtennotificationthereofshallbesentbytheInsurertoboththeCreditProvidernamedintheScheduleofinsurance,aswellastothe Insured;
3.2theerrormaybecorrectedandsubjecttopaymentoftheadditionalPremiumthefullSumInsuredwillbemaintained; or
3.3ifnoadjustmentiseffectedwithin30(Thirty)DaysofthedateoftheoriginalproposalasreflectedintheScheduleofInsurance,theInsurer’sliabilityshallbereducedbytheratiowhichtheshortfallofthePremiumbearstothetotal Premium due.
4. Refund of Unexpired Portion of Net Premium
IntheEventthattheInsuredhadcancelledormadepaymentinfulltotheCreditProviderofallamountsowingunderandintermsoftheCreditAgreementinadvanceofthedateofexpiryofthefulltermofsuchagreementandwheretheCreditProviderterminatestheCreditAgreement,theCreditProvider,actingunderandbyvirtueofthecession,shallbeentitledtocancelthisPolicywiththeInsurer.TheInsurerwillpayarefundofunexpiredportionofnetPremiumintermsofthePolicy,providedthatsuchfullpaymentwasactuallymadetotheCreditProvideratleast6(six)monthspriortotheexpiryofthefulloriginaltermoftheagreementinquestion.Norefundisduewhereapreviousclaimhasbeenadmitted.TheabovementionedonlyapplieswherethePremiumfrequencyisasingle Premium.
5. Limitation of Cover TheInsurershallbeundernoliabilityin
termsofthisPolicywhentheindebtednessinrespectofwhichthePolicywasissuedshallhavebeenpaidinfulltotheCreditProviderorwhenitwouldhavebeenpaidinfullhadtheInsuredcompliedwiththisobligationtotheCreditProviderasoriginallyundertaken,whicheverEventoccursfirst.TheInsurershallnotbeaffectedbyanyarrangement,whichmayhavebeenmadebetweentheCreditProviderandtheInsuredtoanyreductionoftheamountofinstalmentsoriginallyagreedupon,oranydefermentofinstalmentsasstipulatedbytheCreditAgreement.
6. Claims UnlesstheInsurershallreceivewritten
notificationwithin60(Sixty)DaysofthehappeningofanyEventresultinginaclaimbeingmadeagainstthisPolicy,theInsurershall,innocasewhatsoever,beliabletopayanybenefit.TheCreditProviderand/ortheInsuredshalldulycompletesuchformsandgivesuchdetailsandassistanceandfurnishsuchproofinrelationtoanyclaimsastheInsureratitsdiscretionmayrequire.
IntheEventofaclaimbeingrejected,theInsuredisentitledtoreliefthroughlegalaction,theOmbudforShortTermInsuranceandthecomplaintsprocessas detailed;
Guardrisk Compliance OfficerGuardriskInsuranceCompanyLimitedP.O.Box786015,Sandton,2146Email: [email protected]. 0116691039Fax. 0126753856
7. Arbitration ShouldanydisputearisebetweenYouand
UsastotheamountofanyclaimunderthisPolicy,liabilityhavingalreadybeenadmittedbyUsfortheclaiminprinciple,Youmayrefersuchdisputetoarbitrationwithin90(Ninety)DaysofthedisputearisinginaccordancewiththeArbitrationAct42of1965(AsAmended).
8. Rejection of Claim and Time Bar IntheEventofaclaimbeingrejectedor
YoudisputethebenefitamountpaidbyUs,YouareentitledtomakerepresentationstoUsinrespectofOurdecisiontorejecttheclaimorastothemannerinwhichthebenefitamountwascalculatedforaperiod180(OneHundredandEighty)Daysfromthedateofreceiptoftheletterofrejectionorthedateoftheclaimpayment.
ThedisputeshouldberaisedwiththeInsurerpriortodisputingthematterwiththeOmbud.
Representationmustbesubmittedinwriting to: IUABusinessSolutions(Pty)LtdP.O.Box1800,UmhlangaRocks,4320Fax. 0866393867Email: [email protected]
Guardrisk Compliance OfficerGuardriskInsuranceCompanyLimitedP.O.Box786015,Sandton,2146Email: [email protected]. 0116691039Fax. 0126753856
WhereYouarenotsatisfiedwiththeresponsefromtheInsurerYouareentitledtomakefurtherrepresentation to:
The Ombud for Short-Term InsuranceP.O.Box32334,Braamfontein,2017Tel. 0117268900Fax. 0117265501
IntermsofSection15oftheFinancialServicesOmbudSchemesActNo.37of2004thatonthereceiptoftheofficialreferraltotheaforementionedOmbud,anyapplicabletimebarringclauseintermsofthisPolicyortherunningofprescriptionintermsofthePrescriptionActNo68of1969,fromthedateofreferraltothedateofwithdrawalofthereferralordeterminationofthereferralbytheOmbudshallbestayed.Ifthedisputeisnotsatisfactorilyresolvedinthismanner,legalactionmaybeinstitutedagainsttheInsurerfortheenforcementoftheclaimbywayoftheserviceofsummonsagainsttheInsurer.SummonsmustbeservedontheInsurerwithin6(Six)monthsfromthedateYoureceivetheoutcomeinrespectoftherepresentationsYouhavemade,failingwhichallbenefitsinrespectofsuchclaimshallbeforfeitedandnoliabilitycan arise in terms of suchclaim.
Page 9 of 13
PROVISIONS AND CONDITIONS.
9. Misrepresentation IfanyclaimundertheComprehensive
UnderlyingInsurancePolicyorthisPolicyisinanywaymisrepresentedorifanyfraudulentmeansareusedbyYouoranyoneactingonYourbehalftoobtainanybenefitunderthisPolicyorifanyoftheEventsInsuredagainstareoccasionedbyYourintentionalact,orwithYourconnivance,allbenefitsunderthisPolicyshallbeforfeited,andthePolicywillbevoidableandPremiumspaidreturnedtoyou.
10. Examination TheInsurershallbeentitledtorequirethat
anyInsured,whetherornotsufferingfromtheeffectsofinjury,beexaminedatanyreasonabletime,atthecostoftheInsurer,byamedicalpractitioneracceptabletotheInsurer.Thereportofsuchmedicalpractitionershall,forallpurposesunderthisPolicy,befinalandbindingupontheparties.
11. Conditions Precedent StrictcompliancebytheInsuredandby
theCreditProviderwithalltheprovisions,conditionsandtermsofthisPolicyshallbeaconditionprecedenttoliabilityonthepartoftheInsurerhereunder.
12. Waiver of Conditions Nowaiverofanyoftheterms,conditions
andendorsementofthisPolicyshallbevalidunlessmadeinwritingunderthesignatureofadulyauthorisedofficeroftheInsurer.Inaddition,noactoromissiontoactbytheInsureroranyofficer,employeeorservantoftheInsurershallbedeemedtobearepresentationonbehalfoftheInsureruponwhichtheInsuredortheInsured’sheirs,executorsorassignsareentitled to act.
13. Interpretation IntheEventofaninterpretationdispute
arisingunderthisPolicy,thenormaleverydayusageoftheEnglishwordingcontainedinthisdocumentshallapply.
14. Hold Cover Wewillprovidefullcoveruntilthefirst
Premiumduedateasnotedinthepolicyapplication,however,allwaitingperiodsarestillapplicableandallexclusionsstillapply.
15. Period of Grace for Premium Payment Youshallbeentitledtoaperiodof15
(Fifteen)DaysfromthePremiumDueDateinwhichtopayYourPremium.Inthecaseofmonthlypolicies,thisperiodofgraceonlyappliesfromthesecondmonthofthecurrencyofthePolicy.NorelaxationbytheInsurerofthisperiod;willbedeemedtobeachangeinthiscondition.
16. Cancellation and Refund of Premiums ThisPolicymaybecancelledbyYouor
Usatanytimeon31(Thirty-One)Days’writtennoticetothelastknownaddress.InthecaseoftermpoliciesYourSinglePremiumwillberefundedonascaledeterminedbyOuractuarybasedonOurcalculationfortheunexpiredportionoftheTermPolicy,providedthatnoclaimwassubmitted,inwhichEventNoPremiumshallberefunded.
17. “Dual Insurance” IntheEventofDualInsurance,theInsurer
whohastheearlierPolicyInceptionDateandhasreceivedPremiumwillbeliablefortheclaim.IntheEventwhereIUAdoesnothavetheearlierInceptionDate,WeshallrefundPremiumfromInception Date.
TheOnusisontheInsuredtoEstablishwheremorethan1(One)Insurerontheassetsexists.Therefore,noInterestwillbeincludedintherefundpayment.
IntheEventwhereanInsurerhasalreadypaidunderasimilarPolicy,TheInsuredmustsupplyproofoftheInceptionDateofthelatterPolicytoestablisharefunddue,anycoverwhereDualInsurancedidnotexistwillnotbe refunded.
Page 10 of 13
PROVISIONS AND CONDITIONS.
MATTERS OF IMPORTANCE.
Youmustaccurately,fullyandproperlydiscloseallmaterialfacts.AllinformationprovidedbyYouoronYourbehalfisYourownresponsibility.YouneedtobesatisfiedwiththeaccuracyofanytransactionsubmittedbyanyoneonYourbehalf.
Misrepresentation,incorrectornon-disclosurebyYouofanymaterialfactsorcircumstancemayimpactnegativelyonanyclaimsarisingfromthisinsurance contract.
GENERAL DISCLOSURES.
Complaint Resolution Process.AllcomplaintsareforwardedtotheInsurer’sComplianceOfficerwhowillforwardthemattertotheresponsibledepartmentforinvestigation.Oncethematterisresolved,theoutcomeiscommunicatedtothecomplainant.Ifthecomplainantissatisfiedwiththeresponse,thematterisconcluded.Shouldthecomplainantbedissatisfiedwiththeresponse,theOmbudforShort-TermInsurancemaybecontacted.
Guardrisk Compliance OfficerGuardriskInsuranceCompanyLimitedP.O.Box786015,Sandton,2146Email: [email protected]. 0116691039Fax. 0126753856
CONFLICT OF INTEREST POLICY.
ItisgenerallyacceptedpracticewithinOurindustrythat“entertainment”and“giftsandincentives”collectivelyreferredtoasanimmaterialfinancialinterestintheConflictofInterestregulationsareoftenprovidedbytheproductproviderandtheiragentstovariousintermediary,independentintermediariesandbrokers(AllofwhommustberegisteredasFinancialServicesProviders)andviceversaandalsopotentiallyfromandtovariousotherFinancialServiceProvidersinthesupplychain.
TheRandvalueofsuchinterestsarelimited,bylegislation,percalendaryear,toR1000(OneThousandRand)inrespectofanyoneindividualbetheytheprovideroforbeneficiaryofsuchimmaterialfinancialinterest.SuchlimitationsaredealtwithandmanagedbyOurConflictofInterestManagementPolicy.AfullcopyofOurOverallConflictofInterestManagementPolicycanbeobtainedfromwww.iua.co.zaorOurofficesuponwrittenrequest.
TREATMENT OF VAT.
Youare,intermsofaSARSrulingissuedintermsofsection20(7)oftheVATAct,abletoclaiminputtaxonlyifYouareinpossessionofaPolicydocumentandproofofpayment.
TREATING THE CUSTOMER FAIRLY.
Wehavecreatedasuperiorsolution–encompassingproducts,processingandservice–tailoredtoeachofOurcustomers’requirements.Wewillatalltimes,deliverasuperiorcustomerexperience,simplifyingandimprovingbothOurclientsandtheircustomers’lives.Wewillachievethisthroughamotivatedteamofskilledpeople,absolutefairnessinOurtreatmentofOurclientsandpartnersandcomplyingwiththe6(Six)TreatYourCustomerFairlyOutcomes,namely;
• YouareconfidentthatYourfairtreatmentiskeytoOur culture;• ProductsandservicesaredesignedtomeetYour needs;• Wewillcommunicateclearly,appropriatelyand on time;• WeprovideadvicewhichissuitabletoYourneedsandcircumstances;• OurproductsandservicesmeetYourstandardsandareofanacceptable level;• TherearenobarrierstoaccessOurservicesortolodgeanycomplaints.
VARIATIONS.
NovariationtothisPolicyshallbebindingontheInsurerunlessmadeinwritingandsignedbyaDirectororPublicOfficeroftheInsurerandconfirmedthereafterbypaymentoftheInsuredofthePremiumwhethervaried or not.
ThisPolicyisissuedonthebasisthatthestatementsandinformationmadeandsetforthintheapplicationandalldeclarationsmadeinrespectthereofaretrueandcorrectandconstituteafulldisclosureofallfactsandcircumstanceslikelytomateriallyaffecttheassessmentoftheriskatthetimeoftheissueofthisPolicy.
TheCompanyreservestherighttoamend,addorchangetheTermsandConditionsofthisPolicybygiving31(Thirty-One)Days’writtennoticeofitsintentiontodoso.AnyvariationsandorchangeswillbebindingonboththeInsurerandtheInsuredandcanbeappliedatanytimetotheexistingTermsandConditionsafterwrittencommunicationofthesechangeshasbeensenttotheInsured’slastknownaddressasitappearsinOurrecordsatthattime.
Page 11 of 13
UNDERWRITTEN BY GUARDRISK INSURANCE COMPANY LIMITED AN AUTHORISED FINANCIAL SERVICES PROVIDER.
FSPLicenseNumber75 VATNumber:42501380722ndFloor,102RivoniaRoad Sandton 2196
Tel. 0116691000Fax. 0126753856
The Compliance OfficerGuardriskInsuranceCompanyLimitedP.O. Box786015Sandton2146Email: [email protected] [email protected]
Tel. 0116691039Fax. 0126753856
ADMINISTERED BY IUA BUSINESS SOLUTIONS (PTY) LTD AN AUTHORISED FINANCIAL SERVICES PROVIDER.
IUABusinessSolutions(Pty)Ltd(IUA)hasbeenappointedbytheInsurerintermsofaBinderAgreementtoadministerpoliciesandsettleclaimsonitsbehalf.IUAwillassistyouwithanypolicyqueriesoramendmentswhichyoumayrequire,aswellasanyclaimswhichyouneedtolodge.Inperformingthesebinderfunctions,thebinderholder(IUA)ispaidafeeasapercentageofgrosswrittenpremium,whichfeeisdisclosedintheinsurancescheduleprovidedtoyou.IUAisauthorisedbytheInsurertocollectpremiumsonitsbehalf.
IUABusinessSolutions(Pty)Ltd,CoRegNo1981/006334/07,isanauthorisedFinancialServicesProvider,FSPLicenseNumber15737.IUAisauthorisedtoprovideIntermediaryServicesinrespectofLicenseCategory1:ShortTermInsurance–PersonalLines,PersonalLinesA1andCommercial Lines.
LongTermInsurance–CategoryA,B1,B1-A,B2,B2-A.
Thecompanydetails are:Cnr.KeynshamandUmhlangaRocksDrive P.O.Box1800,19CrewkerneClose UmhlangaRocksSomersetPark 4320UmhlangaRocks4319
Tel. 0315707600Fax. 0866796554Website: www.iua.co.zaEmail addresses:[email protected](Forpolicyadministrationmatters,includingchangestoanyinformationyouprovidedtous)[email protected](Forclaimsmatters)
IUAholdsProfessionalIndemnityandFidelityGuaranteeinsurance cover.IUAdoesnotholdmorethan10%oftheInsurer’ssharesanddoesnotreceivemorethan30%oftotalremunerationfromthe Insurer.IUA’sConflictofInterestManagementPolicycanbeaccessedonitswebsitewww.iua.co.za.
The Compliance Officer for IUA Business Solutions (Pty) Ltd is:AssociatedComplianceMotor(Pty)LtdPracticeNumber7218Tel. 0116782533Fax.: 0116787731Email: [email protected]
Page 12 of 13
COMPLAINTS PROCEDURE.
ShouldyouwishtolodgeacomplaintabouttheservicesyoureceivedfromtheInsurerorIUAregardingyourpolicydocumentation,premiumsoranyclaimrelatedservicetheyprovided,pleaseusethefollowingcontact details:
Complaints ManagerP.O.Box1800,UmhlangaRocks,4320Tel. 0315707600Email: [email protected]
IUAdoeshaveaformalcomplaintsmanagementpolicyandprocess,butifyourcomplaintisnotresolvedtoyoursatisfaction,youmaycontact:
THE OMBUD SHORT-TERM INSURANCE.
P.O.Box32334Braamfontein2017
Tel.0117268900or0860726890Fax.: 0117265501Email address: [email protected]
THE REGISTRAR OF SHORT-TERM INSURANCE.
P.O.Box35655MenloPark0102
Tel. 0124288000Fax.: 0123470221
THE FAIS OMBUD.
P.O.Box74571LynnwoodRidge0040
Tel.0124709090or0860324766Fax. 0123483447Email address: [email protected]
For BMW Financial Services (South Africa) (Pty) Ltd.
1 BavariaAvenueRandjesparkExt.17Midrand1685
Tel. 0860100269Email address: [email protected]
Page 13 of 13
BMWFinancialServices(SouthAfrica)(Pty)LtdisanAuthorisedFinancialServices(FSP4623)andRegisteredCreditProvider(NCRCP2341). InsuranceisunderwrittenbyGuardriskInsuranceCompanyLtd.,LicenceNo.75.
BMW Financial Services1BavariaAvenueRandjesparkExt.17Midrand1685
Tel.0860100269Email. [email protected]
716573