BMW CREDIT PROTECTION DEBT RELIEF COVER.
BMW Financial Services
Sheer Driving Pleasure
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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
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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.
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“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.
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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.
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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.
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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.
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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.
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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]
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BMWFinancialServices(SouthAfrica)(Pty)LtdisanAuthorisedFinancialServices(FSP4623)andRegisteredCreditProvider(NCRCP2341). InsuranceisunderwrittenbyGuardriskInsuranceCompanyLtd.,LicenceNo.75.
BMW Financial Services1BavariaAvenueRandjesparkExt.17Midrand1685
Tel.0860100269Email. [email protected]
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