Transcription
BMW Financial ServicesSheerDriving PleasureBMW TOP UPCREDITCOVER.TO A MAXIMUMSHORTFALLSPECIFIED SUM INSUREDOF R1 500 000.
TABLE OF CONTENTS.Section Page/sTable of contents.02Definitions.04-05Benefits payable in terms of this policy.06General conditions.07Page 2 of 13
The BMW Group Top Up Policy For Vehicles with a sum insured over R1 500 000 to amaximum of R2 500 000.BMW Financial Services (South Africa) (Pty) Ltd., is an Authorised Financial Services and Registered Credit Provider (NCRCP2341).This document contains the BMW Group Top Up/Deposit Cover Policy wording. The details of this Policy document have been set out for Yourinformation. This Policy is underwritten by Guardrisk Insurance Company Limited (License No. 75), hereafter referred to as (Guardrisk) and administeredby Innovation FSP (Pty) Ltd (Registration No. 1997/005662/07) (FSP No. 21468), hereafter referred to as (the Administrator) which are AuthorisedFinancial Services Providers.The Top Up/Deposit protection product is directly linked to a vehicle. The Vehicle must be a total loss and the benefit paid is the difference between theoutstanding debt and the Market Value of The Vehicle. An unintentional violation benefit is included and this is paid when a client unintentionally violatestheir Comprehensive Underlying Insurance Policy.TERMS AND CONDITIONS.In return for the Insured paying the Premium and continuing to meet all the conditions for cover, Guardrisk Insurance Company Limited will provideinsurance cover under the BMW Group Top Up/Deposit Policy as described in this document.Guardrisk agrees and undertakes in favour of the Insured’s named in the Schedule of Insurance to pay the benefits described in the Policy subject to:1. the actual receipt by Guardrisk at its head office of the correct and sufficient Premium or Premiums;2. where neither (Top Up, Deposit) is selected, the Insurer’s liability will be restricted to the Policy that correlates to the Premium received and themaximum specified sum;3. the truth and accuracy of the information given in the Insured’s Schedule of Insurance;4. the Terms and Conditions contained herein or endorsed hereon.OTHER MATTERS OF IMPORTANCE.1.2.3.4.5.6.You will be informed of any material changes to the information about the intermediary, insurer and or underwriter provided above.If any of the information reflected above was given to you orally, this disclosure notice serves to provide you with the information in writing.If we fail to resolve your complaint satisfactorily, you may submit your complaint to the Ombud of Short-Term Insurance.You will always be given a reason for the repudiation of your claim.If the insurer wishes to cancel your policy, this will be done in writing, to your last known address.You will always be entitled to a copy of your policy at no extra charge.COOLING OFF PERIOD.Should you not be satisfied with the policy, you are entitled to a period of up to 30 (Thirty) Days after the policy has been issued within which you maycancel your policy in writing at no cost. Cover will cease upon cancellation of the policy.Please note that you may only cancel this policy within 30 (Thirty) Days where no benefit has yet been paid or claimed or if the event insured againstunder the policy has not yet occurred.WARNING.1.2.3.4.Do not sign any blank or partially completed application form.Keep notes of what is said to you and all documents handed to you.Don’t be pressurised to buy the product.Failure to provide correct or full relevant information may influence the insurer on any claims arising from your contract of insurance.WAIVER OF RIGHTS.The General Code of Conduct stipulates that no Financial Services Provider may request or induce in any manner a client to waive any right or benefitconferred on the client by/or in terms of any provisions of the said Code, or recognise, accept or act on any such waiver by a client. Any such waiver isnull and void.Page 3 of 13
DEFINITIONS.“Accidental Death”Death caused by accidental, violent, externaland visible means.“Beneficiary”The nominated party as per the Policy in theEvent of an Accidental Death claim payment.“Balance of Indebtedness”The benefit payable is based upon the SumInsured reflected on the Proposal at the timeof inception of this Policy, being equal tothe amount of the (Principal Debt VAT) asreflected on the Credit Agreement. Shouldthe Sum Insured on the Proposal, be less thanthe (Principal Debt VAT) as reflected on theCredit Agreement, then the benefits payablewill be determined at the same proportion thatthe Sum Insured bears to the amount advancedunder the Credit Agreement (Principal Debt VAT). This will further be limited as stipulatedin the definition of Selling Price, to 10% (TenPercent) over the Retail/New List Price.“Credit Agreement”The Agreement as defined in the NationalCredit Agreements Act 34 of 2005 (Or asAmended) and referred to in the Schedule ofInsurance, which shall be a valid and currentCredit Agreement or loan agreement to whichthe Insured’s shall be bound either as a debtoror as surety for the debtor.The total amount of all instalments falling dueunder and in terms of the Credit Agreement,after the date of the Event giving rise to aclaim under this Policy, plus the residual whereapplicable, less all such finance charges as areto be rebated in accordance with the provisionsof the National Credit Act 34 of 2005, relatingto the advanced payment of instalments underand in terms of a credit agreement, excludingearly settlement interest. The above shallequally apply to Lease and Rental Agreements,less the Comprehensive Underlying Insurerspayments, less any Excess, less all arrearpayments, and any amount on unexpired riskportion of insurance Premiums, including, interalia but not limited to any short-term, credit lifeassurance or motor warranty Premiums, as atthe Date of Loss; as determined by Us.Any standard and non-standard Excess agreedby the Insured, for the purpose of reducingthe monthly Premium on their ComprehensiveUnderlying Insurance Policy will not be coveredunder this agreement, and will therefore, beexcluded from any claim payment.Any failure by the Insured, or the Credit Provider,to expedite or assist with the finalisation ofthe Basic Top Up claim, which will result inadditional interest being charged on a delayedpayment, shall not be borne or form part of theBalance of Indebtedness payable by Us.“Comprehensive UnderlyingInsurance Policy”The fully comprehensive enforceable motorvehicle insurance Policy entered into byYou with any registered domestic insurancecompany (The Comprehensive UnderlyingInsurer), which covers The Vehicle against, andobliges the Comprehensive Insurer to pay, forall possible motor vehicle risks (including theftand hijacking) occurring at least in the whole ofthe Republic of South Africa. The Vehicle andits accessories and extras must be correctlyInsured in terms of the TransUnion Auto DealerGuide for at least its full Market Value, RetailValue or New List Price at Date of Loss.“Credit Provider”The institution granting the finance.“Date of Loss”The date upon which the damage to or loss ofThe Vehicle occurs, which date must fall withinthe Period of Insurance.“Date of Occurrence”For Supplementary Cover claims – the date ofthe letter of rejection of Your ComprehensiveUnderlying Insurance Policy claim;For Top Up and Deposit claims – the dateon which Your account with the CreditProvider is credited with the payment fromthe Comprehensive Underlying Insurer insettlement of Your claim in terms of YourComprehensive Underlying Insurance Policy.“Days”Ordinary Days, including weekends and publicholidays. A Day shall also mean a continuous24 (Twenty-Four) hour Period.“Deposit”A contractual monetary amount as described inthe National Credit Agreements Act 34 of 2005(Or as Amended).“Dual Insurance”Situation in which the same risk is Insuredby 2 (Two) overlapping but independentInsurance Policies.“Event”The Event which gave rise to Your claim interms of the Comprehensive UnderlyingInsurance Policy, on the Date of Loss.“Ex Gratia”Where liability under the ComprehensiveUnderlying Insurance Policy is denied and anon-contractual partial or full settlement of theclaim is made without prejudice.“Excess”An amount to be borne by You in respect ofeach and every claim.“Extras”Any tangible addition to the financed asset, allinsurance policies and fees are excluded fromthis description.“First Amount Payable”1. For Supplementary Cover claims:1.1. The Excess/First Amount Payablein terms of the ComprehensiveUnderlying Insurance Policy;1.2. An additional 15% (Fifteen Percent)of the claim if The Vehicle wasinsured in the incorrect class ofuse in terms of the ComprehensiveUnderlying Insurance Policy;1.3. An additional 15% (Fifteen Percent)of the claim if the claim in termsof the Comprehensive UnderlyingInsurance Policy was rejected dueto the violation of a SuspensiveCondition;1.4. 1.1, 1.2 and 1.3 are cumulative.2. For Top Up, Deposit, claims - nil.“His / Her”For “his” and “he” where the Insured is maleand read “her” and “she” where the Insuredis female.“Innovation FSP”Innovation FSP is a licensed Financial ServicesProvider for the purposes of the FinancialAdvisory and Intermediary Services Act37 of 2002.“Insured”An Insured shall mean a person or legal entitywho has successfully applied for this PolicySchedule of Insurance and paid for it in full.“Insurer”Shall mean Guardrisk Insurance CompanyLimited’s Licence No. 75.“Market Value”The average of the recommended retail valueand trade value of The Vehicle (Including itsaccessories and spare parts as specified inthe Invoice/Offer to Purchase) at the Date ofLoss, as determined by that month’s issueof the TransUnion Auto Dealer Guide, andadjusted according to the Kilometre reading,at the time of the Event, and Condition chartcontained in the Guide. Where the particularmake and model of The Vehicle is not reflectedin the “Auto Dealer’s Guide” (or “Auto Dealer’sDigest for Cars Over 10 (Ten) Years Old” or“Commercial Vehicle Dealer’s Guide”) thenthe average value given for The Vehicle bythree independent motor industry sources ofOur choice will be used as the Market Valueof The Vehicle. The Market Value is limited to10% (Ten Percent) over the Market Value asstated above.“Maximum Indemnity”Our Maximum Indemnity is equal to R300 000(Three Hundred Thousand Rand). Should TheVehicle be underinsured in terms of its SumInsured under this Policy, Our benefit paymentwill be adjusted in the same proportion as theproportion of under insurance.Page 4 of 13
DEFINITIONS.“Misrepresentation”Conscious decision to change the facts asthey are, to mislead an interested party. Thisshall also mean the failure to disclose materialinformation at the date of application that hadthe Insurer been aware of would have resultedin the Policy not being issued.“Partial Loss”A loss that does not totally devalue or ruinThe Vehicle.“Period of Insurance”As stated in the Schedule of Insurance issuedin terms of this Policy.“Statutory Settlement Balance”The payment due by You as at the Date ofLoss which would liquidate Your outstandingliability to the Credit Provider in Terms of theCredit Agreement and entitle You to retainThe Vehicle unencumbered, excluding anyarrear instalments due as at the Date of Loss,interest and/or finance charges on such arrearinstalments and any early settlement penalties.“Sum Insured”The equivalent of the Selling Price.“Policy”The Schedule of Insurance.“Suspensive Condition”A condition of the Comprehensive UnderlyingInsurance Policy which suspends cover, eitherpartly or wholly, pending the implementation ofa requirement in terms of that Policy.“Policy Inception Date”The policy inception date is the purchase dateof the policy.“Term Cover”Where the full premium for the period of thecover has been received in advance.“Premium”The monthly or annual amount payable asstated in the Schedule of Insurance or anyendorsement issued in terms of this Policy.“The Vehicle”The Vehicle described in the Schedule ofInsurance and which may be any of thefollowing: light motor vehicles, minibuses(Maximum 16 (Sixteen) Seater), caravans, lightdelivery vehicles and panel vans all with a grossvehicle mass of not more than 3 500 kg (ThreeThousand Five Hundred Kilogram), and trailerswith a carrying capacity of not more than750 kg (Seven Hundred and Fifty Kilogram).“Premium Due Date”The Premium payment date on or before thedate appearing on the Schedule of Insurance.“Purchase Value”The value of The Vehicle and extras asstated on the original purchase invoice,before deduction of the Deposit, includingtangible extras.“Schedule of Insurance”The Schedule containing Your details and thedetails of The Vehicle, Period of Insurance,Premium payable, Sum Insured, bank detailsand address.“Selling Price”The Selling Price of The Vehicle, is the price,including physical extras which You paid for TheVehicle at the time. This Policy will not covermore than 10% (Ten Percent) above the newlist price or retail value of The Vehicle as statedin that month’s issue of the TransUnion AutoDealer Guide. The Selling Price is limited to aminimum of R50 000 (Fifty Thousand Rand)and a maximum of R1 500 000 (One MillionFive Hundred Thousand Rand) excluding anyinsurance Premiums and fees, warranty costs,fuel and delivery charges, interior and paintworkprotection applications, administration chargesor other additional refundable or financeamounts included in the invoice.Page 5 of 13“Total Loss”Whereas the result of an accident, fire or theftthe cost of repair or recovery of The Vehicleexceeds its Market Value.“We, Us, Our”Guardrisk Insurance Company Limited(“Guardrisk”). An authorised Financial ServicesProvider, FSP No. 26/10/75.“You, Your”The person or entity named as the Insured inthe Schedule of Insurance. You must be 18(Eighteen) years of age and be a permanentresident of South Africa and/or permanentlyresiding in South Africa or a properlyconstituted and Registered Company or Trust.
BENEFITS PAYABLE IN TERMS OF THIS POLICY.1. Supplementary Cover (Optional and onlyapplicable if applied for and so indicated inthe Schedule of Insurance)1.1 W here The Vehicle is damaged, writtenoff or stolen during the Period ofInsurance and a term or condition of theComprehensive Underlying InsurancePolicy is unintentionally violated ornot complied with, resulting in therejection of liability for the claim by theComprehensive Underlying Insurer, Wewill pay in respect of:1.1.1 Repairable Vehicles: The cost of repair of The Vehicleless the Excess/First AmountPayable as defined in this Policyor The Maximum Indemnity asdefined, whichever is the lesser.1.1.2 Total Loss and Constructive TotalLoss Vehicles (Including Stolen orHijacked Vehicles).The Maximum Indemnity is as defined lessthe Excess/First Amount Payable in terms ofthis Policy.2. Top Up (Optional and only applicable ifapplied for and so indicated in theSchedule of Insurance)Where The Vehicle is stolen andnot recovered or damaged beyondeconomical repair and is written off by theComprehensive Underlying Insurer, who hassettled Your claim by means of a lump sumpayment, and a shortfall arises betweensuch payment and the Statutory SettlementBalance in terms of the relevant CreditAgreement, We will pay either:2.1 T he Statutory Settlement Balanceas defined,MINUS:2.1.1 The Excess/First AmountPayable by You in terms of theComprehensive UnderlyingInsurance Policy;2.1.2 The amount paid by theComprehensive UnderlyingInsurer; (which We will deem tobe never less than the MarketValue, Retail Value or New ListPrice of The Vehicle at the Dateof Loss), as defined in this Policy;2.1.3 Any amount on unexpired riskportion of insurance Premiums,including, inter alia but not limitedto, any short-term, credit lifeassurance or motor warrantyPremiums, as at the Date ofLoss; as supplied to Us by theCredit Provider;2.1.4 Any further or additional amountsadded to the principal debt onwhich the Premium calculationis based in terms of the CreditAgreement after its date ofcommencement, and any financecharges and interest thereon;LESS:PLUS:Or:2.1.5 ny amount that exceeds theAdefined “Selling Price” as definedin this Policy by Us;2.1.6 ny deferred payments, debitAreview, or any other sucharrangements as agreed to by theCredit Provider and the Insured;2.1.7 our Excess/First AmountYPayable in terms of YourComprehensive UnderlyingInsurance Policy, or R6 000 (SixThousand Rand) whichever isthe lesser;2.1.8 he Maximum Indemnity asTdefined, whichever is the lesser.This means that if Your Vehicle is stolenor written off, We will settle the differencebetween Your Comprehensive Insurancepay-out and the amount on Your FinanceAgreement, less excess payable, arrears,refundable premiums, legal fees, noticeinterest charges or capital additions.3. Accidental Death Benefit (Only applicableto the Top Up benefit if applied for and soindicated in the Schedule of Insurance)5. Instalment Protection (Only applicableto the Top Up benefit if applied for and soindicated in the Schedule of Insurance)Where The Vehicle is stolen and notrecovered, or damaged beyond economicalrepair and is written off, We will pay 2(Two) instalments (of The Vehicle formingthe subject matter of this Policy) up to amaximum of R15 000 (Fifteen ThousandRand), while the underlying insurancecompany settles the agreed amount,whichever is the lesser, subject to the termsspecified under this section.6. Deposit Protection (Optional and onlyapplicable if applied for and so indicated inthe Schedule of Insurance)Where The Vehicle is stolen and notrecovered, or damaged beyond economicalrepair and is written off, We will pay the actualdeposit (of The Vehicle forming the subjectmatter of this Policy) up to a maximum ofR100 000 (One Hundred Thousand Rand),whichever is the lesser, subject to the termsspecified under this section.In the Event of your death due to accidental,violent, external and visible means thePolicy will pay the lump sum amount ofR5 000 (Five Thousand Rand) to thenominated beneficiary.4. Excess on Partial Loss (Only applicableto the Top Up benefit if applied for and soindicated in the Schedule of Insurance)Where The Vehicle is a Partial Loss, We willpay an Excess of up to R1 500(One Thousand Five Hundred Rand) perannum, which accumulates, where therehas not been a claim submitted and paidunder this benefit, at R1 500 (One ThousandFive Hundred Rand) per annum for 3(Three) years.We will pay a maximum of R1 500(One Thousand Five Hundred Rand) or theactual Excess, (of The Vehicle forming thesubject matter of this Policy) in the Event of aclaim, whichever is the lesser, subject to theterms specified under this section.This benefit is applicable for the first 3 (Three)years of the Policy. To enjoy the benefit underthis section You must submit a claim to YourComprehensive Underlying Insurer.Page 6 of 13
GENERAL CONDITIONS.The following conditions are applicable to allsections of this Policy.1. Comprehensive UnderlyingInsurance Policy1.1 You must ensure that The Vehicle iscomprehensively insured for its full MarketValue in terms of the ComprehensiveUnderlying Insurance Policy, in particularat the Date of Loss. If The Vehicle isnot the subject of an enforceable fullyComprehensive Underlying InsurancePolicy (which covers The Vehicle against,and obliges the Comprehensive UnderlyingInsurer to pay for, all motor vehicle risksincluding theft and hijacking), then thisPolicy does not operate;1.2 You must comply with all the terms andconditions relating to the ComprehensiveUnderlying Insurance Policy;1.3 Where the Comprehensive UnderlyingInsurance Policy is unenforceable,cancelled or for any reason is void orinvalid or should be treated as such bythe Comprehensive Underlying Insurer, orwhere it is not fully comprehensive, thisPolicy does not operate;1.4 We will only settle the claim if theComprehensive Underlying InsurancePolicy has fully indemnified You in termsof the Comprehensive UnderlyingInsurance Policy.2. Conditions Precedent to LiabilityWe shall have no liability under thisPolicy and You shall not be entitled to beindemnified under this Policy unless:2.1 Subject to Condition 30under General Conditions, thePremium has been received byUs by the Premium Due Date;2.2 You comply with the ClaimsProcedures set out underCondition 11 underGeneral Conditions;3. Comprehensive Underlying InsurancePolicy Indemnity3.1 You shall use Your best endeavours toobtain a full indemnity in terms of YourComprehensive Underlying InsurancePolicy, including if necessary, theinstitution of legal proceedings againstthe Comprehensive Underlying Insurerto enforce Your rights in terms of theComprehensive Underlying InsurancePolicy, and referring the matter to theOmbud for Short-Term Insurance;3.2 You must notify Us of rejection of Yourclaim in terms of the ComprehensiveUnderlying Insurance Policy within 60(Sixty) Days, notwithstanding that suchclaim may be the subject of pendinglegal action, and advise Us of thestatus of such legal action.Page 7 of 134. ArbitrationShould any dispute arise between You andUs as to the amount of any claim under thisPolicy, liability having already been admittedby Us for the claim in principle, You mayrefer such dispute to arbitration within90 (Ninety) Days of the dispute arising inaccordance with the Arbitration Act 42 of1965 (As Amended).5. Rejection of Claim and Time BarIn the Event of a claim being rejected orYou dispute the benefit amount paid by Us,You are entitled to make representationsto Us in respect of Our decision to rejectthe claim or as to the manner in which thebenefit amount was calculated for a period180 (One Hundred and Eighty) Days fromthe date of receipt of the letter of rejectionor the date of the claim payment.The dispute should be raised with the Insurerprior to disputing the matter with the Ombud.Representation must be submitted in writing to:Guardrisk Insurance Company LimitedReg No:1992/001639/06FSP No:75Address: Tower 2, 102 Rivonia Road,Sandton, 2196Tel.011 669 1000Fax.012 675 sk Compliance OfficerGuardrisk Insurance Company LimitedP.O. Box 786015Sandton2146Email: compliance@guardrisk.co.zaTel. 011 669 1039Fax. 012 675 3856Where You are not satisfied with the responsefrom the Insurer You are entitled to make furtherrepresentation to:The Ombud for Short-Term InsuranceP.O. Box 32334Braamfontein2017Tel. 011 726 8900Fax. 011 726 5501In terms of Section 15 of the Financial ServicesOmbud Schemes Act No. 37 of 2004 thaton the receipt of the official referral to theaforementioned Ombud, any applicabletime barring clause in terms of this Policy orthe running of prescription in terms of thePrescription Act No 68 of 1969, from thedate of referral to the date of withdrawal ofthe referral or determination of the referral bythe Ombud shall be stayed. If the dispute isnot satisfactorily resolved in this manner, legalaction may be instituted against the Insurerfor the enforcement of the claim by way ofthe service of summons against the Insurer.Summons must be served on the Insurer within6 (Six) months from the date You receive theoutcome in respect of the representations Youhave made, failing which all benefits in respectof such claim shall be forfeited and no liabilitycan arise in terms of such claim.6. MisrepresentationIf any claim under the ComprehensiveUnderlying Insurance Policy or thisPolicy is in any way misrepresented orif any fraudulent means are used byYou or anyone acting on Your behalf toobtain any benefit under this Policy, orif any of the Events Insured against areoccasioned by Your intentional act, orwith Your connivance, all benefits underthis Policy shall be forfeited, and thePolicy will be voidable and Premiums paidreturned to you.7. JurisdictionThis Policy is subject to South Africanlaw and to the jurisdiction of a competentSouth African court.8. Noting of The CreditProvider InterestsThe interests of the Credit Provider in thisPolicy are hereby noted. Any payment interms of this Policy shall be made first toreduce any liability due by You to the CreditProvider in terms of the Credit Agreementand their receipt shall be an effectualdischarge of Our liability for that portion ofYour claim. Any balance thereafter shallbe paid to You. This Policy is ceded to theCredit Provider where applicable.
GENERAL CONDITIONS.9. Termination of this PolicyThe end date will be the earliest of:9.1 the date at the end of the Periodof Insurance;9.2 the date of expiry of the period, asselected on the Schedule of Insurance;9.3 where the Credit Provider is the ownerof The Vehicle, the date on which TheVehicle is repossessed;9.4 the date on which The Vehicle issold by You;9.5 the date on which a benefit is paid underthis Policy;9.6 when We do not receive Your Premium,subject to Condition 17 underGeneral Conditions and Premiumunder Definitions;9.7 when either You or We cancel the Policy,subject to Condition 10 underGeneral Conditions;9.8 when Credit Agreement is settled.10. Cancellation and Refund of PremiumsThis Policy may be cancelled by You or Usat any time on 31 (Thirty-one) Days writtennotice to the last known address. In thecase of term policies Your Single Premiumwill be refunded on a scale determined byOur actuary based on Our calculation forthe unexpired portion of the Term Policy,provided that no claim was submitted, inwhich Event No Premium shall be refunded.11. Claims ProceduresOn the happening of an Event which mayresult in a claim under this Policy, You shall atYour own expense:11.1 Supplementary Cover11.1.1 Notify Us immediately on0860 100 269 or email us atbmwclaims@innovation.group, of the rejection of Your claim interms of the ComprehensiveUnderlying Insurance Policy andwithin 60 (Sixty) Days of theDate of Occurrence provide Usin writing by means of a claimform with full details of the claimtogether with particulars of theComprehensive UnderlyingInsurance Policy;11.1.2 Attach a copy of the letter ofrejection by the ComprehensiveUnderlying Insurer to Yourclaim form;11.1.3 Provide Us with such proof,information and affidavits as Wemay require to process the claim;11.1.4 You are responsible for theExcess/First Amount Payable inrespect of each and every Event;11.1.5 P rovide Us with a copy of theclaim form in terms of theComprehensive UnderlyingInsurance Policy claim. AssistUs in any recovery actioninstituted by Us against anythird party responsible for theloss or damage, which actionmay proceed in Your name,and/or in the identificationof The Vehicle stolen andrecovered, and the prosecutionof those responsible, for whichassistance We will reimburseYou for Your reasonable out- ofpocket expenses;11.1.6 Provide Us with and/or authoriseUs to obtain a copy of Your CreditAgreement and a statementof Your account with theCredit Provider, reflecting a fulltransaction history;11.1.7 Referral to the Ombud forShort-Term Insurance for adecision on the rejectionby the ComprehensiveUnderlying Insurer.11.2 Top Up Claims (Available under “Top UpProtector” selected on the Schedule ofInsurance).11.2.1 Notify Us immediately on0860 100 269 or email us atbmwclaims@innovation.group, that Your claim in terms of YourComprehensive UnderlyingInsurance Policy has beensettled and within 60 (Sixty)Days of the Date of Occurrence,submit to Us full details in writingof Your Top Up claim by means ofa claim form;11.2.2 Provide Us with or authorise Usto obtain a copy of the CreditAgreement or other agreementbetween Yourself and the CreditProvider and a statement ofYour account with the CreditProvider, reflecting a fulltransaction history;11.2.3 Provide Us with such proof,information and affidavits as Wemay require to process the claim;11.2.4 Provide Us with a copy ofthe signed agreement of lossor Ex Gratia agreement orletter accompanying the ExGratia payment, whicheveris applicable, between Youand the ComprehensiveUnderlying Insurer;11.2.5 Be responsible for the amountby which the Excess/FirstAmount Payable in terms ofYour Comprehensive UnderlyingInsurance Policy exceeds R6 000(Six Thousand Rand).11.3 Accidental Death Claims11.3.1 Notify Us immediately on0860 100 269 or email us atbmwclaims@innovation.group, of Your claim within 60 (Sixty)Days of the Date of Occurrence,submit to Us full details in writingof Your Accidental death claim bymeans of a claim form.11.3.2 Provide Us with such proof andinformation as We may require toprocess the claim.11.4 Deposit Protector Claims (Availableunder “Deposit Protector “selected onthe Schedule of Insurance).11.4.1 Notify Us immediately on0860 100 269 or email us atbmwclaims@innovation.group, that Your claim in terms of theComprehensive UnderlyingInsurance Policy has beensettled and within 60 (Sixty)Days of the Date of Occurrencesubmit to Us full details in writingof Your Deposit claim by meansof a claim form;11.4.2 Provide Us with such proof andinformation as We may require toprocess the claim;11.4.3 Provide Us with and/or authoriseUs to obtain a copy of YourCredit Agreement or other similaragreements between Yourselfand the Credit Provider;11.4.4 Provide Us with a copyof the signed agreementof loss between Youand the ComprehensiveUnderlying Insurer;11.4.5 Provide Us with proof of theDeposit paid in terms of theCredit Agreement relating to Yourreplacement vehicle.In the Event of a claim being rejected, theInsured is entitled to relief through court action,the Ombud for Short Term Insurance and thecomplaints process as detailed;Guardrisk Compliance OfficerGuardrisk Insurance Company LimitedP.O. Box 786015, Sandton, 2146Email: compliance@guardrisk.co.zaTel. 011 669 1000Fax. 012 675 3856No benefit will be paid if The Vehicle is not a TotalLoss, with the exception of the Accidental Deathbenefit and Excess on Partial Loss benefit.Page 8 of 13
GENERAL CONDITIONS.12. Authority to Complete Claim FormsIf it should come to the knowledge of theCredit Provider that
The BMW Group Top Up Policy For Vehicles with a sum insured over R1 500 000 to a maximum of R2 500 000. BMW Financial Services (South Africa) (Pty) Ltd., is an Authorised Financial Services and Registered Credit Provider (NCRCP2341). This document contains the BMW Group Top Up/Deposit Cover Policy wording.
