The following definitions apply throughout the policy and all relevant documentation. 

You/your/yourself/yours: Means you, the insured policyholder and includes your principal, partner, director, member and/or Employees and any members of your household and / or the regular driver shown in your Policy Schedule, or any person driving your insured Vehicle with your permission. This includes:

  • their predecessors in that specific business as director, member, partner or principal; and
  • any person who becomes a director, member, partner or principal during the Period of Insurance but limited to the extent that Liability only attaches to the insured.

The Insurer/we/us/our: Refers to iWYZE underwritten by Old Mutual Insure Limited (Reg. No: 1970/006619/06), VAT No: 4460101019), an authorised Financial Services Provider (FSP 12).

Principal: A person or party who has the power to transact on behalf of your business or account and takes on the associated risk.

Third Party: Refers to any other person to whom you may become legally Liable to pay compensation/damages for accidental death or accidental bodily injury or illness of that person, or for accidental loss of, or damage to property belonging to that person occurring during the Period of Insurance.

Policy Schedule: This sets out the type of cover you have bought, the people who are insured, the Period of Insurance, the amounts you are insured for, the Excesses that apply and the premium you must pay. Any changes to your policy will be shown in your Policy Schedule.

Policy Section: Refers to a part of your insurance policy document which is specific to the type of valuable you have chosen to insure, such as Motor Vehicles, Office Contents, Buildings etc.

Annual Premium Escalation: The percentage by which premiums increase annually on the Policy Anniversary.

Liability/Liable: Liability, and being held liable, means that you are responsible or accountable in terms of the law.

Covered Events: Means the events that you are insured for. The Covered Events are shown in each Policy Section of your policy document.

Indemnify / indemnification: The financial payment which we will make for loss or damage to the insured item proximately caused by an insured event. This amount is enough to put you back in the same financial position you were in immediately before the loss. We base this on the replacement value of the insured item or the cost of repairing the damage. We may also repair or replace the damaged or lost item.

Compensate / Compensation: The payment we make for pain, injury or death covered in terms of this policy. We base this amount on the quantified loss or the compensation limit.

Derangement: Refers to a problem or defect internal to a piece of equipment.

Period of Insurance: Means the period from the Cover Start Date of your insurance to midnight prior to the same day of the month one month later. Your Period of Insurance is shown in your Policy Schedule.

Cover Start Date: Means the latest of the following dates you have agreed to with the Insurer:

  • The date on which cover starts, as shown in your Policy Schedule
  • The date that any change to your cover becomes effective, as shown in your Policy Schedule.

Anniversary Date: Means the date 12 months after the Cover Start Date of your policy, unless your Policy Schedule specifically states otherwise.

Excess: Means the first amount you must pay before your claim is settled. This Excess is shown in your Policy Schedule. 

SASRIA SOC Limited: The South African Special Risk Insurance Association.

Indemnification Limit: This is the maximum amount for which you are insured. This amount is shown in the policy schedule as the Sum insured. (In terms of Motor Vehicle insurance, the Compensation Limit is determined by the Insured Value Type you have chosen.)

Compensation Limit: The maximum amount for which you are insured, as shown in your Policy Schedule. In terms of Motor Vehicle insurance, the Compensation Limit is determined by the Insured Value Type you have chosen.

Sum Insured: The amount you provide or choose to insure your items for. This will be reflected on the policy schedule. The amount must reflect the cost of replacing your insured item and is the maximum amount that we will pay for a valid claim, less the applicable excess if the item is completely damaged or lost.

Total Loss of an Insured Item: Refers to the Total Loss of your insured Vehicle (see Helpful Definitions in the Motor Vehicles Policy Section) or the theft, accidental loss, complete destruction (or uneconomical to repair) of an item insured under any Policy Section.

Consequential Loss: Consequential loss is any additional loss or damage that happens as a result of a Covered Event.