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MUA Product update

Submitted by Michaela on Fri, 2011-07-01 11:53
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Short description: 
The latest product updates include information about Window Glass limit, Agreed Value and Jewellery.
Content: 
We have the following product updates to share with you:
 
Window Glass Limit
Please note that MUA has changed the limit applicable to window glass on motor and classic motor policies. As a result, there is no longer a limit of R30 000 and the option to increase the cover for window glass has been removed.
  • Cover for window glass is now up to the vehicle sum insured.
  • The window glass excess still applies on each valid claim.
 
Agreed Value:
Cover for the Classic Motor policy is based on an agreed value which means the value of the vehicle is agreed between the policyholder and the insurer before inception of the risk or at renewal stage of the policy. Therefore at inception or renewal MUA requires the following:
  • Before accepting a classic vehicle on an agreed value, the insured must provide a written valuation from either a Classic Car Club or a dealership showing the mileage and condition. If possible digital photographs should also be attached.
  • At renewal stage, the insured will be requested to provide an updated valuation showing the recent mileage and any change in value or condition.
  • If these requirements are not met, a Classic Vehicle will automatically be covered for reasonable retail value and not at agreed value.
     
Jewellery:
Please note that MUA has changed the limits that apply to jewellery and make sure you take note of the following changes:
  • A claim for loss or damage to any watch or article of jewellery will be capped at no more than R20 000 for each item or pair, unless the insured provides a professional valuation for the by an independent jeweller dated less than 5 years before the loss or damage occurs.
  • All items worth more than R50 000 each must be locked in a safe that is fixed to the building when the property is left unoccupied, or when the person covered by the policy is not actually wearing or carrying the items. If they are lost or stolen whilst not secured under the circumstances described above, any claim will be limited to R50 000.
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