The excess is the first amount payable by you for each accepted claim in respect of each asset. The excess is confirmed in your Policy Schedule.
You are required to pay the excess for each accepted claim in respect of each asset. We shall settle the remaining amount of the accepted claim up to a maximum of the sum insured for that asset, i.e. we shall pay the accepted claim amount less the excess.
Example: If the cost to repair or replace your ASSET is R10,000 and the EXCESS is R1,000, you pay the EXCESS of R1,000 and we pay R9,000 (i.e. the cost of R10,000 less the EXCESS of R1,000).