The Excess (shown in your Policy Schedule) is the first amount payable by you for each valid claim. We will settle the remaining amount of the valid claim up to a maximum of the Sum Insured (i.e. we will pay the valid claim amount less the Excess and the Excess plus our payment will not exceed the Sum Insured).
For example: If the cost to repair your insured asset is R10,000 and the Excess is R1,000, you would pay the Excess amount of R1,000 and we would pay R9,000 (i.e. the cost of R10,000 less the Excess of R1,000).