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 sum insured is R10,000, excess is 10% of sum insured and quote to repair your asset (claim amount) is R5,000, you pay 10% of R5,000 = R500 and we pay R5,000 - R500 = R4,500.