REGENT INSURANCE COMPANY LIMITED COMMERCIAL TOP UP POLICY

REGENT INSURANCE COMPANY LIMITED COMMERCIAL TOP UP POLICY PREAMBLE This policy forms the agreement between Regent Insurance Company Limited (the company/the insurer) and the insured named in the schedule which forms part of this policy on the understanding that the proposal and all declarations which the insured has made, also form part of this policy. Cover and payment of claims under this policy is conditional upon the company s prior receipt of the insured s premiums for the period of insurance and is subject always to the provisions, exceptions and conditions stated therein. CONSENT CLAUSE The insured acknowledges that the sharing of claims and underwriting information by Insurers is essential to enable policies to be underwritten fairly after the risks have been correctly assessed. The insured and /or any person on behalf of the insured and / or any person represented herein by the insured, hereby waives any right to privacy in respect of insurance information provided by the insured or on the insured s behalf in respect of any insurance policy or claim made or lodged by the insured who consents to such information being disclosed to any other insurer or its agent. The insured acknowledges that the information provided by the insured may be verified against other legitimate sources or databases and also consents to the disclosure of information relevant to any policy or claim. 1. 1.1. 1.2. 1.3. 1.4. 1.5. 1.6. GENERAL CONDITIONS The following conditions are applicable to all sections of this policy except as they may vary due to specific conditions or exceptions applicable under a particular section. Underlying policy i) Cover under every section of this policy is conditional upon the vehicle(is) which is(are) reflected in the schedule having a comprehensive motor policy (underlying policy) in force at all times for the duration of this policy. ii) Should the underlying policy be cancelled or become void or is avoided for any reason whatsoever, all cover under this policy will cease immediately from the time that the underlying policy is cancelled, becomes void or is avoided. iii) Where specified vehicles are deleted from the underlying policy or where cover for such vehicles has been cancelled for any reason whatsoever, all cover under this policy will cease from the time the company receives instructions to cancel the cover or delete the vehicle/s from the policy. iv) In the event of a credit shortfall claim where the insurers of the underlying policy have rejected a claim in terms of their policy or the underlying policy has been cancelled, voided or avoided and where insurers have made an ex gratia payment, any payment under this policy will be limited to the difference between the statutory settlement balance and the market value as defined, and such claim will be dealt with as a credit shortfall claim in terms of this policy. Arbitration Should any dispute arise between the insured and the company as to the amount of any claim under this policy, such dispute must be referred to arbitration within 10 (ten) days of a dispute being declared in accordance with the Arbitration Act No 45 of 1965 as amended. Fraud If any claim under this policy is in any respect fraudulent or if any fraudulent means or devices are used by the insured or anyone acting on the insured s behalf or with their knowledge or consent to obtain any benefit under this policy or if any event is occasioned by the wilful act or with the connivance of the insured, the benefit afforded under this policy in respect of any such claim shall be forfeited. Jurisdiction The company shall not be liable for compensation for damages or costs and expenses of litigation made or recovered by any claimant from the insured including the insured themselves in respect of and including but not limited to any law suits, litigation action and / or judgments delivered or obtained in the first instance otherwise than by a court of jurisdiction within the Republic of South Africa ( RSA ). Cover granted by this policy is subject to the exclusive jurisdiction of the courts of RSA. Rejection of claims The insured must notify the company within 7 (seven) days of any rejection of a claim by the insurers of the underlying comprehensive motor policy notwithstanding such that such claim may be the subject of pending legal action. The insured must provide the company with the status of such legal action regularly. Noting of the finance company s interest The interest of the finance company in respect of the insured vehicles must be noted in the schedule of insurance. Any payment in terms of the relevant sections of this policy, subject to the terms and conditions thereof, shall be first to reduce any liability due by the insured to the finance company. Commercial Top Up Policy _12.08.2009 Page 1 of 6

1.7. 1.8. 1.9. 1.10. 1.11. 1.12. Cancellation This policy or any section thereof, may be cancelled at any time by the company giving 30(thirty) days notice in writing (or such other period as may be mutually agreed upon) or by the insured giving immediate notice. On cancellation by the insured, the company shall be entitled to retain the customary short term premium or minimum premium for the period the policy has been in force. On cancellation by the company, the insured shall be entitled to claim a pro rata portion of the premium for the remainder of the period of insurance, from the date of cancellation. Refund of premiums If the policy is an annual contract, a refund of premium will be calculated pro rata from the date of cancellation to the renewal date. If the policy is a monthly policy, the company is entitled to retain the full monthly premium. Prevention of loss The insured shall take all reasonable steps and precautions to prevent accidents or losses including but not limited to compliance and adherence to laws and regulations which are material to the risk. The insured warrants that all laws, regulations, by-laws and rules that apply to the business or to any other matter for which cover is provided in terms of this policy (irrespective of whether the laws, regulations, by-laws and rules are in force at the date the policy is issued, or are enacted after that date) shall be adhered to at all times. The failure to adhere to any applicable law, regulation, by-law or rule shall entitle the company to reject any claim where such failure is material to the claim. Other insurance If, at the time of any event giving rise to a claim under this policy, any insurance exists with other insurers covering the insured against the defined events, the company shall be entitled to make good only a rateable proportion of the amount payable by or to the insured in respect of such event. If any other insurance is subject to any condition of average, this policy, if not already subject to any condition of average, shall be subject to average in like manner. Registration of insured vehicles This policy and any section thereof will only apply to vehicles which are registered in RSA at the time of loss or damage. Notification of claims The insured shall at their own expense, notify the company of the occurrence of any incident which gives rise to a claim, as soon as reasonably possible, but no later than 30(thirty) days from the date of occurrence. 2. DEFINITIONS i) Insured - The term insured shall mean the person or the business entity named as the insured in the schedule. ii) Territorial limits - The term territorial limits shall mean the territorial limits in the underlying comprehensive motor insurance policy. iii) Finance company - The term finance company shall mean the registered credit provider in terms of the credit agreement, and whose interest is noted on this policy. iv) Credit agreement - The term credit agreement shall mean the legally enforceable credit agreement as defined in the National Credit Act 34 of 2005 as amended, which the insured has entered into with a registered credit provider in respect of the insured vehicle which is listed in the schedule. v) Statutory settlement balance - The term statutory settlement balance shall mean the amount which is due by the insured at the date of loss and which represents the balance due to the finance company which will liquidate the insured s obligations to it and entitle the insured to unencumbered ownership of the insured vehicle, less any arrear installments, any amount refundable to the insured in terms of the agreement, outstanding insurance premiums, warranties and any extras added to the finance contract which do not form part of the actual vehicle financed. vi) Market value - The term market value shall mean the average between Trade and Retail prices as reflected in the TransUnion Auto Information Auto Dealers Guide or Commercial Vehicle Dealers Guide for the make and model. Where the particular make and model of the vehicle is not given in the guides, then the average value decided by three independent motor industry sources of the company s choice will be used as the market value of the vehicle. The market value will be adjusted according to its kilometer reading and condition and accessories and spare parts specified in the schedule. vii) Vehicles - The term vehicle shall mean: a) private type motor cars (including station wagons, safari vans, estate cars and the like or similar vehicles designed to seat not more than 12 persons including the driver); b) commercial vehicles and special type vehicles as described in the schedule; c) motor cycles (including motor scooters and 3-wheeled vehicles); d) buses (including any vehicle used for business purposes and designed to seat more than 12 persons, including the driver); e) trailers, i.e. any vehicle without means of self-propulsion designed to be drawn by a self-propelled vehicle, but excluding any parts or accessories not permanently fitted thereto; f) any such vehicle being owned by or hired or leased to the insured, including any such vehicle temporarily operated by the insured as replacement for any vehicle out of use for the purpose of overhaul, upkeep and/or repair provided that the insurer s maximum liability shall not exceed the lesser of the market value of the replacement vehicle or the limit of indemnity of the replaced vehicle as stated in the schedule. Provided any such vehicle is specified in the schedule attaching hereto. viii) Description of use clause - The term description of use shall mean use for the insured s business or occupation, excluding hiring out, racing, speed or other contests, rallies, trials, carriage of explosives or carriage of any load or passengers exceeding the capacity Commercial Top Up Policy _12.08.2009 Page 2 of 6

for which it is constructed or licensed to carry or use for any purpose in connection with the motor trade. The indemnity under this policy will continue to operate while the insured vehicle is in the custody or control of a member of the motor trade for the purpose of its overhaul, upkeep or repair. ix) Premium - The term premium shall mean the amount due, in the currency of RSA, paid by or on behalf of the insured to the company. Cover is conditional upon the company s prior receipt of premiums for the period of insurance. x) Schedule - The term schedule shall mean the documentation issued as evidence of this insurance and thereby entitling the insured to the benefits applicable as defined therein. xi) Occurrence - The term occurrence shall mean an occurrence or series of occurrences arising from one cause in connection with any vehicle for which indemnity is provided by this insurance. xii) Date of loss - The term date of loss shall mean the date on which the incident which is covered by the underlying policy occurred. xiii) Period of insurance - The term period of insurance shall mean the period stated in the schedule, commencing on the company s receipt of the first premium which is due by the insured and any subsequent period for which the company has accepted premium. xiv) Contract - The term contract shall mean the schedule, this policy wording and any endorsements or amendments thereto constituting the insured s contract of insurance with the company. xv) First amount payable (Excess) - The word excess shall mean the first amount payable which is reflected in the underlying policy wording and schedule. 3. DEFINED EVENTS The following sections of the policy will only apply and be in force if the relevant premiums have been received by the company and appear in the schedule: 3.1. SECTION 1 OWN DAMAGE: ACCIDENT EXCESS REDUCER The company will repay the basic excess detailed in the underlying policy to the insured, for claims arising from accident, fire, lightning or explosion and theft of accessories/tyres and or wheels provided that the insurer of the underlying policy has indemnified the insured and where applicable the excess has been deducted from the payment of the claim. This section is subject to its own excess which will vary, depending on which option (shown below) the insured has selected. The maximum the company will pay under this section is R300,000. Excess bought R0 R50,000 R50,001 R100,000 Greater than R100,000 Section excess R5,000 R15,000 R25,000 Specific exceptions: i) The company will not be liable to pay for any excess relating to claims for third party damage, theft or hijack resulting in actual total loss of the insured vehicle, constructive total loss of the vehicle, windscreen or glass. ii) In the event of the underlying insurer making a successful recovery on the insured s behalf the company reserves the right to be reimbursed for its rateable portion of the excess which the company has paid to the insured. 3.2. SECTION 2: TOTAL LOSS/THEFT OR HIJACK EXCESS REDUCER If the insured vehicle is stolen or hijacked or written off by the company as a total loss the company will pay to the insured the total of the excesses deducted from the insured s claim under the underlying policy up to the amount stated in the schedule to a maximum of R300,000. If the insurer of the underlying policy makes a successful recovery on the insured s behalf the company reserves the right to be reimbursed for its rateable portion of the excess which the company paid to the insured. Specific definitions: i) theft - the unlawful, intentional removal of the insured vehicle without the insured s permission where the vehicle is not recovered within 4 (four) weeks; ii) hijack the unlawful, intentional removal of the insured vehicle without the driver s permission by the wielding of a firearm or any other dangerous weapon, the inflicting of grievous bodily harm or threat to inflict bodily harm by the offender or any accomplice on the occasion when the offence is committed, whether before, during or after the commission of the offence. 3.3. SECTION 3 THIRD PARTY: EXCESS REDUCER The company will repay the insured the excess deducted from any claim paid by the insurer of the underlying policy in respect of any claim for liability to third parties, provided: i) such excess is reflected in the underlying policy or schedule; and Commercial Top Up Policy_12.08.2009 Page 3 of 6

ii) the insurer has indemnified the insured and has deducted the excess; and iii) the company s liability shall not exceed R5,000. 3.4. SECTION 4 LOSS OF USE/DOWNTIME The company will pay the daily rate as shown in the schedule for the period the insured vehicle is out of use following a defined event up to the maximum amount shown in the schedule. Specific conditions: i) There must be a claim under the underlying policy. ii) Compensation under this section will start on the date of written notification to the company of an incident arising under the underlying policy and will continue until the date that the insured is notified that the vehicle is ready to be collected from the repairer. If the vehicle is written off, compensation will continue until the date that the initial agreement of loss is tendered to the insured or the maximum period as stated in the schedule, whichever is the lesser. iii) The company will pay compensation for a maximum of 16 (sixteen) weeks in total unless the vehicle is declared to be a total loss, provided that the company s liability in respect of this section for a single event does not exceed R160,000 or the amount stated in the schedule. iv) Should the insured vehicle be declared a total loss, cover will cease on the day that the initial agreement of loss is tendered by the insurer of the underlying policy, provided that the maximum period of compensation for vehicles which are declared to be a total loss is 6 (six) weeks. v) If the vehicle is stolen or hijacked, compensation will commence from the time the company is first notified of the theft or hijack of the insured vehicle. Compensation will cease on the day that the insurer of the underlying policy tenders the initial agreement of loss to the insured or the maximum period as stated in the schedule, whichever is the lesser the date on which the vehicle is recovered. 3.5. SECTION 5 CREDIT SHORTFALL In the event that the insured vehicle is involved in an accident and the extent of the damage results in the vehicle being written off or if the vehicle is stolen or hijacked and not recovered the company will pay the difference between the settlement amount paid under the underlying policy and the statutory settlement balance to a maximum of R750,000. Should the incident which gives rise to a claim under this section of the policy occur within the first 12 (twelve) months from the date of first registration of the insured vehicle, the company will pay an additional amount of no more than R300,000, in respect of any difference between the latest new price of an equivalent vehicle (as at the date of occurrence of the defined event) and the original purchase price. The company shall not be liable to pay for: i) the excess payable in terms of the underlying policy; ii) any installment arrears owed to the finance company; iii) any deductions from the underlying comprehensive claim agreement of loss; iv) any extras added to the finance contract that do not form part of the vehicle such as policies or warranties purchased. provided that the limit of indemnity for each type of vehicle is as stated in the schedule and shall be the maximum amount payable by the company in respect of such loss or damage, but shall not exceed the reasonable market value as indicated in the schedule. 3.6. SECTION 6 DEPOSIT PROTECTOR Where the insurer of the underlying policy declares the vehicle to be a write off or total loss, or if the vehicle is stolen or hijacked and not recovered by the claim settlement date, the company will pay an amount of 10% (ten percent) of the insured value, subject to a maximum indemnity of R300,000. The company will only pay a claim under this section of the policy once the claim under the underlying policy has been settled in full. 3.7. SECTION 7 RECOVERY AND CROSS-BORDER TOWING Where the insured vehicle is involved in an accident outside the borders of RSA, and sustains damage which is insured in terms of the underlying policy and which renders it undriveable, the company will pay the actual costs of recovery and towing which have been incurred to repatriate the insured vehicle to RSA, provided that the indemnity afforded by this section does not exceed R50,000 and provided that the cover under this section only pays for the costs incurred in getting the insured vehicle to the South African side of the border. Once the insured vehicle is on the South African side of the border all cover under this section ceases. The company shall not be liable to pay for: i) the cost of any damages which may occur to the vehicle during the course of repatriation to the South African side of the border; ii) the cost of any duties payable to the authorities. 4. GENERAL EXCEPTIONS i) The company will not be liable for compensation under any section of this policy where the insurers of the underlying policy have rejected or declined any claim for any reason whatsoever, or where an ex-gratia settlement was made. ii) In addition the company will not be liable for: a) any claim where the insured has failed to comply with all of the policy conditions; b) any claim where there has been misrepresentation, non-disclosure or incorrect description of any material fact or circumstance. Commercial Top Up Policy _12.08.2009 Page 4 of 6

iii) If the company alleges that, by reason of any of the above-mentioned statements, that loss or damage as contemplated is not covered by this policy, the burden of proving to the contrary will rest with the insured. No claim shall be payable after the expiry of 24 (twenty four) months or such further time as the company may allow from the happening of any event unless the claim is the subject of pending legal action. 5. CLAIMS PROCEDURE i) The insured will at his own expense advise the company of any and all claims within 30 (thirty) days from the date of the occurrence of the incident which has given rise to the claim and will submit the following documentation and information. a) a duly completed claim form in the format prescribed by the company; b) proof of payment by the insurers of the underlying policy; c) proof of the excess applied by the insurers of the underlying policy; d) proof of cover in terms of the section under which the insured is claiming; e) a signed copy of the agreement of loss issued by the insurers of the underlying policy. ii) iii) iv) v) vi) All of the necessary and relevant documentation, proof, information and sworn declarations which the company requires to process the insured s claim, must be received by the company within 60 (sixty) days from the date of the occurrence and failure to comply within 60 (sixty) days will result in the rejection of the insured s claim under this policy. Requests for an extension of the 60 (sixty) days referred to above must be submitted to the company in writing. The company may at its sole discretion appoint an independent assessor of its choice to assess the loss. The company will not entertain further claims lodged by the insured against the underlying policy for additional/subsequent/ unforeseen damages/losses in terms of the same insured event. If during the period of insurance, the finance company is made aware of circumstances which could give rise to a claim under this policy and the insured cannot or will not be traced to complete the claims documentation, the completion and/or signature of the required documentation will be assigned to a duly authorised official of the finance company. 6. CREDIT SHORTFALL CLAIMS Should the settlement of the event giving rise to a total loss claim, give rise to a shortfall between the amount paid by the insurers of the underlying policy and the statutory settlement balance, the insured must at his own expense notify the company in writing within 30 (thirty) days of the settlement of the claim against the underlying policy and provide the company with: i) a duly completed claim form in the format prescribed by the company; ii) a copy of the signed credit agreement; iii) a full statement of the insured s account with the finance company through which the insured financed the insured vehicle; iv) proof of the settlement balance for the insured s account with the finance company through which the insured financed the insured vehicle; v) a copy of the signed agreement of loss or other settlement (including ex gratia settlements) which was issued by the insurers of the underlying policy. Signed on behalf of the Insurer at Johannesburg Regent Insurance FAIS Licence Number: 25511 Commercial Top Up Policy _12.08.2009 Page 5 of 6

REGENT INSURANCE COMPANY LIMITED An authorised financial services provider DISCLOSURES REQUIRED IN TERMS OF THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT 37 OF 2002 1. Status of Financial Services Provider in terms of the FAIS Act Regent is an authorised Financial Services Provider, Company Registration number 1966/007612/06, FAIS License number 25511. 2. Remuneration Regent is an authorised short-term insurance company and earns administration fees and underwriting profits in accordance with the prescripts of the short-term insurance act. 3. Head Office Contact Particulars Telephone No: (011) 879 0505 Physical address: 146 Boeing Road East, Elma Park, Edenvale, 1609 Postal address: PO Box 674, Edenvale, 1610 Website: www.regenttravel.co.za Branch details appear on our website and on your policy document. 4. Legal Status of Regent Regent is a public company and a licenced short-term insurer. In its dealings with policyholders, Regent acts as principal underwriter of risk. In accordance with standard short-term insurance practice, Regent may from time to time, reinsure all or part of that risk. Regent earns reinsurance commission from its reinsurance partners. 5. Claims Procedures Contact your nearest branch or consult your policy document. All Regent branch details appear on our website. 6. Complaints Procedures If you have a complaint about this policy: First try to resolve it with the financial services provider (broker) as stated in the information provided to you with your policy document. If the matter cannot be resolved, you can submit a complaint in writing to: The Complaints Officer PO Box 674 Edenvale 1610 Facsimile No: (011) 579 3599 Telephone No: 0861 268 378 E-mail: info@regent.co.za If the matter is not resolved to your satisfaction by Regent you may submit the complaint to the Ombudsman as detailed below. 7. Important Matters You must accurately, fully and properly disclose all material facts. All information provided by you or on your behalf is your own responsibility. You need to be satisfied with the accuracy of any transaction submitted by anyone on your behalf. If you are not happy with the advice received, please write to: The Compliance Officer, Regent Insurance Company, PO Box 674, Edenvale, 1610, Facsimile No: (011) 579 3572 Email: compliance.st@regent.co.za You must not sign any incomplete or blank documents. No person may request or insist that you do so. 8. FAIS Ombud Details for all advice related complaints The FAIS Ombud Celtis House Eastwood Office Park Lynnwood Pretoria PO Box 74571 Lynnwood Ridge 0040 Telephone No: 0860 FAISOM (0860 324 766) Facsimile No : (012) 348 3447 E-mail: info@faisombud.co.za 9. Short-term Ombud details for all unresolved claims-related complaints 2 nd Floor JCC House 27 Owl Street Millpark 2042 PO Box 32334 Braamfontein, 2017 Telephone No: (011) 726 8900 Facsimile No: (011) 726 5501 E-mail: info@osti.co.za Commercial Top Up Policy_12.08.2009 Page 6 of 6