Credsure House, 69 Sam Mujoma Ave, Harare Tel: 04 - 706101/738944

MPALA OSCAR 1399 MAINWAY MEADOWS WATERFALLS HARARE

Dear Sir/Madam RE: RENEWAL NOTICE COVER LETTER This letter is an invitation to renewal of your policy, which expires in the period September/October (See Schedule Attached). Kindly provide us with your renewal instructions before the expiry date to ensure continuity of cover. Enclosed is your schedule for updating and please note we have updated all third party liability limits to reasonable amounts but if you feel otherwise you are free to amend them. The limits have been revised upwards having taken into account the number of high valued vehicles moving on our roads today. Third Party Liability Limits Third party liability limits should be set at sufficient levels to cover costs of damage to other persons property as well as death, injury and / or related costs should you be responsible for the accident. Should the third party claim exceed your policy limit; you will be responsible for any amount in excess of this limit. Please note we have already factored in the increase of $2,000. Sums Insured Vis- a Vis Average Condition Please ensure that values (sums insured) represent current market values for movable property and replacement/ rebuilding cost for non-movable property at all times. If sums insured are less than the current market values or replacement costs, you will be considered your own insurer for the difference between the sum insured and the market value. Below is an example of how a claim would be settled in the event of underinsurance: Correct Market Value Vehicle insured for Repair Costs Claimable USD$20,000 USD$10,000 USD$1,000

Claim Settlement Calculations: Sum Insured plus 20% inflation Provision ($12,000) _______________________________________________ Market Value ($20,000) X Loss ($1,000)

Settlement Amount: $600.00 less partial loss excess of 10% = $500.00. Therefore shortfall is $400 excluding 10% excess. As you can see if you are underinsured your policy will not provide you with full benefits as you will be considered your own insurer for the difference between sum insured and the replacement value or market value (as appropriate) and the insurance company will pay a ratable proportion of the loss. If you are over-insured your policy will only pay you up to the current market value or replacement cost of the asset lost. Hence the need to ensure that your sums insured are adequate. If you need assistance on valuations of your assets please contact the undersigned and an evaluation will be arranged. Premiums can be paid termly or annually. We now await your renewal instructions.

Thanking You for Credsure.

I Chibvuri Underwriting Department ichibvuri@credsure.co.zw