In an awful year characterized by a dreaded pandemic and “irregardless” officially being recognized as a word (sigh!!!!), the unpleasant truth is this year could still get worse for you. The festive season is fast approaching and as cheerful and merry as it gets, this is a season that has claimed many lives mainly due […]
There is a general assumption amongst most that when purchasing household contents insurance, they automatically get cover for all unforeseen accidental events. After all, insurance is meant to cover accidental incidents, right? This may be one of the reasons some have been left feeling hard-done when they presumably submitted valid claims which were subsequently rejected with the reason being “not covered”. This short article is meant to clear the air on the scope of cover in one’s household contents cover.
Defining the Clause
This can be defined as a clause in an insurance policy that restricts the amount payable to a sum not to exceed the value of the property destroyed and that bears the same proportion to the loss as the face of the policy does to the value of the property insured.
Depending on insurers, the average clause will usually not apply on agreed insured sums such as on a motor vehicle. Most motor vehicles are insured on a retail, market or trade value basis.
It is a general practice across the global insurance markets that losses emanating from terrorism, riot, civil commotion, strikes and public disorder are an exclusion. Amongst other reasons, insurers are reluctant to provide cover for these because, unlike other risks, their historical data is scarce, the occurrence is not random, and they are often geographically concentrated.
As a new business owner, the last thing you want is the loss of your property or legal battles against. A new business needs insurance because it helps cover the costs associated with property damage and liability claims. Without business insurance, business owners may have to pay out-of-pocket for costly damages and legal claims against their company.
There has been of late an increasing number of reality television shows that focus on the disputes which emanate within families for a deceased’s estate. The likes of “will wars”, “Ifa lami” and “kukithi la” are a few of the reality shows that delve into the ugly consequences of not leaving behind a will or testament after one passes away. It is heart-breaking to see orphans lose everything their parents worked for simply because the parents did not make known their intentions on how their wealth ought to be distributed in the unfortunate event of their demise.
Under the vicarious liability doctrine, an employer can, in some circumstances, be held legally responsible for an employee’s misconduct.
Most insurance policy holders make the mistake of assuming that they are automatically covered against losses caused by power surge and dips on their domestic and commercial policies. With Eskom having recently announced that there will be more load shedding due to a severe strain on the power system, it is not only the long cold hours in the darkness we are all worried about but also the risk of our appliances/homes/offices being damaged by power surges or dips when the electricity is restored. Power surges that blow your appliances usually occur when the power come backs on.
Insurance policies provide cover for your “standard” motor vehicle and/or motorcycle. This means that you must advise your broker of any extra items you have added onto the vehicle so they can be covered too.