REASONS FOR RENEWAL INCREASES
Here is a compiled article of Frequently Asked Questions courtesy of Alexander Forbes. FAQ 1: WHY IS THE PREMIUM INCREASE ON MY CONTENTS AND BUILDINGS PREMIUM SO MUCH HIGHER THAN ON VEHICLES? The premium for contents and buildings are based on two components. COMPONENT 1 – SUM INSURED The first component of the premium is based […]
VIS MAJORS
Some say the only certainties are death and taxes. Nothing else can hold the same level of probability. This, however, does not mean everything else holds the same probability as the sun rising from the north! There is always a chance of those other elements like sickness, Liverpool winning the English premier league one day […]
DO I NEED ACCIDENTAL DAMAGE EXTENSION ON MY HOUSEHOLD CONTENTS COVER?
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 […]
AVERAGE CLAUSE
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 […]
OF INSURANCE AND INFLATION
Simply put, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. Insurance is not an exception. When it comes to annual contract renewal time, short-term insurance policyholders will often receive a notification from their insurance company of a premium increase. The increased sum […]
WHAT IS THIS SASRIA I AM PAYING A PREMIUM FOR ON MY POLICY?
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 […]
THE ROAD ACCIDENT FUND
If you or a family member have been injured or killed in a motor vehicle accident because one of the drivers was negligent, you may be eligible to claim from the Road Accident Fund (RAF). The RAF is a publicly accessible fund set up to provide monetary compensation to those who have suffered injuries as a result […]
INSURANCE FOR NEW BUSINESSES!
As a new business owner, the last thing you want is the loss of your property or legal battles against it. 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. A youthful Thomas […]
WHAT IS TOP-UP / CREDIT-SHORTFALL COVER?
Credit shortfall insurance, also called Top-up or Gap insurance, exists to cover the difference between your vehicle’s retail value (usually the amount the car is insured for) and the amount you owe on your vehicle loan (settlement amount). The Vehicle loan Company or bank may also offer you this cover. It is imperative that you confirm with the bank if […]