VIS MAJORS

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 and so forth though the likelihood of each of these happening varies from low to high. It is a great tragedy that often, most are caught unaware when these events happen, including death itself which as we mentioned is inevitable.

It is such a good thing to see people starting to appreciate the importance of having one’s possessions secure and protected. Inventions such as the electric fence keep out potential intruders, cautious driving reduces susceptibility to an accident, exercise reduces the chances of suffering a heart attack and so on. It is good that we can control all that is within our means, but what of those dangers that are not within our control? We can only predict their severity but cannot ascertain with exactness the extent of damage they will cause.

An Act of God (Vis Major/force majeure) is defined as a violent and catastrophic event caused by forces of nature, which could not have been prevented or avoided by foresight or prudence. Examples include hurricanes, tornadoes, floods and earthquakes. The probability of any viz major occurring depends largely on the geographical location, thereby leaving every area at risk of experiencing one. The SADC region and world at large mourn the lives lost and property destroyed recently by Cyclone Idai. As of 24th March 2019, the death toll was said to be at least 700 (excluding unaccounted for victims) and the infrastructural damage at least hundreds of millions of Rands.

Though Viz majors cannot be prevented, their financial impact can be lightened. Think of the orphans, homeless families, destroyed transportation network systems. Financial services players have joined arms and offered some form of relief and/or solace in the unfortunate event that these occur.

Insurers have designed products that will ensure one’s family is catered for in the unfortunate event of them passing on. These include life assurance policies that will pay out a lump sum to your dependents when you pass on to ensure they pay off any debts, continue with life and finish off their schooling and so forth. Though the money will not replace you, it certainly does assist the family with facing life without you. Medical aid schemes are there to cover you when you are sick/ill or injured. Funeral assurance will assist in the costs associated with the funeral arrangements after your beloved die.

Housing is a basic human right. Imagine what you would do after completing paying off the twenty-year-old bond only to lose the house to a flood, earthquake or cyclone. Insurance companies will indemnify you that is to be restored back to the same position one was in prior to a loss, under their various products in the event of such a tragedy happen. This extends to include all your other material possessions despite how big or small from luxurious cars to silverware.

The further relieving news are insurers will not only provide a remedy when viz majors occur but other unfortunate unforeseen events ranging from accidents, acts of other people, malicious damages and a host of others depending on the product sought. Furthermore, though insurance is a post-loss mechanism, underwriters will help identify the risk you are exposed to and aid you with some technics and advice on how to minimize the chances or impact of a loss.

For a quote, contact us on +27 11 395 1631 or email us at nick@ayobainsurance.co.za / natalie@ayobainsurance.co.za

Alternatively, you can follow the link https://ayobainsurance.co.za/detailed-quote/

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