Posts by ShiftOneDigital
General Insurance – Risk Management and Buildings
This is the second article in our Risk Management series. Winter is on its way in the Western Cape. Broadly speaking, heavy rain results in a vast amount of damage to buildings in South Africa every year. Some of this damage can easily avoided be practising basic risk prevention i.e. weather proofing the building BEFORE…
Read MoreGeneral Insurance – Reasonable Care
The recall of the Ford Kuga in South Africa, due to the clear increased fire risk posed, is certainly good news if you own one of these vehicles. This event is also a good example of the application of the general condition of reasonable care, which is present in virtually all insurance contracts. This condition essentially states that…
Read MoreGeneral Insurance – No Policy Covers Everything: Part 2
In part two of “no policy covers everything”, we are going to explore some of the common uninsurable events and exclusions that often raise their head. Some Common Uninsurable Events or Exclusions On a high level, all reputable insurance companies select their clients and charge premiums, based on the clients risk profile(or the clients’ attitude towards risk). Your risk profile is demonstrated in the way you take care of your…
Read MoreGeneral Insurance – No Policy Covers Everything: Part 1
In this first part of “no policy covers everything”, we are going to deal with three “inconvenient truths” about insurance. Inconvenient Truth One: Before You Buy Insurance Before you purchased insurance through Chadwicks, you would have been asked many questions and sometimes insurers asked you to complete a proposal form. In addition to answering these questions accurately and truthfully, you would…
Read MoreGeneral Insurance – Late Notification May Mean No Claim
All short term insurance policies contain a clause detailing the procedure when submitting claims. In general terms this clause compels you, the Insured, to give your insurers notice, as soon as reasonably possible, of any event which may give rise to a claim. But the claim may never materialise…? In our experience a frequent reason…
Read MoreMarine Cargo – International Cargo Risk & Insurance Considerations
Companies who import goods from overseas countries need to carefully consider their terms of sale (which are usually Incoterms 2000) when deciding to insure the international cargo risk themselves or via the seller (terms of sale are then usually “CIF” or similar). Insuring your imports on a “CIF” basis through the seller can have serious uninsured…
Read MorePersonal Insurance – Innovation and your Personal Insurance policy
It is a well known fact that the technology age has paved the way for many exciting innovations, fundamentally altering the manner in which goods and services are consumed. Good examples are platforms like iTunes, Uber, Snapscan, and Airbnb. What probably is less well known and appreciated, is the impact such innovations have on your…
Read MoreGeneral Insurance – Alarms and your insurance policy
The mere existence of an alarm does not always mean that your theft losses following break-in are covered in terms of your insurance contract. The Position Recent rejected theft claims have underlined the need for an expert, proficient broker to interpret and guide policyholders in complying with their policy contract terms. Virtually all policies offering theft cover will contain…
Read MorePersonal Insurance – House Contents: Be warned, Underinsurance penalties can be severe
Recent statistics revealed that South Africans with Household Contents insurance are Underinsured by a whopping 77% and even more alarming is that extent of this Underinsurance is 61%! So what is Underinsurance and why do insurers insert this penalty in their policy contracts? Underinsurance Defined Insurers add a clause to their contracts which stipulates that…
Read MoreBusiness Insurance – Global Crisis Impacts Insurance Claims
The global economic meltdown has, in same way or another, had a negative impact on most South African companies. The implications on your insurance contract are far reaching given that the new replacement cost of plant and machinery has soared northwards due to severe currency fluctuations and increased import costs. The end result is that you are most probably significantly Underinsured if your…
Read More
