Business
General 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 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 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 MoreGeneral Insurance – Water Crisis & Insurance
It is a widely held view, that in the main, the cause of the dire water situation in the Western Cape is a combination of manmade risks, namely, climate change, a sustained influx of people into the area and poor planning by local and national government. Of course, the effect of the drought and how…
Read MoreBusiness Insurance – CPA Strict Liability
The new Consumer Protection Bill, which has now been enacted, will have far reaching consequences for South African business in that Section 68 imposes Strict Liability on producers, distributors or suppliers to supply or manufacture goods free of defect. The Bill establishes fundamental consumer rights to “fair value, good quality and safety” which in effect precludes the producer,…
Read MoreGeneral Insurance – Small Things Become Big Things
In a world where technology is constantly improving, the amount of electronics being produced and sold nowadays is astronomical. Most of us have moved away from just using our phones to make calls – these very powerful devices can, at the touch of the button, connect you to the “internet of things” – for most…
Read MoreMotor Insurance – Card License Renewal and Motor Insurance
Time flies. It was nine years ago that the new card licence system was introduced. Motorists are now in contravention of the law if they are not in possession of a valid card licence. Even more alarming is that motorists who failed to convert their old “ID” licences have no insurance cover as policies require…
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