Specialised
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 MoreNo 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 MoreNo 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 MoreLate 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 MoreInternational 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 MoreGlobal 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 MoreCyber Risks: The world we live in
We live in a world dominated by machines – machines, including those in the “cloud”, which can compute and store vast amounts of data. Our dependence on these machines for data and tasks has reached staggering levels, to the point that it is safe to say that a security breach in terms of data being…
Read MoreEmployee Theft
Employee Theft Overview As well as theft, the policy will essentailly cover any other act of fraud or dishonesty by any employee provided that this was committed with the clear intent of obtaining an improper personal gain either for himself or for some other person or organisation. It is not intended that the insurance policy…
Read MoreMotor Specialised
Businesses in South Africa have a few options when it comes to structuring their motor insurance. Specified Motor Generally our insurance packages include your commercial motor vehicles providing you insure your static asset risk as well (e.g. Buildings, Contents etc). That said, we are able to broker motor risks without the static risk, subject to…
Read MoreConstruction Insurance
Construction Insurance Overview Construction insurance is designed to cover contractors/businesses who are engaged in OR need to protect their: Civil engineering e.g. roads, dams, reservoirs, earthworks, tunnels, concrete bridges, piers, runways (Contract Works policy) Buildings in the course of erection (Contract Works policy) Machinery Relocation e.g. plant/machinery being dismantled and machinery transit by rail/road (Dismantling,…
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