Should you be “underinsured” it means that you will only receive partial compensation after submitting a claim. For example : After the loss, the assessor estimates the replacement value of the household contents as R400 000, but your sum insured is just R200 000 and during the burglary R40 000 worth of goods
were stolen. Because your sum insured was only half the amount at risk it is then determined that you are only insured for half the amount of the loss and therefore you will be settled R20 000 – an amount half of the claim.
The dining room suite you bought 5 years ago for R5000 might now cost R10000 to replace. The contents of your home are insured at replacement value. Whenever a huge monitory purchase is made, please advise Risk Sure. Should you wish for a professional inventory to be done on your house contents or business contents we can arrange for this to be done by an outside firm for a small fee. Please contact our office to arrange.
Insurance fraud leads to criminal prosecution and difficulties in getting future cover.
You make a fraudulent claim if you :
Claim for items that you did not possess
Overstate the value of an item that was stolen, lost or damaged
State incorrectly the circumstances of the loss
The broker and insurance company trusts the information provided by their client is correct and calculates an appropriate premium, first amount payable and policy conditions. If the client fails to disclose information or doesn’t give the correct information, the insurance company may reject a claim whether legitimate or not.
The policy states that the insured must have an insurable interest in respect of all property covered under the policy. Kindly advise us immediately if any vehicle insured is not registered in your name or if you and your immediate family are not the only people residing at your address, as there is only cover for the property of the insured, spouse and independent minors residing with them.
The client must disclose all previous claims to the broker/insurance company. If you don’t, the policy could be declared null and void.
By law, a valid driver’s licence is required before a person may drive a motor vehicle. A PDP is also required in the event of a goods carrying vehicle. If the policyholder gives someone without the necessary driver’s licence or PDP permission to drive the insured vehicle, the claim will be rejected.
All insurance contracts stipulate that a policyholder must take the necessary care. He must take the steps necessary to prevent loss or damage, for example,
Maintaining the insured building structures
Electrical and municipal regulations are adhered to
Ensure that firefighting equipment are adequate and serviced on an annual basis
Maintain and pay fees/subscriptions on all security measurements (Insured property & vehicles)
Leaving valuables visible in the vehicle.
Insured vehicle must be serviced regularly and ensure that it is kept roadworthy.
It is against the law to drive under the influence of alcohol. The insurance company will reject a claim if it is found that the driver exceeding the legal blood alcohol level at the event of the motor claim.
To enjoy burglary/theft/hijacking cover, the necessary security requirements must be in place – This applies to the insured premises and motor vehicle. If the policy stipulates that the premises must be fitted with the minimum security (burglar proofing on all opening windows and security gates on all external doors) or/and approved alarm system linked to a 24 hour armed response the onus lies on the client to ensure that all is in place. In respect of motor vehicles the stipulation of an alarm/immobilizer, gear lock or a tracking device (must be activated at all times) to be installed must be adhered to. Should your policy reflect terms/conditions which you are not familiar with, please contact our offices for advice.
Make sure you have sufficient funds in your bank account to meet the debit order. Should your debit order be rejected by your bankers for any reason whatsoever, kindly contact our offices immediately to make an arrangement for payment.
Please refer to the Policy Protection Rules.
Talk to Risk Sure...
Risk Sure Insurance Brokers (Pty) Ltd is a leading, independent, short term insurance broker situated in Johannesburg and Kwa-Zulu Natal, offering our clients a wide variety of highly specialised products and services.