We understand that insurance can get pretty complicated, which is why we’ve shared some of the questions we’re often asked – and their answers – with you. Of course no one size fits all, so if you have any other queries on your mind, just give us a call and one of our experts will happily help you out.
Get in touch with your designated underwriter (the company who signed you up to RBS) who will send you the necessary Debit Order Authority forms to complete. These forms are important as they give RBS permission to change your account details and the authority to collect the premium from your new account.
The Value Added Product which provides Roadside/Home Assist is included as part of your Policy. Given that this cover is outsourced to Global Choices this small fee will itemised on your Schedule in the interests of transparency. What’s important to note though is that RBS has reduced our premium so that you can have this nice-to-have cover. This means that if for some reason you don’t want it, there will be no monetary relief on removal of this product from the Policy.
The policy only covers the interests of the entity named in the policy as the Insured. It’s critical that we are advised immediately of any property, the subject of insurance that is not registered in the name, or the legal property of the Insured. In practice this often happens with the Insurance of motor vehicles. The common law principle of Insurable Interest dictates that an insurance policy may only respond to losses where the legal owner of the property and the stated insured are synonymous i.e. the Insured must have a legally recognisable relationship with the subject matter & must be financially prejudiced by its destruction. Disclosure therefore needs to be made to the insurers of a situation which is wide of this principle, thus allowing them the opportunity to ascertain whether or not they will accept the risk.
There are a number of different factors that come into play, including how big or small your business is, the type of work you do, how much cover you need, how long you’ve been in business for and whether or not you’ve made any claims to date.
Yes. It is critical that you protect your business, your employees, the interests of your clients and the general public. It really can make or break your company’s future. It just makes good business sense.
No. It must be clear that your vehicle was broken into in order for cover to be in place. This is largely because there’s been an increase in these types of claims thanks to vehicle signal jammers – the latest tool that criminals have taken to using. Play it safe and always double-check that your car is properly locked before leaving it.
In most cases, yes, as long as they have the permission or reasonable belief from the insured that they can use the vehicle. The insured is the person named on the insurance policy and their spouse if applicable. There are some exclusions, so you would need to look at your particular insurance policy to make sure. Remember, everyone in your household must be listed on your insurance policy if they have a license. For example, if a girlfriend you live with uses your car, she may not be covered if you did not list her on your insurance policy. On the other hand, if you live separately, she could use your car with your permission and be covered.
An excess is a specified amount that you are liable to pay in the event of any claim being settled. For example, if you are in an accident and the damage amounts to R20 000, you will pay the first R2 000 (or an amount you chose to pay when your cover started) to the panel beater when you collect your vehicle once it is repaired. The insurance company then pays the difference to the panel beater.
Yes, it is very important that you report the accident to the police, besides the fact that is by law that one should report the incident, in the case where the 3rd party is involved the policy requires the accident to be reported.
You then carry part of the risk should there be a loss. For example, if your contents are covered for R100 000 and they should be covered for R200 000, and you lose R20 000 worth of contents in a burglary, we will settle R10 000 and you will be responsible for the remaining portion of the loss. (This is the principle of average).
You can’t insure something in which you don’t have an interest. “If you own something, you have ‘an interest.” “For example, when adult children move back home and bring with them their own assets, which they don’t bother to insure, problems arise. They assume their assets will be covered by their parents’ insurer. The bad news is they are not covered by dad’s insurance, because dad doesn’t have an insurable interest in the property.”
Only events which are sudden and unforeseeable are covered as they accidental in nature, Inevitable events, like wear and tear, are thus not insurable as it is inevitable that property will depreciate over time.
The act of placing you as the insured, in the same financial position you enjoyed before the loss. Factors like Underinsurance , inadequate Sum insured and excesses can deprive you of receiving a full Indemnity.
This is an acronym for the South African Special Risks Insurance “ SASRIA” which is government run organisation, provides cover against from Riot, Strike and Public Disorder- These Perils are Excepted Perils on all Insurance Policies SASRIA is a non-Profit Organisation.
Yes. Always set your alarm. It’s incredible just how quickly criminals can gain access, take what they need and disappear. If no alarm signal is activated then it is highly unlikely that an insurer will honour your claim.
If your license expires, you effectively don’t have a valid driver’s licence and therefor no cover will be in place. Set a reminder to renew your license before it expires. If your license has already expired, go to your nearest traffic department, renew your licence and ask for a temporary one while you wait for your new card to arrive.
There are a number of advantages to working with a broker. Firstly, because a broker has no direct gain from selling you a particular product, you can trust that he or she really is recommending the right product for your needs. Brokers are also trained, licenced and able to advise you about any fine print, loopholes and pricing. Another important advantage is that because they do not carry the risk of having to pay out your claim, their primary concern is the fair and prompt settlement of your claim. In short, brokers really do have your interests at heart.