Drop in serious crime in certain Durban suburbs following Covid-19 alert

Durban – Soon after the first person in KwaZulu- Natal tested positive for Covid-19, there has been a decrease in serious crime in some areas.

Article by IOL;  Nadia Khan and Thandeka Mgqibi , Mar 27, 2020

Jakes Singh, chairperson of the Chatsworth Community Policing Forum, believed this was due to more families being at home throughout the day.

Satish Dhupelia, public relations officer for the Sydenham CPF, said if there was an increase in crime, particularly house robberies, they would get the statistics from the police.

“Since the outbreak, we have not received the stats, so it is safe to say that there has not been an increase in crime.

“Also, in the past few weeks we have not received calls of serious crimes, including those of domestic violence. We only received reports of petty crimes.”

Phoenix CPF chairperson Umesh Singh added: “Though it might be safer with more people staying at home, we still urge the community not to be complacent.

“Criminals study their targets. Therefore, they are still able to attack even when people are in their homes.”

PT Alarms spokesperson Trishen Govender said they had noticed a decrease in business robberies.

“However, hijackings and vehicle thefts continue.”

He said he feared the national 21-day lockdown may spark a surge in crime, as many businesses would be closed.

“This creates an opportunity for criminals to strike with the intent to loot as well.”

Reaction Unit SA (Rusa) spokesperson Prem Balram said there had been a drop in serious crime but a spike in common robbery.

“Our call-outs from residents and business owners have decreased. However, there are incidents of common robbery, such as the theft of cellphones and handbags.”

He said President Cyril Ramaphosa’s decision to implement a national 21-day lockdown was the right one.

“He made the right decision to protect our country and its people.

“We are also glad that security personnel are included as essential workers. We will be out in full force to ensure the law is upheld.

“We have also informed the local police that Rusa’s helicopter is available for air patrols and crowd control.”

National police spokesperson Brigadier Vishnu Naidoo said he was unable to comment on a possible decrease of crime in some areas.

“While our citizens are observing this crucial stage of a lockdown, they should remain vigilant of lurking opportunistic criminals.

“They should continue to assist us to do everything possible to safeguard themselves as well,” Naidoo said.

A very different Easter Holiday for South Africa

As South Africa prepares for a 21-day lockdown in a bid to prevent the uncontrollable spread of COVID-19, you’re likely to find yourself at home with a lot more time on your hands.  With any travel and entertainment plans on hold, the likelihood of suffering from serious cabin fever is high.

Written by Teresa Settas 30 March 2020

Aon put together a list of home projects you can undertake to keep you busy and at the same time, will ensure that your insurance cover is in top shape for any unforeseen event:

  • Update your asset register – It’s the perfect time to do a thorough audit of all your assets at home and ensure that they are appropriately insured.  Have you accumulated new electronics, clothes, computers, furniture, jewellery and other assets?  Use the time at home to make sure your home inventory list is accurate and that new items are included under your cover.
  • Avoid under-insurance – Thanks to the rise in living costs, your home and motor vehicles could be significantly under-insured in the event of a major catastrophe. Make sure that your buildings, home contents and vehicles are insured for their replacement value and not the resale value, especially under your buildings cover.  Your updated asset register will be invaluable in ensuring you are covered for the correct values and items.
  • Do essential maintenance – check your roof for wear and tear and replace any broken tiles or weathered waterproofing.  Check your taps, fittings and plumbing for signs of wear and tear and repair what you can.  Make a note of any work that needs to be done by a repair company after the lockdown.  Paint, clean out, spruce up and remove all the clutter.
  • Keep gutters clear – As we enter the autumn season, keep your inlet/outlet pipes of any drains and gutters clear of leaves and debris.  Also address any waterproofing issues by repairing damaged flashings on the roof.
  • Are your renewable energy solutions covered? – The increasing focus on green technology means that many households have solar geysers and solar PV panels installed.  Check whether these items are included under your homeowners’ insurance cover and increase the sum insured on your policy to account for the additional value they add to your property.
  • Power Surge – Load shedding remains a reality so check your policy to ensure that your appliances are covered and for any requirements on your policy for power surge protection – remember that this will need to be installed on your distribution board by a qualified electrician, so put this on your to-do list for when things are back to normal if not done already.
  • Fire hazards – Minimise your home’s risk of fire by cleaning out the clutter and rid your home of unnecessary flammable materials such as dry garden debris, empty boxes, paper, chemicals and leftover paint.  Check whether your insurance policy has any clauses related to fire extinguishers or smoke detectors and make sure you have them in place, for your own safety.
  • Give your car a once-over – Check wiper blades and tyres for wear and tear and that the tread is still in good shape.  Make a note of any items that need replacing or repair to schedule for later.
  • Working from home – With many people working from home, you may need to consider business cover in order to address possible risks you may face in your home office environment.  Ensure that your business assets such as laptops, cell phones and other work-related equipment are insured under your commercial policy.  Bear in mind that business related public liability cover is not covered under your personal policy.  Discuss appropriate business insurance options with your broker, as soon as possible.
  • Be vigilant – keep an eye out for loiterers or unfamiliar people scanning the area and be aware of official government activities, so that you are not foiled by would-be criminals posing as officials.  If anything seems out of place, notify your armed response to investigate.
  • Security – Check with your security company how they will conduct their operations during this time, so that you are familiar with the process in the event of an emergency.

Published in Business, Economy, Finances, Banking and Insurance

Speak to your expert  I&DRS broker today to make sure your insurance policies are up to date, while addressing some issues around the home that may affect your insurance covers.  I&DRS remains fully operational during the lockdown and our colleagues will be available to assist you with any queries, claims, policy updates and renewals during this time.  Use the time at home to get to those essential maintenance issues and insurance cover into top shape.

Working from home? Keep your assets secure, scam-free and insured

Article :Bizcommunity.com 20 March 2020 , Wynand van Vuuren, head of customer experience at King Price

If you’re allowing your staff to work from home as a preventative measure against the coronavirus pandemic, make sure you’re prepared for the increased cybersecurity risks associated with the move.

This includes taking steps to not only ensure the physical security of company devices that may contain sensitive data but also to secure all access to company networks, says Wynand van Vuuren, head of customer experience at King Price.


“Remote working right now makes a lot of sense, but there are risks attached to this. When accessing corporate networks remotely, there’s a far higher risk of unauthorised access and data leakage. People might engage in behaviour they wouldn’t do at the office, like sharing a device with other family members, using the same device for both personal and work activities, or even connecting to public Wifi spots,” said Van Vuuren.

According to the South African Banking Risk Information Centre (SABRIC), there’s been a sharp rise in cases of cybercriminals are exploiting the spread of Covid-19 by using coronavirus-based scams to trick people into clicking on links in emails or SMSs appearing to offer medical supplies and vaccines.

These emails appear to come from reputable companies – but once people click on links or provide personal information, the cybercriminals can either access their computer systems or bank accounts.

What are the risks?

  • If unauthorised people access your system and steal client information, the company may be held legally liable.
  • You could become the victim of a ransomware attack, where your systems are blocked by cyber criminals until you pay a ransom.
  • Employees working on their own systems can infect the company’s systems with viruses – or even worse, other companies’ systems, if a virus were emailed to a client, for example.

So what can you do?

There are a number of proactive security measures that you can put in place, says Van Vuuren.

  • Implement the best security you can afford: firewalls, security software, malware scanning.
  • Train your employees on the basics of security, to avoid issues like phishing.
  • Insist that your employees use VPNs on all work-related devices and avoid connecting to public Wifi spots.
  • Never click on any links in emails or SMSs, even if they look legitimate. Check with your IT team or your bank if you’re not sure.
  • Check that you’re on a genuine website before entering any personal information.
  • Regard all ‘urgent’ security alerts, offers or deals as warning signs of a hacking attempt.

Add a cyber insurance policy

Make no mistake, cyber insurance can’t save your business from attacks – but it’s an important way to protect you from the after-effects of a breach by covering expenses for:

  • Data breach, including hiring legal and forensic IT professionals to help you recover your data.
  • Damage to computer systems and data.
  • Disruption following a cyberattack that brings your business to a halt and results in loss of income.
  • Insured incidents, like specialist support to check if a cyber threat is real.
  • Financial loss and proving fraud, including financial losses resulting from fraudulent inputs into insured computer systems which have led to dishonest transactions.

“The best insurance policy is always one you never have to use. But by combining a proactive, holistic security approach with a strong cyber insurance policy, you should be well on the way to keeping your business healthy while your people are working off-site,” says Van Vuuren.

Disclaimer: I&DRS will always offer the best advise possible , however policies and insurers do differ in some regards . Therefore, the information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice, alternatively contact our office on (011) 484 9401 for a specific needs analysis and record of advice to be done.

HOLLARD launch tailor-made – COVID 19 TRAVEL POLICY for travellers.

The product, simply named Covid-19, adds several Covid-19-related elements to Hollard Travel Insurance’s
existing cover that already includes cover for medical treatment while overseas and cancellations due to an
unexpected illness.

Covid-19 is a newly identified coronavirus – a large family of zoonotic viruses – that has infected more than
80 300 people and caused more than 3 000 deaths across the world since it was first reported in China on 31
December 2019, according to the World Health Organization’s 3 March 2020 update. While its spread is
slowing down in mainland China, it is picking up elsewhere and has reached every continent except
Antarctica. The mortality rate is around 2%.
Covid-19’s spread is presenting the travel industry with an unprecedented global challenge, one that
changes daily. Hollard Travel Insurance continues to monitor advice and guidelines set out by relevant health
authorities.
“We feel strongly that travel insurance needs to adapt to an ever-changing environment. Containing the
spread of unnecessary panic is as important as stopping the virus itself and we are focused on delivering
peace of mind to all our travellers with the above product,” says Oojah Travel Protection Managing Director,
Uriah Jansen. As a specialist underwriting manager, Oojah administers travel insurance policies on behalf of
Hollard.
In developing the Covid-19 product, Hollard Travel Insurance consulted with experts. The additional cover is
designed to respond to concerns regarding international travel:
● Reimbursement for proactive testing for Covid-19, irrespective of whether there is a manifestation
of symptoms or not
● Cancellation cover has been expanded to include cover specifically for:
○ Cancellation or curtailment if a city listed in your itinerary has been isolated by state
authorities due to the disease
○ Cancelled flights. A number of airlines have cancelled flights. We understand they may
reimburse clients for the flights; however, our policy will reimburse non-refundable
accommodation costs due to the cancellation of flights
○ Event cancellation. A number of large global events have been cancelled in the last few days,
and if an event you have booked travel for has been cancelled, we will reimburse you for
non-refundable flights and accommodation but excludes the cost of your visa
○ If your flight has been delayed due to a medical emergency on board, we will reimburse
additional expenses incurred during the delay for the purchase of food, drinks and
accommodation
● Repatriation to South Africa. If at any time you want to return to South Africa earlier than booked
due to the threat of Covid-19 being reasonably present in your destination or transit city, we will
reimburse the penalties/fees to change your airline ticket

To obtain a  Covid-19 travel protection , contact I&DRS on 011 484 9401

 

Business Interruption and Covid 19- Are you Insured?

No one would have suspected that a pandemic would unite the world at the start of a new decade. This is exactly what one virus has done. The result of COVID-19 impacts all businesses, social interactions, races, genders and nationalities. It is truly non-discriminatory.

BY CHRISTINE RODRIGUES @ BOWMANS LAW , THURSDAY, MARCH 19, 2020

This virus has spread so swiftly that it has not given any industry or person the opportunity to consider all its impacts on society or on the economy. We are living in a brave new world.

Many of us have some form of (personal and business) insurance. What needs to be considered is whether our insurance policies will cover the fallout from the pandemic and, even more importantly, whether insurers are planning to extend cover until this virus is defeated/ controlled?

Some insurance considerations for policyholders

You have a business interruption policy. If you close your business for a couple of weeks, will you be covered?

Business interruption insurance usually covers interference with a business as a consequence of damage due to fire, a natural disaster (storm, wind, lightning, earthquake, etc.) and may exclude infectious diseases. Yes, our President has declared this pandemic a state of disaster but this does not mean that your policy will provide cover.

So you need to keep trading, how do you limit your liability?

Generally, a public liability policy covers instances where you would be legally liable to pay in the event that your customers become ill in the course of, or in connection with, your business.

This requires you to have taken all reasonable steps and precautions to prevent accidents or losses. So for example if you know that members of your staff have COVID-19 and you insist that they come to work, and they spread the disease to customers, you will not have cover. Therefore, make sure you have adequate human resources and business continuity policies to deal with this.

This principle will be equally applied if you are insured for employer’s liability cover. Directors may also not have any protection under directors’ and officers’ liability cover if they can be shown to have failed to observe protocols.

Further, some policies do not cover directors where their actions relate to a non-insurable event. COVID-19 could be considered by some insurers to be ‘uninsurable’.

Are the lives of your employees covered?

Where employers have provided group life cover to their full-time permanent employees, a death caused by COVID-19, is likely to be covered depending on whether the policy does not exclude certain diseases.

The same is applicable to an individual life policy.

Does SASRIA cover this?

SASRIA does not cover this pandemic, unless the loss was caused due to a riot, civil unrest etc.

What do you need to do?

Contact your broker and check whether your policy would extend to business interruption related to COVID-19.  Some policies will pay out if a business is forced to shut down because a public authority imposes this condition. However, in South Africa a shut-down has not been imposed on any business; our President has instead asked citizens to act responsibly and exercise measures to prevent spreading the diseases. This may mean, as an example, you would need to allow your employees to work from home.

In addition, in response to the Ebola epidemic in October 2014, specialty brokers in conjunction with the Ark Specialty Program of Lloyd’s offered a new type of coverage called ‘Pandemic Disease Business Interruption Insurance’  to cover the loss of income arising from government-mandated closure of health care facilities and diminished revenue in the aftermath of a quarantine. Cover was also developed for SARS (2003), Swine Flu (2009), and Zika (2016), but it does not appear that there is currently any similar cover for COVID-19.

Stay calm, act reasonably, practically and be prudent. Consult with your broker and undertake a risk assessment of your business. Your broker can check with your insurer if the insurer is willing to extend cover (this will be at cost). Consider measures to limit your liability and risk. Consult with attorneys to advise you from a legal perspective where your risks lie, and how you can mitigate them.

Above all remember that now is the time for us all to stand together.

To Watch a Video for some additional information click HERE.

Picture courtesdy by Shaf Rasul : Click here for the Video

Disclaimer: I&DRS will always offer the best advise possible , however policies and insurers do differ in some regards . Therefore, the information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice, alternatively contact our office on (011) 484 9401 for a specific needs analysis and record of advice to be done.

I&DRS , Covid 19 and National State Disaster.

As you are all obviously aware of the measures being requested by the Government to help prevent the spread of the Virus.

At I&DRS our renewal and new business meetings are “one on one”  or small group sessions and as such there is nothing preventing us from continuing our normal visiting schedule, which we intend to do. We will be practicing good hygiene standards prior to and following all meetings to minimise any potential risk. We will of course cancel meetings should any of our team exhibit symptoms or have knowingly been in contact with an infected/high risk person.

Having said this, we will of course respect our clients wishes should they feel our meetings should be cancelled.

We have set up a Skype account should our clients prefer to schedule Skype appointments rather than “one on one”, otherwise its business as usual at I&DRS .

Join Skype : https://join.skype.com/PGtxbFuLDm0o  ;  Our Skype Name: live:.cid.ba95c39093da967f  ; 

Search for us on Skype email : charmaine@idrs.co.za ; 

Should you wish to connect via Skype, contact us to set up a scheduled appointment.

Hopefully the measure being put in place nationally will provide positive results for all and that normality will return in the not too distant future.

Coronavirus: Business interruption and supply chain impact

In addition to causing chaos in an increasing number of cities and countries around the world, the outbreak of the infectious disease poses a significant threat to corporates and their suppliers, given China’s role as the world’s manufacturing superpower. What are the major areas of disruption and how can companies mitigate the potential impact?

by MoneyMarketing on March 5, 2020

In addition to causing chaos in an increasing number of cities and countries around the world, the outbreak of the infectious disease poses a significant threat to corporates and their suppliers, given China’s role as the world’s manufacturing superpower. What are the major areas of disruption and how can companies mitigate the potential impact?

The outbreak of 2019 Novel Coronavirus (2019-nCoV), which originated in Wuhan City in the Hubei Province of China at the end of 2019, has already caused significant disruption with members of the public having to be quarantined and screening and safety measures being implemented around the globe. After being identified by the World Health Organization, there were more than 75,000 confirmed cases of coronavirus and well over 2,000 deaths in China alone in the first two months of the outbreak.

Supply chain issues and potential business interruption are now pressing risks from the outbreak, given the disruption of China’s manufacturing network with ripples already being felt across a number of different industries. According to the Chinese Passenger Car Association, auto sales at dealerships plummeted by more than 90% during the first half of February compared with a year earlier. Given it is the world’s largest car market any fall in sales in China also hurts the global industry.

Meanwhile, auto giant Daimler has warned of risks for the economy and its own business, noting that coronavirus “may not only affect the development of unit sales, but may also lead to significant adverse effects on production, the procurement market and the supply chain”. Fellow carmarker, Jaguar Land Rover has noted coronavirus could lead to production problems at its plants in the UK, given their reliance on parts from China. With Chinese factories in shut down mode or operating at reduced capacity, it is predicted that assembly lines around the globe will run short of essential components in future.

Outside of the automotive sector, Foxconn, the world’s largest contract manufacturer of electronics and Apple’s main iPhone assembler, is another business impacted by coronavirus with many of its production lines in China having been halted, meaning its plants outside of the country – such as ones in Vietnam and Mexico – have been pushed to full capacity . This illustrates the potential wider impact coronavirus could have on global electronic supply chains. Much of the world’s electronics come out of China’s factories, filled with parts also made in China. Further production delays could impact the overall supply.

Pharmaceuticals is another impacted sector. Drugmakers in India, which is estimated to produce around 20% of the global supply, are also braced for potential disruption given almost 70% of the raw materials they use in manufacturing are imported from China, according to brokerage firm SBICAP Securities. Hubei province is a major production hub. Any problems would obviously have further implications for the global supply chain.

With many companies which are dependent on China’s manufacturing network having to confront the reality that business may not go on as usual in future, Maarten Van Der Zwaag, Global Head of Property Risk Consulting at AGCS and Ryan Du, Senior Risk Consultant at AGCS discuss some of the major factors behind the ongoing disruption and what companies can do about it:

What are the major factors behind the disruption of production for companies in China?

There have been a number of situations that have caused disruption for businesses, all of which impact production. First of all, the Chinese New Year holiday was extended for a much longer period than usual in February in a bid to contain the outbreak of the virus. At the same time this also raised the prospect of triggering supply chain disruptions, given the lockdown of a large number of cities in China obviously impacts the availability of manpower and the potential production and transportation of materials, products and goods. A number of large companies and suppliers are located in and around Wuhan City, so it is anticipated that these companies could be subject to further production delays, even when the virus situation improves.

Some companies have managed to restart operations but have then had to close down again following confirmed cases of coronavirus in their plants. Therefore, precautionary measures are required to be taken, such as providing masks for employees and sanitizers. However, a potential shortage of surgical masks – demand for these items is obviously high but supply is struggling to keep up given mask

manufacturers themselves face disruption – poses a challenge for companies as this could also prevent employees from working, since it is now compulsory to wear such masks in many Chinese cities.

Then there is the psychological effect of the outbreak of the virus – many people may refuse to return to work for fear of becoming infected or being quarantined, meaning labour-intensive industries in particular could suffer from a lack of workers.

What is your advice to companies whose sites are closed or those companies who have suppliers in China that are affected by the virus or may be affected in future?

Be prepared and make a plan. Having a fully comprehensive business continuity plan (BCP) in place and ready to be rolled out is crucial in such a scenario. A BCP (see below) can identify the potential threats to an organization – from pandemic to supply chain disruption – and analyzes what impact they may have on operations and business objectives. It also provides a way to mitigate these threats and their consequences and entails having a framework in place which allows key functions of the business to continue even if the worst case scenario happens. For example, companies who have suppliers in China should have already started to look for alternative solutions based on their BCP setting, if they have one. For companies whose sites are closed, diversification or replication of manufacturing facilities may be the best way to mitigate downtime if the recovery time objective is particularly short.

Insurance coverage

Typically, standard property/business interruption insurance policies do not provide coverage as physical damage is usually required as a trigger. Therefore, plant closures due to the coronavirus are generally not covered by standard property/BI policies. Special covers for business interruption without property damage (non-damage BI extensions) are available but are not widespread. In addition, in many cases, this type of coverage, requires an outbreak at the premises itself to claim for “notifiable” disease, as well as a “denial of access” order by public authorities.

Companies give compulsory third-party insurance thumbs-up

Low-income drivers are especially at risk from severe financial consequences should they cause a collision

Business Day 05 MARCH 2020 – 05:07 PHUTI MPYANE AND DENIS DROPPA

Uninsured drivers run a huge financial risk should they cause an accident. Picture: LUVUYO MJEKULA

Some insurance companies have welcomed the idea of introducing compulsory third-party insurance for vehicle owners.

In his budget speech last week, finance minister Tito Mboweni suggested that the government opens the debate as a way of alleviating the Road Accident Fund (RAF) debt.

Insurance company Naked, an artificial intelligence-driven insurance provider, says compulsory third-party insurance would not only help to protect drivers from damages that are not their fault, but would also protect low-income drivers from severe financial consequences should they be deemed responsible for a collision. .

“SA insurers should embrace this proposal and work closely with [the] government to make third-party insurance more affordable,” said Ernest North, cofounder of Naked.

More than 70% of cars in SA are not insured at all, meaning that drivers are subjected to unacceptable and unnecessary risks. It is within our power to change that picture,” North said.

MORE THAN 70% OF CARS IN SA ARE NOT INSURED, MEANING THAT DRIVERS ARE SUBJECTED TO UNNECESSARY RISKS

Third-party car insurance protects car owners from the legal liability that arises from their vehicle causing damage to someone’s property (the car and its contents) as well as the property of local authorities. The insurer will also typically assist if there is a legal dispute.

“This cover is usually automatically included in comprehensive car insurance policies. Third-party-only policies are an alternative for people who don’t want to insure their own vehicles for accidental damage, typically because the value of their car is so low that it would not be worthwhile,” North said.

“But in practice few such policies are sold in SA — people typically buy comprehensive insurance or none at all.

Ruinous effects

“When a driver without insurance is involved in a collision in which he or she is at fault, insurance companies representing the other vehicle’s owner may pursue legal action to recover the cost of the damages. In some cases, an insurance company will aim to attach an at-fault driver’s assets. Repayment agreements, however, are far more common.”

In these agreements, drivers will agree to pay a significant portion of their disposable income each month to the insurer. Because these agreements can last years and involve high interest payments, the effects can be ruinous for low- or middle-income earners and their families.

“This is why car insurance is a legal requirement for every vehicle on the road in many countries, and should be in SA,” North said.

He said that high premiums — about R200 a month for R5m in third-party cover — made third-party insurance cover too expensive for many citizens, but new-generation insurance were  using artificial intelligence and digital distribution to reduce these costs and make cover more affordable.

According to Outsurance, there is great value in having third-party insurance cover, and it should be a necessity for road users.

Finance Minister Tito Mboweni delivers the much anticipated 2020 Budget Speech and related Bills in the National Assembly, Cape Town. 26/02/2020, Elmond Jiyane, GCIS

“But … the majority of vehicle accidents do not involve an ‘at-fault’ who is uninsured; hence any saving would be reflective of that,” said Outsurance’s head of client relations, Natasha Kawulesar.

“Many vehicle accidents are single vehicle accidents — especially the larger accidents. The theft, hijack, windscreen and hail part of premiums would also be unaffected,” she said.

“Should the compulsory cover be intended for bodily injury, this will result in increased rather than decreased insurance premiums,” Kawulesar said.

Insurer King Price said the minister’s proposal is aimed at reducing the pressure on the RAF.

“We believe that if this is implemented effectively it can bring relief for the country and the huge spend on RAF administration and claims costs,” said King Price spokesperson Karli Stock.

“This should not be the only focus to relieve the pressure on the RAF; one should maybe revisit the operations of the RAF as well,” Stock said.

The long and the short of it: Short-term insurance essentials for life

Pic: Sunlife financial Philippines

Life happens. Some things we can predict, plan or hope for, while others aren’t always as easy to foresee. Fortunately, short-term insurance can play a consistent role in keeping your longer-term dreams, and assets safe. Different life stages within each of our journeys require different short-term insurance solutions to truly cover all bases. Here are some main considerations along the way.

Moving out of home

A student moving to tertiary studies’ accommodation, or a starter apartment renting with friends, should check what is insurable in terms of a shared home. The same can be said about moving in with a partner. Keep proof of expensive purchases for electronic goods and ensure all the goods needing insurance, are covered collectively for their true replacement value. You may need to update the address where a vehicle is based; parents of student children should note this as well, as regular driver status may need to be updated on the car insurance too. 

Buying a car

If you are paying a car off, insurance will be a standard requirement of the loan, but ensuring you can afford the required cover should always be factored into your decision to buy.  Keep shortfall cover in mind too, which is there should the vehicle become written off, while you are still paying it off.  As a car depreciates in value, in some cases insurance can be adjusted over time as the car value decreases.  Be sure to keep maintenance in check, honouring your regular services, rotating or replacing your tyres as needed, and always following the rules of the road.

Getting married

While there are many aspects to financial planning as a couple, or an individual within a couple, short-term insurance is key among them. Being able to protect your home, each of your vehicles and any of your contents, or devices like laptops and cell phones will really help, should an unexpected accident happen. You may need to insure both vehicles comprehensively if you switch cars, for example. Whatever your circumstances, insurance helps you to avoid needing to dip into savings if an emergency happens.

Buying a house

Bonded properties tend to come with standard insurance requirements, most importantly that the insurance is only for the structure. You can opt for your own insurer (it can be more cost effective to have all your insurable interests with one provider) if your bond insurer is satisfied the policy covers your risk.  When choosing what property to buy in the first place, keep in mind that some properties near the coast may warrant higher insurance, due to climate change. Don’t purchase a home unless you know for certain you can afford to insure it, wherever you choose to buy. 

The time will come when the property is paid off, but insurance is an ongoing expense. Without insurance in place, all your hard work paying your property off (or in the process of doing so) could very quickly come to nothing if a fire, or flood destroys your investment. This is why the correct replacement value of your home needs to be insured consistently, to cover you no matter what.

Starting your own business

A small operation may seem to attract small insurance risks; but this perception is rarely true. Having the right cover in place to consider your business interests at your primary residence, or a small office building you own is essential. Your whole business could come to a standstill if you can’t operate, so there are various levels of cover you can put in place, depending on your unique risks.  If renting a workspace, you need to keep your contents and All Risk cover up to date as well.

Retiring

A part of retiring often includes ensuring your home is paid off first, and it may mean that you downsize in the process. This will have an impact on your insurance too; factor moving into your budget, and remember you still have the same short-term insurance risks as someone who is still working. Insurance needs don’t ever truly retire.

Seeking some help

A financial adviser can assist you along the way, through any of the above life stages and others. Having a baby would change things, as would changing your job. It will depend on your unique circumstances as to what cover is needed for you. Considering the bigger picture while keeping insurance in place to protect it, makes all the difference to the outcome of your journey.

Article by By Bertus Visser, Chief Executive of Distribution at PSG Insure; www.MoneyMarketing.co.za 13 Feb 2020

Vehicle Recall Scam Alert

A similar post was uploaded by ourselves 3 Dec 2019, however Insurers have circulated warnings again due to some claims that been presented. Please be aware of this scam.

In particular Hollard have advised that they are aware of a new scam to steal vehicles which they have requested that the information be circulated to all clients and platforms, particularly those who own high value vehicles such as Lamborghinis, and encourage them to be mindful and to report any suspicious behaviour to their nearest police station.

How the scam works

  • A person posing as an employee of a vehicle manufacturer or dealership (referred to as the scammer) calls the vehicle owner to say that there is a recall and that it is not safe to drive their vehicle. The scammer is often well-spoken, very persuasive and can verify the vehicle owner’s details including, for example, when and where the vehicle was bought.
  • The scammer goes on to say that the vehicle manufacturer/dealership will not take any responsibility if the vehicle is driven further and malfunctions.
  • The vehicle owner is advised that a towing service will be arranged to collect the vehicle and arrangements are made and agreed with the vehicle owner. The vehicle owner is provided with the name of the towing service and advised that the repaired vehicle will be returned within 24 hours.
  • The scammer arranges with the towing service to collect the vehicle. In the meantime, the vehicle owner is advised that the repairs are taking longer than expected and is asked to confirm if the vehicle is fitted with a tracking device. If a tracking device is fitted, the vehicle owner is led to believe that it will be temporarily disconnected while the repair is taken place.
  • The vehicle is moved to its end destination (often across the border) by which time the vehicle owner realises that the vehicle has been stolen.

This is a professional scam which several people have fallen victim too. Please always call the vehicle manufacturer or dealership back on their landline to verify the authenticity of the recall.

Hollard New Letter : 11 Feb 2020