Services

Proposed Short Term Insurance Covers

Objectives

These proposed insurance covers are a guide to any corporate portfolio, and as such is a summary of covers that are essential in protecting the assets of the corporates. This guide is intended to highlight covers that corporates may require (as part of its entire Risk Management strategy) to protect their assets. A thorough assessment of the corporates risks will have to be carried out in order to recommend accurate insurance covers. Simultaneously, an evaluation of the existing insurance covers will be evaluated to assess their appropriateness to the exposures facing the corporates.

Group Risk Management and Insurance Philosophy

To reduce corporates costs and exposures, we recommend that you take steps to identify, assess risks, evaluate and institute appropriate safeguards and reductions and/or transfer risks to other parties in adhering to your agreed risk management strategy. All residual risks are to be passed over to an insurance company.
Control and administration of insurance cover is normally vested in the Group Finance/Secretary Manager/Risk Manager/Municipality Manager. The cost of insurance cover is normally determined by a number of factors such as: extent of the exposure, organisational risk management policies, limit of liability required, covers offered, risk appetite of the company and excesses. It is essential to note that small risks and recurrent/frequent risks are generally costly and these should fall under the risk management philosophy rather than passed over to insurance company although there maybe exceptions to this rule.

Below are some of the broad insurance covers that generally protect most corporates against a wide spectrum of exposures. It’s worth noting the covers indicated below are not exhaustive, as the appropriateness of cover will depend on nature of the risks to be mitigated/ covered.

Quintosys (Pty) Ltd has the manpower, expertise, knowledge and experience and combined with its networks across the globe to give sound advice and to deal with any type of insurance cover that maybe required.

EMPLOYEES PERSONAL INSURANCE- MOTOR COVER and MOTOR FLEET

Fully Comprehensive – cover loss or damage to vehicles described in the insurance schedule as a result of fire, lightning, explosion, theft or attempted theft or hijacking and any unforeseen event not excluded by the policy. Cover includes Third Party Liability.

EMPLOYEES PERSONAL INSURANCE- HOUSEHOLDERS

Covers loss by fire, lightning, thunderbolt, explosion, earthquake, storm, wind, water, hail, snow, impact by aircraft, animals, trees, aerials, satellite dishes, vehicles to office contents including accidental breakage of mirror glass and glass forming part of the furniture.

EMPLOYEES PERSONAL INSURANCE- HOUSEOWNERS

Covers buildings/fixtures and fittings against damage caused by fire, lightning, explosion, storm, malicious damage and other insured perils.

MACHINERY BREAKDOWN

Covers unforeseen and sudden physical damage to the machinery described from any cause: (a) whilst it is at work or at rest. (b) Whilst being dismantled for the purpose of cleaning inspection and overhaul or removal to other position or in the course of these operations themselves or subsequent re-erection -anywhere within the Territorial Limits including whilst in transit.

CONTRACTORS ALL RISKS

Covers contractors against all risks during the construction period (for all contracts engaged in on an annual basis) and includes maintenance period cover It may extend to include construction plant.

DETERIORATION OF STOCK

Deterioration or putrefaction of perishable commodities/stock, which by their nature, require a controlled environment to retain their normal marketable condition, these are usually refrigerated stock following a breakdown of machinery or plant and can be commodities affected by a rise in temperature and/or humidity.

ELECTRONIC EQUIPMENT/ COMPUTERS

Physical loss or damage to electronic equipment/computers as specified in the insurance schedule including costs and expenses incurred as a result of reconstitution or recompilation of data which would have been lost as a result of an insured event.

WORKMEN’S COMPENSATION

Covers claims against the employer by any workman meeting an accident or suffering from a scheduled disease which results in such workman’s disablement or death whilst engaged in the service of the employer. This cover is compulsory by legislation.

PUBLIC LIABILITY

Indemnifies companies against legal liability to third parties for death or bodily injury to persons as well as accidental loss or damage to third party property due to activities connected with your business.

GLASS COVER

Accidental damage to external and internal glass (including mirrors) which form part of the insured building.

RENTAL VALUE

The rent payable for alternative premises if insured building is destroyed by perils covered under the fire section of the policy.

BUSINESS ALL RISKS

Covers loss of or damage to the property described in the insurance policy schedule, while anywhere in the world by any accident or misfortune not otherwise excluded by the policy.

RENT RECEIVABLE

Covers loss of rent receivable in the event that the buildings occupied or leased out are damaged by an insured peril and cannot be occupied for a certain period.

OFFICE COMPREHENSIVE

Covers loss by fire, lightning, thunderbolt, explosion, earthquake, storm, wind, water, hail, snow, impact by aircraft, animals, trees, aerials, satellite dishes, vehicles to office contents including accidental breakage of mirror glass and glass forming part of the furniture.

BURGLARY

Covers theft resulting from forcible and violent entry or exist out/ into the premises.

TRAVEL COVER

Cover is provided for medical expenses related to illness or injury during international travel, the cover also includes hospital and doctor’s costs, prescription medication, survey, evacuation and repatriation. Personal accident and personal liability are also covered.

BUSINESS INTERRUPTION

Covers loss of net revenue plus pays for fixed costs related to the Municipality’s operations if premises is/and are destroyed as a result of events covered under the fire section of the policy.

ACCIDENTAL DAMAGE

Covers-Accidental physical loss of or damage to insured property at or about the premises other than leakage of oils/chemicals/fumes. Cover can be extended at additional cost to include: Covers-Accidental physical loss of or damage to insured property caused by leakage of oils/chemicals/fumes including loss of such oils/chemicals.

MONEY

Covers theft or damage to money in South Africa including other countries in the region if requested by Municipality but at an additional cost.

FIDELITY GUARANTEE

I.Covers Loss of money and/or other property belonging to Municipality or for which they are responsible for, stolen by an insured employee during the currency of this policy., and also II.Covers-Direct financial loss sustained by Municipality as a result of fraud or dishonesty of an insured employee all of which occurs during the currency of this policy which results in dishonest personal financial gain for the employee concerned.

GOODS IN TRANSIT

Covers loss of or damage to the property described, owned by Municipality or for which you are responsible for in the course of transit by the means of conveyance described in the insurance policy schedule or other means incidental thereto and caused by any accident or misfortune not otherwise excluded by the policy. The limit of indemnity applies to all loss or damage arising from one event (e.g. several consignments on one rail or air conveyance).

GROUP PERSONAL ACCIDENT

Covers bodily injury caused by accidental, violent, external and visible means to any principal, partner, director or employee of the insured specified below (maybe top-up to WCA or may stand-alone)

FIRE AND ALLIED PERILS/BUILDINGCOMBINED/ASSETS ALL RISK

Covers buildings/fixtures and fittings against damage caused by fire, lightning, explosion, storm, malicious damage and other insured perils.

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