Knowledge is power. Insights are empowering

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.

Recent statistics revealed that South Africans with Household Contents insurance are Underinsured by a whopping 77% and even more alarming is that extent of this Underinsurance is 61%!

The new Consumer Protection Bill, which has now been enacted, will have far reaching consequences for South African business in that Section 68 imposes Strict Liability on producers, distributors or suppliers to supply or manufacture goods free of defect.

Whilst most businesses purchase Business Interruption insurance, it is essential that this is adequate to ensure full recovery.

Every business is likely to suffer a data breach at some point, even those who have taken extreme measure to avoid breaches – so, what is the solution? Is there an insurance mechanism to transfer these risks?

The purpose of this article is to highlight some of the risks Airbnb pose to you and your short term insurer.

Insuring your imports on a “CIF” basis through the seller can have serious uninsured risk consequences.

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.

In this first part of “no policy covers everything”, we are going to deal with three “inconvenient truths” about insurance.

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.

Let’s take a trip down the insurance memory lane. In the beginning, insurance was invented to spread the financial risks of an event which could cause severe loss or damage.