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1 The average clause (As quoted from the AIG Multi Armour Policy Wording)“If the property insured is, at the commencement of any damage to such property by any peril insured against, collectively of a greater value than the sum insured thereon, then the insured shall be considered as being their own insurer for the difference and shall bear the rateable share of the loss accordingly. Every item, if more than one, shall be separately subject to this condition.”

The calculation for this is as follows:
Sum insured / Value at risk multiplied by the value of the loss
For example: R200,000 / R300,000 X R100,000 = R66,666.67

2 The alarm warranty
(As quoted from the AIG Multi Armour Policy Wording): “In respect of any premises stated in the schedule to be subject to this condition at which a burglar alarm is installed it is a condition precedent to the liability of the company and warranted that

  • The burglar alarm installed at the premises shall be fully operative whenever the premises are not open for business unless a principal, partner, director or employee of the insured is on the premises
  • Such alarm shall be maintained in proper working order but the insured shall be deemed to have discharged their liability therefore if they have maintained their obligations under a contract with the suppliers or servicing engineers of the alarm

This insurance shall not cover loss of or damage to the property following the use of keys of the burglar alarm or any duplicate thereof belonging to the insured unless such keys have been obtained by violence or threat of violence to any person.

3 Power Surge and Lightning Strikes Warranty
(As quoted from the AIG Multi Armour Policy Schedule) It is warranted that all Devices, Equipment and Systems comply with S.A.B.S., International Standards IEC or similar Authority approved requirements for protection against Lightning and Power Surge, being installed and maintained in accordance with the manufacturer’s instructions. There is no cover as a result of load shedding.

4 Prevention of loss
The insured shall take all reasonable steps and precautions to prevent accidents or losses.

5 Deductible structures
It is important to note the deductible (excess) structure per section of your policy. This can be found on your AIG commercial policy schedule. This has changed with effect from the 1st of July when the free covers were added to your policy. It is important to note further that APECH has provided for one motor deductible per year for each shareholder for the amount of R1,500. This has been incorporated into the monthly insurance premium subsidy per shareholder.

]]> https://www.sbcfs.co.za/certain-policy-conditions/feed/ 0 FAIS Legislation Requirements https://www.sbcfs.co.za/fais-legislation-requirements/ https://www.sbcfs.co.za/fais-legislation-requirements/#respond Mon, 17 Oct 2016 20:39:06 +0000 Deprecated: Creation of dynamic property WP_Term::$term_order is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/class-wp-term.php on line 198 Deprecated: Creation of dynamic property WP_Term::$term_order is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/class-wp-term.php on line 198 Deprecated: Creation of dynamic property WP_Term::$cat_ID is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 378 Deprecated: Creation of dynamic property WP_Term::$category_count is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 379 Deprecated: Creation of dynamic property WP_Term::$category_description is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 380 Deprecated: Creation of dynamic property WP_Term::$cat_name is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 381 Deprecated: Creation of dynamic property WP_Term::$category_nicename is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 382 Deprecated: Creation of dynamic property WP_Term::$category_parent is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 383 Deprecated: Creation of dynamic property WP_Term::$cat_ID is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 378 Deprecated: Creation of dynamic property WP_Term::$category_count is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 379 Deprecated: Creation of dynamic property WP_Term::$category_description is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 380 Deprecated: Creation of dynamic property WP_Term::$cat_name is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 381 Deprecated: Creation of dynamic property WP_Term::$category_nicename is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 382 Deprecated: Creation of dynamic property WP_Term::$category_parent is deprecated in /usr/www/users/sbcfsgnmjb/wp-includes/category.php on line 383 http://127.0.0.1/sbc/?p=8048
  • Client to sign PPR and letter of appointment
  • Broker to provide sound and professional advise
  • Broker to be FSP accredited
  • Broker to make client aware of policy terms and conditions. Although the broker will endeavour to place the client in the best possible position, it still remains the responsibility of the client to ensure that he/she is correctly insured.

    • Bearing the above in mind, below are summations per section of the basic conditions for which to look for:

    1 Fire section
    Stock & Materials in trade ensure that the sum insured indicated on the current schedule reflects the correct value of the stock in your premises. Should there be an increase due to seasonal influences, please advise the increase so that the necessary adjustments can be made.

    Plant & Machinery (Including fixtures & fittings) ensure that the sum insured is indicated on the current schedule reflects the correct value of all plant machinery as well as the correct value to replace all fixtures & fittings and and tenants improvements should the interior of the pharmacy be completely destroyed.

    Buildings ensure that the sum insured indicated on the current schedul reflects the correct replacement value for the building.

    All Other Contents Should there be any additional contents requiring insurance please advise.

    2 Buildings Combined section
    Buildings – ensure that the sum insured indicated on the current schedule reflects the correct replacement value for the building.

    3 Business Interruption section
    Please see the attached summation as received from our Compliance officer. This will assist with your gross profit calculations. Please kindly complete the attached and forward back to us in order to ensure that correct sums insured are reflected on your current schedule.

    4 Motor Vehicles
    Please ensure that all vehicles are reflected on your current schedule. Should you have sold a vehicle in the interim and/or purchased one which is or is not reflected on the schedule, please advise SFS. Where there are outstanding registration numbers on the schedule, please advise SFS immediately with the relevant information. Please note that this has a delay in the registration process of a claim and thus may cause unnecessary delay. Please provide a clear copy of your driver’s license.

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