FAQ

Q:

What is a "Broker"?

A:

A Broker is an independent professional, who will work on your behalf to obtain an insurance policy that best suits your need.

Q:

I don't understand my policy! Can my broker explain it to me in the terms that I can understand?

A:

Yes! We have knowledgeable, licensed and friendly Brokers that would be more than happy to help you.

Q:

What is a "Peril"?

A:

A cause of loss or damage. e.g. fire, theft, flood or hail.

Q:

What is a "SASRIA" Cover?

A:

Compulsory political riot and strike insurance.

Q:

What is a "NO CLAIMS BONUS"?

A:

A discount in premium based on the number of claim free years.

Q:

Why is a valuation important?

A:

Simply put, valuations are important as firstly they confirm the value of the items in question and more importantly, at the time of a loss, they confirm ownership.

Q:

What is an "Excess"?

A:

This is a payable portion of any claim you make, or the amount you agree to pay (per claim) towards the cost of your insured loss.

Q:

Why is an excess payable?

A:

To avoid the processing of small or minor claims where the administrative costs are the same as when processing larger claims.

Q:

How do I calculate the correct value of my building/s?

A:

Use the formula of square meters x current building costs.
When you calculate the replacement value of the building/s you must include architects fees, local authority license fees and all other incidental costs involved in the replacement of the building, thus advisable to add about 15% to the calculated cost.

Q:

I am a Tenant. Why do I need insurance?

A:

As a tenant you still need insurance coverage for your contents (e.g. clothing, dishes, furniture etc.) as well as for liability exposure.