Policies Explained: General Exceptions

by Jason Jason No Comments

Recently, the media has been tackling the issue of the COVID-19 pandemic not being covered on a typical commercial insurance policy. This issue has created an uproar across the world due to the crippling effect the virus has had on businesses and on the world economy as a whole.

As would be expected, a typical commercial insurance policy has certain items that are specifically not covered at all. All over the world we are seeing wars, terrorism and in the early 2000s, “weapons of mass destruction” was the term used to describe a scary reality of nuclear weapons causing a third world war. We are all living in uncertain times, but the one thing that is certain is the fact that most business insurance policies are very clear on what is covered and what is not covered.

Typical commercial Insurance policies come in two forms – Peril Based policies and All Risk Policies.

In short, the most common policies are peril-based policies and are policies where what is covered is clearly listed in the policy wording and if it is not mentioned in the wording then it is not covered. Each section also has specific exceptions and exclusions listed for those specific sections, but these policies are very clear as to what is covered and what a client could potentially claim for. With reference to the COVID-19 pandemic or any other pandemic for that matter, this is not included in the wording and therefore not covered.

The less common type of business policies are “all risk” policies, these are policies where, unless the wording states that loss or damage relating to a particular section is specifically excluded, the cover is included, however these policies often do not have

Insurance policies have been scrutinized based on the COVID-19 pandemic not being a valid Business interruption claim, but what if we told you that this isn’t the only disaster or major event not covered on your policy?

Forming the basis of every insurance policy wording are the general exceptions, conditions and provisions that will be applicable to each section on the policy document and must always be read in conjunction with the rest of the policy. These general exceptions are most commonly, the following:

  1. War, Riot and Terrorism
  2. Nuclear
  3. Computer Losses

Each of the above can be broken down in detail. However, just from the headings above, a pandemic may just be a small bitter pill to swallow in the bigger scheme of things.

For more information regarding your own commercial insurance policy, please do not hesitate to contact our offices or your broker personally to discuss and explain your cover in more detail.

Disclaimer: The advice contained in this article is for general purposes only and does not consider individual circumstances, objectives, or financial needs. Accordingly, readers are advised to seek appropriate advice from licensed professionals prior to taking up a financial product or service or amending any current policy.

COVID-19 UPDATE – BUSINESS AS USUAL FOR JVC INSURANCE BROKERS

by Jason Jason No Comments

Dear Valued Client and Business Partners,

Since this unprecedented change to all our working and personal lives, we would like to outline what plans we as JVC Insurance Brokers are implementing in order to continue to service you effectively and efficiently during this period of major disruption and uncertainty.

With this crisis constantly changing, we assure you that we will remain focused and determined in continually adapting our processes and procedures internally, for us to provide the best possible service to you.

The below highlights some of the measures we have taken to tackle this pandemic:

The Covid-19 pandemic and JVC staff health and safety:

Like the actions that many organisations are taking, JVC has already implemented or is in the process of implementing the following with all our staff:

  • Minimise all face-to-face meetings with all external parties, including business partners, clients and potential customers, and conducting such meetings via tele-conference and other video conferencing options.
  • Minimise all local travel within the country, all business international travel is on full lock down.
  • Optimising work-from-home and rotational shift schedules for our staff, thus limiting the extent of exposure to our team by encountering each other and in doing so presenting an increased risk to the wider community.
  • In addition, we are stringently following all the other safety measures which are being adopted by global companies i.e. increased office hygiene practices, self-quarantine protocols for any suspected cases, non-attendance and cancellation of any large gatherings, etc.

Keeping our service promise:

  • Our critical front-line client service staff are already equipped with laptop computers as well as the required internet connectivity to continue with their work away from the office (in this case from home)
  • All our front-line client service staff members are contactable on their cell phones and their cell numbers are available below.
  • We can anticipate some level of deterioration in connection speeds due to the potential surge of many South Africans using their private data networks and such networks not being able to manage the bandwidth requirements. Rest assured we will strive to maintain a consistently high level of service.
  • All business units utilise WhatsApp groups to ensure rapid communications amongst themselves and to escalate issues amongst the team in order to sustain business continuity.
  • Our systems and administrative processes are all cloud based and we will be more than capable to assist and service you, should a full office or nationwide lock down be put in place by government and regulatory bodies.
  • All underwriters and business partners that we partner with have also implemented their own crisis management systems and protocols in a similar nature to us and we can assure you that it will be business as usual.

Key personnel contact details

Herewith the CELL-PHONE and EMAIL ADDRESS details of the following key executives, should you for any reason need to escalate an urgent matter that is not being adequately addressed:

Executive MemberCell Phone NumberEmail Address
Johan Erasmus082 410 6153johan@jvcinsurance.co.za
Volker Grunewald082 410 6152volker@jvcinsurance.co.za
Jason Mizen073 383 1142jason@jvcinsurance.co.za
Ronel Prinsloo076 421 7728ronel@jvcinsurance.co.za

Please visit the contact page on our website for a comprehensive list of all key staff in the underwriting and claims areas.

We look forward to emerging from this crisis stronger and more resilient than before. We believe that this event creates an opportunity for us all to work in support of each other and build even stronger relationship bonds for the future.

We wish you strength and good health in this time of trouble.

JVC Insurance Brokers

SANTAM DIAMOND BROKER OF THE YEAR AWARD

by Jason Jason No Comments

Santam has been in the business of insurance good and proper for 101 years and have seen first-hand how the expert advice of their intermediaries transform the lives of policyholders and their businesses.

They celebrate the vital role intermediaries play in delivering insurance good and proper to their clients, and understand that in a rapidly changing world, you need an intermediary that deeply understands a clients’ insurance needs and can guide them through life’s unforeseen challenges.

It is with great pleasure that JVC Insurance Brokers can once again announce our victory for the coveted Diamond Broker of the Year Award for 2018.

The criteria were once again rigorous, and we competed against the Best of the Best when it came to intermediaries in South Africa and came out top.

We are very honoured to include this Award to our other four Diamond Awards and would like to thank our extraordinary team for their hard work, dedication, passion and all their time and effort that has once again gone into winning this prestigious award.

The entire team would also like to thank each one of our clients who have had faith in us for the past 23 years and continue to trust us with their Personal Assets & Businesses.

We will continue to set the standard for innovation & support and believe that this award is once again testament to our skill, vision and dedication to you as our clients.

Vehicle Wrapping and Signage

by Jason Jason No Comments

 

If your vehicle is wrapped or has any signage on it, this depreciates the value of the vehicle in the event of a total write off as the wreckage has to be sold on an auction and the bidding price will be lower, but in the event of an accident (not a write off), the accident repairs need to be done and the signage restored. This is why any signage or wrapping done to your vehicle, for either personal or business use, needs to be disclosed to your insurance company in order for them to note this separately on your policy.

By doing this, we can ensure that your vehicle is covered for its full retail value at the time of a claim.

If this is a concern for you, please contact our offices and we will assist wherever necessary.

Save for Your Retirement.

by Jason Jason No Comments

One of the main risks retirees face is outliving their retirement savings. Many of us will live for 30 years beyond retirement age, so we expect our retirement savings to ‘work’ for as long as we have worked. The ideal time to start saving for your retirement is with your first pay cheque. A good rule of thumb to allow you to maintain your lifestyle later on is to save 17% of your salary starting at age 25. If you start later, you will naturally need to save more or consider retiring later.

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