Tag: insurance policy

You’ve made the effort to get an executable will in place, but are you all sorted in terms of knowing who will get what? Not necessarily. Unfortunately, it’s not that clear cut. Many of us confuse how our assets will be distributed through our will, with the distribution of death benefits from our company sponsored retirement fund – often assuming that our death benefits fall within the scope of our will. But the two are treated very differently when we die.

If you haven’t already dusted off the business interruption, liability and event cancellation policies you have underwritten, or placed for an insured, and checked for coronavirus coverage, now is the time to do so.  

Typically, an insurance policy stipulates that notice of a claim must be given as soon as possible or within the time limit stipulated by the policy. While this may seem simple enough with a straight-forward assets policy, liability insurance is markedly different.

Being involved in a car accident is a traumatic event in itself, so the news that your vehicle is damaged beyond repair is never going to be an easy pill to swallow. While insurance will undeniably soften this blow, the reality is that there are so many variables at play when dealing with a write off and many people – even those with the most seemingly comprehensive insurance policies – come out feeling hard done by.

The liability risks that South African businesses face as a result of possible product defects, are increasing by orders of magnitude with each passing year, and our Specialist Risk Review has revealed that as many as 21% of businesses have been faced with a product liability claim in the past five years.