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Evolution : enhanced Broadform Liability

Evolution : enhanced Broadform Liability

EVOLUTION : THE NEXT GENERATION BROADFORM LIABILITY Years ago, Broadform Liability was seen as the widest, most progressive liability coverage around. This is set to change with the release of Evolution. SHA have condensed their 30 years of underwriting experience in the South African market into one policy. Evolution = moving broadform liability into the next generation. Today’s business’ faces labour problems, consumer protection, hacking, environmental issues and even personal liability for directors. Because of this, you could land up with six or seven, often costly, specialist policies. Evolution brings all of these specialist covers into one policy ~ natural progression. Evolution is aimed at small, micro and medium sized enterprises. These risks are identified by their turnover being less than R 50 million, and the current annual premium on the liability covers is less than R 15 000 per annum. TYPES OF COVER AVAILABLE : Public and Products Liability Defective Workmanship Employers Liability Pure Financial Loss Inefficacy Statutory Defence Costs Wrongful Arrest & Defamation Advertising and Copyright Liability Gratuitous Advice Contingent Plant Hire Spread of Fire Court Attendance Costs  Mitigation Expenses Removal of Support PLUS MORE SPECIALIST COVERS : Directors & Officer Liability Product Recall Product Guarantee Cyber Liability Professional Indemnity Employment Practices Liability AND, SOME NON-LIABILITY COVERS : 24 Hour Group Personal Accident Permanent Disability Temporary Total / Partial Disability Medical Expenses  Serious Illness Insured though SHA Specialist Underwriters (a division of...
Fidelity I Commercial Crime

Fidelity I Commercial Crime

FIDELITY / COMMERCIAL CRIME Commercial crime insurance (otherwise known as Fidelity Guarantee cover) covers companies against their direct financial losses incurred through fraud, theft or dishonesty committed by their employees. Theft and dishonesty occur in every business, if you do not believe it is happening, it’s probably only because you have not yet discovered it ! Costing South Africa in excess of R 930 m a year, commercial and white-collar crime is on the rise in South Africa – especially among senior to top management. Policy triggers :- Fraud, theft or dishonesty committed by employees Fraudulent transfer instructions Third party computer fraud Extortion Policy Extensions (note that these are not extensive : refer to the product booklet for more) Company acquisitions: covered automatically up to 10% additional staff or 10% additional turnover Extortion – automatically included at no additional charge Claims preparation costs, Reinstatement of Office Records & Costs of recovery Sums insured may be in excess of the deductible and not reduced by the deductible ~ this must be specified in the broking notes Personal Financial gain has been deleted from the Defined Events to reduce the burden of proof The Extended Discovery Period has been included giving more time for the Insured to discover and report a potential loss Cover is automatically on an ‘each and every occurrence’ basis so that our policyholders are saved from having to purchase a reinstatement of the sum insured The prescription period has been extended from 12 to 24 months Limits available Minimum R      1 000 000 Maximum R 500 000 000 Insured through The Hollard Insurance Company...
Cyber Liability

Cyber Liability

WHAT IS CYBER CRIME ? Cyber crime is defined as any criminal activity involving a computer or network.  It is the unauthorised access to, interference with, fraud and forgery of data. South Africa has not been immune to the risk of cyber crime: it is estimated that in 2014, cyber crime cost South African companies around R 5.8 billion. On average it takes 200 days for a South African organisation to identify an online security breach. Likewise, individuals have also been impacted: eighty four per cent of South African adults have been victims of cyber crime. Data breaches are now a fact of life together with taxes and death, but how can businesses better manage the risks related to a data breach and reduce the significant cost that can result from them ? Genlib’s Cyber product includes the following covers :- Privacy Liability Network Security Liability Media Liability Incident Response Costs Regulatory Fines Business Interruption / Increased Cost of Working Data Restoration Cyber Extortion Our Cyber product is aimed at companies with a Turnover of less than R 250 000 000, and our proposal form is simple and quick to complete. It also includes pricing information. Insured through The Hollard Insurance Company...
Professional Indemnity Excess Reducer

Professional Indemnity Excess Reducer

THE PROFSAVE INNOVATION   CONNECTING YOUR BUSINESS TO FINANCIAL RESOURCES WHEN IN NEED   How the product works:- Genlib together with IBG Underwriting Managers, on behalf of Renasa Insurance Company, have launched PROFSAVE, an excess waiver product, covering the excess on your Professional Indemnity policy. PROFSAVE works on a trigger basis, which means that as long as your underlying Professional Indemnity policy responds to a claim, PROFSAVE will cover the excess as stated on the schedule (no inner excess will apply). Should your claim fall within your excess of the underlying Professional Indemnity policy, IBG will consider the claim so long as there was a ruling from any statutory Ombud or any competent Civil Court within the Republic of South Africa, not exceeding the amount stated on the schedule. Legal fees are excluded in respect of any claim within your excess and compensation would be for damages only. An inner excess of 15% will apply in respect of any claim admitted by IBG that falls within your excess of the underlying policy. Professional Indemnity policy premiums are generally based on your Sum Insured and commission or fee income whereas our rates are not income rated and purely on sum insured bands. The Minimum limit of indemnity is based on an excess of R 10,000 and we can arrange cover up to a maximum of R 350,000. We provide cover for Individual FSP’s (up to twenty representatives) and for groups (of more than 20 representatives). We have negotiated an exclusive rating structure for our broker network, and invite you to refer to the rating guide contained in the Product Booklet for consideration....
Enhanced Passenger Liability

Enhanced Passenger Liability

Enhanced Passenger Liability which now includes Broad Form Liability ~ A Tour Operators Scheme The new Genlib Tour Operators facility seeks to widen the existing coverage by including the following covers at minimum additional premium:  Public Liability  Products Liability  Employers Liability  Professional Indemnity It should be noted that the new broadform liability policy will in effect replace the existing passenger liability and personal accident policies. In other words existing clients will now have all of their specialist covers under one specialist multi-peril policy with SHA. LIMITS OF INDEMNITY (can be increased) General Public Liability & Work Away R1,000,000.00 Property Owners & Tenants Liability Included in Limit of Indemnity Pollution (sudden and unforeseen) Included in Limit of Indemnity Products Liability R1,000,000.00 Defective Workmanship Included in Limit of Indemnity Food Poisoning Included in Limit of Indemnity Employers Liability R1,000,000.00 Employee to Employee Included in Limit of Indemnity Professional Indemnity R250,000.00 Statutory Legal Defence Costs R1,000,000.00 Wrongful Arrest & Defamation R1,000,000.00 Passenger Liability As per Expiry Personal Accident As per Expiry...