Know Your Policies – Some Short Term Insurance Principles
A basic understanding of some of the principles guiding short terms insurance may be of value in understanding your policy. The Principle of Indemnity in Short-Term Insurance Policies The principle of indemnity is a foundational concept in short-term insurance, ensuring that the
Know Your Policies – Alarm System Requirements
Insurance and Alarm Systems. Do you Understand your policy requirements for alarm systems? Ensure your alarm system is linked, monitored, and in good working order ? Comply with SAIDSA bylaws ? Understand that non-compliance can lead to claim rejection or policy voidance ? Regu
Simple tips to stay safe from scams and phishing
Here are some simple tips to stay safe from scams and phishing: Be cautious if the email: Doesn’t use your full name and has a generic greeting Has incorrect logos, design or looks strange Contains suspicious website links Includes attachments and software Be wary of
Questions We Get Asked – Short-Term Insurance in South Africa: Policy Requirements on Full and Correct Disclosure
In South Africa, short-term insurance policies provide temporary protection against risks such as damage to property, vehicles, or liability for accidents. A fundamental legal and contractual principle governing these policies (and part of every insurance policy wording) is the d
Know Your Policies – Alarm System Requirements for Insurance Compliance
This document outlines the requirements for alarm systems in insurance policies, the rationale behind these requirements, and the consequences of non-compliance. It is intended for policyholders to understand and adhere to these requirements to ensure coverage. Insurers Requireme
Questions We Get Asked – OEM Parts in Vehicle Repair
Questions we get asked. Branded vs OEM Parts in vehicle repairs. In principle in the South African insurance context, an insured party is not prejudiced when an insurance company uses Original Equipment Manufacturer (OEM) parts to repair a vehicle that is out of warranty.
Questions We Get Asked – Premiums up and Value down on cars
Questions we get asked. Insurance premiums on motor vehicles often increase each year, even as the replacement cost (market value) of the vehicle declines. This apparent contradiction is due to several key factors: Why Insurance Premiums Rise Even as Vehicle Value Falls Su
Know Your Policies – Time Barring and Prescription
It’s useful to understand your policy. Prescription and Time Barring Clauses in South African Insurance What Are Prescription and Time Barring Clauses? How These Clauses Work What Policyholders Need to Do to Comply Summary Aspect Prescription (Legal) Time Barring (Contractual)
Know Your Policies – Replacement Value Conditions
It’s useful to understand your policy. The Replacement Value Conditions clause in South African insurance policies ensures that the insured is compensated for the cost of replacing or reinstating damaged property with new property of equivalent kind and quality, rather than rec
