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PROTECT YOUR FUNDS AGAINST FRAUD & THEFT

EVERYTHING IS GOING DIGITAL AND SO IS CRIME

There are new scams introduced to the market daily, and many South Africans are suffering financial losses that can’t be recouped. As your broker, we would like to introduce to you a new product which is becoming a need-to-have more than a nice-to-have. The product is called FUNDS PROTECT.

ARE YOU AT RISK?

If you answer yes to any of the questions below, then this product is for you

• Do you have an email address?
• Do you bank online via your phone or computer?
• Do you make EFT payments?
• Do you make online purchases?
• Do you receive any of your accounts or bank statements electronically?

Put simply, any person or company who transacts electronically is at the risk of falling victim to cybercrime.

HOW PHISHIELD FUNDS PROTECT COVERS BUSINESSES AND INDIVIDUALS AGAINST LOSS OF FUNDS.

In a nutshell it covers you against a LOSS OF FUNDS due to Cyber and / or Transactional Theft and Fraud activities, whether it was authorised or unauthorised by you.

Authorised transactions include transfers and transactions involving fraudulent third parties, while unauthorised transactions include transactions that occur due to phishing and hacking attacks, stolen or falsified identities and banking fraud.

DID YOU KNOW?

Banks will not reimburse you for fraudulent transactions if they have deemed you to be negligent.

As your broker we would like to ensure that YOU are covered against fraud events which results in a LOSS OF FUNDS.

From as little as R40 p/m we provide you with cover of up to R25 000 per event on your personal accounts and for a premium of R90 p/m, with a cover of up to R50 000 for your business accounts. There are various other cover limits available depending on your needs.

WHY CHOOSE FUNDS PROTECT?

You can transact online with confidence
Low and affordable premiums starting from as little as R35 p/m
Quick application with no underwriting
No excess payable
No waiting periods
Seamless claims procedure with no lengthy forms or drawn out investigations

SOUNDS INTERESTING?

Please respond with a simple YES to this email so that we can activate this cover for you and ensure you are protected against monetary losses due to fraud. Alternatively contact us via email (insure@aib.co.za) or telephonically (0861 242 123)

TERMS AND CONDITIONS APPLY

Funds protect is a Product of Phishield UMA (Pty) Ltd, an authorised Financial Services Provider (FSP 46418) and is underwritten by Bryte Insurance Company Limited.

As always, AIB Cape remains at your service.

October 31, 2019

Posted In: Newsletters

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LEISURE CRAFT (THE BASIS OF INDEMNITY)

This month’s newsletter is highlighting some components to be aware of when re-assessing your Leisure Craft Policy and the Sum Insured values to ensure your craft and its equipment is adequately insured. Come claim stage, Insurer settlements might differ based on how your Sum Insured values have been determined on your current policy.

What is meant with the basis of Indemnity?

‘Indemnity basis’ is the amount of money that an insurance company will pay for a risk, based on what is written in the policy. This means that damage or loss may be paid in full or in part depending on the terms of the insurance contract.

What external influences have an impact on the basis of Indemnity?

• Fluctuating Exchange Rates
• Increased Repair Costs
• Inflationary Pressures

It is highly recommended to note the following when determining your Leisure Craft Sum Insured Value:

Leisure Craft Hull

The Policy is based on new replacement value and the Replacement value shall mean:-

• In respect of vessels not exceeding 4 years in age at the time of loss or damage: The new replacement value.
• In respect of vessels older than 4 years in age at the time of loss or damage:- The reasonable market value.

Special Equipment

It is recommended that Special Equipment should be more specifically described under a separate sum insured which should represent the current replacement value including VAT.
What is considered to be Special / Other equipment in terms of the Policy? It includes, inter alia:
• boating, yachting or crew’s clothes and other specified personal effects;
• diving and fishing gear, water-ski’s, ski-ropes and other sports equipment
• food, fuel and other stores, lifebelts and medical kit;
• binoculars, sextants, fish finding and similar equipment;
• nautical books, maps and navigating equipment;
• radar, radio, television and electronic equipment.
• Boat cover and other accessories.

If Leisure Craft special equipment is not specifically described or insured under a separate Sum Insured, the following will apply:
• in the event of a claim, the general excess will be applied as opposed to the lower excess of 10% of claim, minimum R250.00 and could result in the claim falling within the excess on the policy and not being paid.
Sailing Vessels

In respect of sailing vessels, the Masts, Spars, Sails and Rigging sum insured should represent current replacement value including VAT.

As always, AIB Cape remains at your service.

October 30, 2019

Posted In: Newsletters

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SMALL THINGS CAN BECOME BIG THINGS

In a world where technology is constantly improving, the amount of electronics being produced and sold nowadays is astronomical. Most of us have moved away from just using our phones to make calls – these very powerful devices can, at the touch of the button, connect you to the “internet of things” – for most people, they can’t imagine their life without them and the need for these electronic tools to be fully functional at all times is obvious. In order to keep them functional, we perform routine and regular maintenance like charging the device. The simple act of charging a device, believe it or not, comes with risks.

How often have you bought a generic charger or generic wires to charge your precious phone or device? Reasons for opting for a generic product often include the high price of the original product or the unavailability of the manufacturer’s accessory. However, some of these generic products are of a low quality, resulting in fraying, poor performance, malfunctioning etc., leaving you in a position where you have to replace them frequently. These are some of the milder consequences. Some of the more severe and catastrophic consequences are:

• Battery malfunction, as generic chargers provide a generic charge – Different devices require different levels of charge. These generic chargers can potentially transfer too much power or too little power into your device, which usually causes the battery to overheat or malfunction. Now you are in the frustrating position where the device, that has all of your important information and memories, may be damaged by the charge and consequently, may need to be replaced.

• Overheating of the chargers – These chargers may have a lack of insulation, due to being made of sub-standard components, so you run the risk of both your device and the charger overheating. Overheating can cause damage to circuit components, explosion, fire or injury.

• Increased fire risk – Electrical risks, like overheating, overcharging etc. are a common reason for buildings and their contents to be totally destroyed by fire. Even worse, these fires can spread and decimate surrounding property.

In a reference to the topic on hand, find the link to Wendy Rhodes’ article below, who warns the reader of the possible dangers generic phone chargers pose after her dad experienced a catastrophe, by recounting their horrific fire experience online

( https://www.reshareworthy.com/fire-caused-by-phone-charger/ )

What about your Insurance policy?

First off, it is important to always ensure that your policy covers all your assets as comprehensively as possible, including the risk of fire. Most asset insurance policies worth their salt will cover this and many other sudden and unforeseen risks – it is essential that you check your policy coverage and sums insured regularly. AIB Cape is always ready and available to answer any questions you may have in this regard.

Insurance policies also impose a positive duty on you, to act as if you don’t have an insurance policy (protecting your assets). Insurers usually call this reasonable care or a duty of care. So, for example, if you see you that the wires of your cell phone charging cord are smoking, you would need to take reasonable care to avoid loss which is foreseeable, by replacing the cord immediately, as continued use would probably result in an uninsured fire or injury to yourself or others.

In any event, “prevention is better than cure” – no one wants their house and belongings destroyed by fire. Insurance claims of this nature are stressful, apart from the trauma of losing valuable assets, some of which are irreplaceable (think of photo’s, family heirlooms and computers if they are not backed up etc.)

General charging safety tips (taken from the referenced “Reshareworthy” article):

• Only buy and use approved chargers for your electronic devices
• Follow the manufacturer’s instructions with regards to charging times, including all other instructions and contact them directly if in doubt
• Be careful not to overload any power bars or outlets. One plug in each socket is best.
• Avoid leaving devices to charge unattended
• Don’t leave devices charging near flammable materials or objects
• Ensure good air circulation around devices at all times
• Inspect your charging devices and wires regularly for overheating, wire fraying etc.
• Check for hot plugs or plugs with dark marks. If you find any, take the plugs out of the socket and get them looked at by an electrician

One final takeaway: small things can become big things, when seemingly insignificant risks are not taken seriously and dealt with.

As always, AIB Cape remains at your service.

October 30, 2019

Posted In: Newsletters

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National lockdown updated contact details.Policy Maintenance -Shireen.Hewitt@aib.co.za (0828718063)/New Business -Rekha.anandchund@aib.co.za(0833029468)/Claims - Brett@aib.co.za(0829276315) Switchboard is currently open from 09h00 until 16h00 weekdays