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AIB Cape Offices Closed From 27 March 2020 and Switchboard Closed, Coronavirus Lockdown

Dear Client

President Ramaphosa has taken the decision to impose a nationwide lockdown (with the exception of some essential services), to curb the spread of the coronavirus.

This nationwide lockdown will commence on the 26th of March 2020, at midnight.

As such, we are compelled to close our offices from the 27th of March 2020 and will be servicing you remotely until further notice.

The preferred method of communication is email, via the following email addresses:

Policy Maintenance

Shireen Hewitt             email    Shireen.Hewitt@aib.co.za                    

New Business                                

Rekha Anandchund         email     Rekha.anandchund@aib.co.za

Claims

Brett Jacobs                 email    Brett@aib.co.za

In addition, our website (www.aib.co.za) can also be accessed for claims forms, information etc.

In the unlikely event of not being able to communicate via the above method or if you are experiencing any other difficulties, please contact the following personnel:

Client Services:

Shireen Hewitt             Cell number     0828718063

Rekha Anandchund         Cell number       0833029468

Claims

Brett Jacobs                 Cell number     0829276315

Nicole Pannewitz          Cell number     0742001954

Please take care out there and thank you for your continued support.

Kind Regards

March 25, 2020

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FESTIVE SEASON OFFICE CLOSING TIMES – 2019

Wishing you a safe and happy festive season, a prosperous new year and thank you for your loyal support for 2019.

Kindly note our office closing times for the following dates.

24 December 2019 12:00
25 December 2019 Public Holiday
26 December 2019 Public Holiday
27 December 2019 13:00
30 December 2019 13:00
31 December 2019 12:00
1 January 2020 Public Holiday
2 January 2020 Company Closed

Kind Regards

AIB CAPE

December 12, 2019

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SAFETY TIPS TO ENSURE A HAPPY FESTIVE SEASON

It is that time of year again; homes are locked up, travels commence and the festivities begin.

We have compiled a few safety tips to bear in mind when traveling:

• Make sure all appliances, where possible, including computers, are switched off – this can prevent possible electrical fires, power surge damage as well as save on your electricity bill – especially given the load shedding crisis we are currently experiencing.

• Make sure your water & geysers are turned off – geysers and pipes can burst and cause water damage whilst you are away, and a heavy water bill may await your return.

• Remember to specify all valuables and electronics on your policy as this will insure worldwide cover for the items and peace of mind for you.

• Ensure all valuables are locked in a wall bolted safe if you are not taking them with you.

• Although you might be on holiday, thieves are not – be cautious of pickpockets and always be aware of your surroundings.

• Double check that all windows and security gates are locked and secured before leaving your home.

• Stop all deliveries and ask a friend or neighbour to collect your post. An overflowing post box is a dead giveaway that you are not home.

• If travelling abroad or locally, ensure you have the necessary travel insurance. Things such as inclement weather, sudden illness, medical emergencies, cancellation of flights, lost luggage etc. can cause substantial financial loss.

• Check your tyres, brakes and batteries before setting off on a journey

• Make sure your back up alarm battery is in a working condition so as not to be vulnerable during possible load shedding. Test your alarm system with your security company before going on holiday. Clear signage indicating that you make use of a security company may also help to discourage burglars.

• Make sure you have your Emergency Assist number saved on your cell phone in case of any roadside, home or medical emergency. Please contact us if you do not currently enjoy this extension and wish to activate same.

Please feel welcome to contact us should you have any queries or need any assistance.

Wishing you happy holidays from everyone at AIB Cape.

December 12, 2019

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A HEADS UP TO GET YOU ‘TRAVEL’ READY THIS FESTIVE SEASON

As you may be aware, most industries shut down over the holiday period including some motor vehicle repairers.

In the event of you having an accident or loss during this period, you may experience difficulty in finding a reputable repairer in your area over this period. Our motor claims technicians will, however, be more than happy to recommend repairers closest to you who are operational during this time.

The shortage of available repairers can negatively affect the expected repair time which could result in you being without your prized vehicle for longer than expected. We therefore recommend that, if you have included the car hire option, you consider extending your time limit (in return for additional premium) – the standard car hire period is 30 days, but this can be extended to 45 or even 60 days.

Please contact us should you wish to take up this option.

For clients who have chosen not to include the car hire benefit, you are most welcome to contact us to add the cover prior to an insured event occurring to ensure your peace-of-mind.

Ensure that your vehicle is serviced before heading out on your holiday, including tyre checks.

We wish you a safe, peaceful festive season and a prosperous 2020!

December 11, 2019

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NO POLICY COVERS EVERYTHING (PART 2)

In part two of “no policy covers everything”, we are going to explore some of the common uninsurable events and exclusions that often raise their head.

Some Common Uninsurable Events or Exclusions
On a high level, all reputable insurance companies select their clients and charge premiums, based on the clients risk profile.

Your risk profile is demonstrated in the way you take care of your assets (usually called “Reasonable Care” in the policy), in your claims records, in how profitable you are to insurers, in how thoroughly you read contracts before you enter them, on how well you keep your promises, on how well you maintain your assets, on how well you secure your premises, on how well you mitigate your overall insured risk etc.

If you manage your risk profile well, it is very likely your claims and premium will reduce and in the long run, you will understand and crucially, be far less exposed to the following common uninsurable events or exclusions
• Accidental in Nature…

The cause of your loss must be sudden and unforeseen.

Losses which are inevitable, foreseeable, intentional or deliberate are not insurable – e.g. maintenance or wear and tear is inevitable (in insurance policies they often call this exclusion “loss caused by a gradually operating cause”)

• Public Policy and Compliance with Law…

Insured events are never contrary to the law or to what the public at large deem to be right and moral. In other words, fines, criminal acts, unlawful acts etc. are not insurable.

Conversely, the policy will directly or indirectly require you to comply with the laws of the land and if you fail in this, it is likely your claim will not succeed e.g. you must hold a valid license to drive a vehicle, your car must be roadworthy, you must comply with building regulations, you must comply with gas-electrical-plumbing installation regulations etc.

• Identifiable Events…

Something must have actually happened. Events like disappearance, phantom losses, a machine that just stops working without a determinable and insured cause, etc. are not insurable events.

• Proof of the Cause of Loss, Ownership and the Amount…

Insured events, where you cannot prove what caused the loss, ownership or where you cannot substantiate the amount claimed for, are excluded

• Legal Interest in the Insured Asset Claimed for…

Any insured events, where you don’t have a legal interest in the asset claimed for (either by way of ownership or a responsibility created by contract e.g. a hire purchase agreement) are not insurable. This insurance principle is commonly referred to as an “Insurable Interest”

• Defect in Design or Construction…

Insurance companies are not in the business of guaranteeing a product’s performance or that construction is free of defects. These risks are uninsurable and must be carried by the manufacturer, builder, retailer etc.

• Some Other Examples of Uninsurable Risks are…

War, Bad Decisions, Transactional Risks, Currency Fluctuation and Pre-Existing Damage
AIB Cape Plays a Key Role

As your broker, AIB Cape has got your back. We do our very best to ensure that you make an informed insurance choice at all times, that your premium is competitive (based on your risk profile), that your insurance is placed with a reputable insurer and that we consistently provide you with professional insurance advice and service.

AIB Cape also holds insurers to account at claims stage, by ensuring they pay your claim swiftly and fairly in terms the policy contract.

In Closing

In the final analysis, you would be well advised to remember that no insurance policy will cover everything – there always will be uninsured events and exclusions in your policy, but if you keep your promises and make an effort to check and understand your policy, your insurer will honour their promise to pay you, when insured events happen.

As always, AIB Cape remains at your service.

November 12, 2019

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NO POLICY COVERS EVERYTHING – part 1

In this first part of “no policy covers everything”, we are going to deal with three “inconvenient truths” about insurance.

Inconvenient Truth One:
Before You Buy Insurance

Before you purchased insurance through AIB Cape, you would have been asked many questions and sometimes we asked you to complete a proposal form on behalf of the insurer. In addition to answering these questions accurately and truthfully, you would also have told your insurer (via AIB Cape), everything you thought they should know about your risk, even if they may not have asked a specific question about something.

This is called the duty of Disclosure and is an ongoing duty, as a policyholder. Put another way, when you initiate a policy or if your risk changes in any way during the currency of your policy, full disclosure is required – this is a permanent promise you make to your insurer.

It is important to be mindful of the fact, that these documented promises and disclosures you made and continue to make about your risk, directly impact on your policy cover and the premiums you pay and ultimately, the insurance companies’ acceptance of your risk.

For example, you may have promised to set your alarm, to pay an excess, to have an operational immobilizer, that you had no claims with your previous insurer, that you park your vehicle in a locked garage overnight and so on and so forth.

You, also, always make the promise to pay your premium on time.

Inconvenient Truth Two:

After You Buy Insurance

After you have bought insurance via AIB Cape, you would have received a written promise from your insurer stating that they will pay you, if certain things happen, providing you keep the promises you have made – this written promise is evidenced in the form of a policy.

The policy also tells you in detail what they will not pay for.

One of the most important things you can do when you receive your insurance companies promise (the policy and schedule) is to read it carefully, check that all the detail is correct and vitally, make sure you understand it – there are no shortcuts here and this applies every time you endorse your policy or renew it. If you do not understand anything, give us a call or send an email and we will assist you.

If you don’t do this, you will have an unrealistic expectation of how your insurer will respond at claim time.

Inconvenient Truth Three:

Insurance Companies Want To Pay Your Claims and Make a Profit

The good news is that reputable insurance companies actually want to pay your claims quickly and fairly, provide good service at a reasonable price and make a profit. That is how they stay in business.

What they don’t want, is to get embroiled in disputes with their clients – this is both expensive and unfriendly (reputable insurers truly value their customers).

However, they can’t simply forget about exclusions and what is covered in the insured events because that is not what they promised when you purchased their product and if you think about it, to pay more than what they promised would be tantamount to a gift and would be a bad business practice, which effectively would put them out of business.
AIB Cape Plays a Key Role

As your broker, AIB Cape has got your back. We do our very best to ensure that you make an informed insurance choice at all times, that your premium is competitive (based on your risk profile), that your insurance is placed with a reputable insurer and that we consistently provide you with professional insurance advice and service.

AIB Cape also holds insurers to account at claims stage, by ensuring they pay your claim swiftly and fairly in terms the policy contract.

In Closing
In the final analysis, you would be well advised to remember that no insurance policy will cover everything – there always will be uninsured events and exclusions in your policy, but if you keep your promises and make an effort to check and understand your policy, your insurer will honour their promise to pay you, when insured events happen.

Part two to follow shortly.

As always, AIB Cape remains at your service.

November 5, 2019

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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

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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

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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

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INSURANCE RISK MANAGEMENT – PART 2

This is the second article in our Risk Management series.

Winter is on its way, which, hopefully, means rain in the Western Cape. Broadly speaking, heavy rain results in a vast amount of damage to buildings in South Africa every year. Some of this damage can easily be avoided by practising basic risk prevention i.e. weather proofing the building BEFORE the rain comes, for example:

INSIDE CHECK

• Look for any signs of water damage e.g. dark spots, damp, rot, mould, mildew, water marks on the ceiling etc. All these are signs that all is not well with your waterproofing, roof, gutters, drains etc. Call an expert to establish the cause and then repair the damage.

OUTSIDE CHECK

• Inspect roof sheeting and tiles – loose sheeting and broken tiles are dangerous and may allow water to ingress into the ceiling. Also, remove moss and leaves from the roof.

• Bulging and peeling exterior paint are signs that you may have waterproofing issues. Also inspect the integrity of the flashing around chimneys, fireplaces etc.

OUTSIDE CHECK: DRAINS

• Tree roots (a big culprit), foreign objects or any other debris can clog, block or damage your drains, which will lead to overflows, backups etc. and potentially, extensive damage to the building, including mould or mildew growth.

OUTSIDE CHECK: GUTTERS

• Clean leaves and debris from your gutters, grates and down pipes – blocked gutters are a clear risk to the building, as they can cause build-ups of water. These build-ups of water can cause overflowing or deterioration over a period of time and ultimately, can cause cracks, mould or even major structural damage.

• Gutter Guards can be installed to prevent gutters and down pipes becoming blocked from leaves etc. Gutter Guards can also prevent hail from blocking gutters and prevent birds from nesting. Nesting birds can lead to roof and water proofing issues if not attended to.

• Run a hose pipe or high pressure hose down your gutters to ensure clogged debris is removed. Clogged gutters will cause water to come through your ceiling in the event of heavy downpours.

ROOF INSPECTION

We recommend that you arrange an annual roof inspection by a professional, ideally before the onset of the first winter rains – there are a few roofing companies that do these assessments for free. Such inspections may reveal latent risk and damage, which in turn may save you the huge inconvenience of submitting an insurance claim. At the same time you will be actively protecting your insurance risk profile.

REASONABLE CARE

It is also important to consider the policy condition of Reasonable Care (which is found in all insurance policies), as this deals with consequences of not taking due care (e.g. preventative and regular maintenance etc.) to avoid loss. This condition essentially states that you must take all Reasonable Care to avoid loss as insured by your policy. Essentially, your insurers require you to act as though you don’t have insurance cover and to do everything possible, which an uninsured person would do, to avoid loss.

Building insurance essentially only provides cover for certain sudden and unforeseen events that are outside of your control. If your roof hasn’t been reasonably maintained and this has contributed to the damage you want to claim for, you might not be covered based on a lack of Reasonable Care. The condition of Reasonable Care is fair to all policyholders, since it ensures that insurers don’t pay claims that could have been avoided, had the policyholder taken steps to avoid loss i.e. acted, at all times, as though they were not insured.

As always, AIB Cape remains at your service.

May 28, 2019

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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