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Monthly Archive for: ‘February, 2017’

You keep your most valued possessions in your home, so it’s vital you protect them with home contents cover. If you already have home insurance, you might think your belongings are already covered, but actually this isn’t the case. Read on to find out why it’s essential to have both contents and building insurance.
Home insurance, also known as home-owners insurance or building insurance, covers the structure of your building. As a home-owner, you know the value of the roof over your head, but it’s important to remember that home insurance only covers the bricks-and-mortar elements of your building. This means if your house is damaged by flood, fire, accidental impact, etc, you can claim for the rebuilding costs and any essential fixtures.
Home insurance also covers any outbuildings, security systems, pools, gates and gate motors, patios, walls, driveways, aerials, and many other items. (Ask your broker for full coverage details.) You can claim for the replacement, rebuilding, or repair costs for all the buildings. Make sure when calculating the sum insured that you measure it according to the rebuilding costs rather than the market value, and also factor in demolition costs, professional fees and public authority requirements.
So, if you’re already in possession of home insurance, you might think you’re sorted. However, home insurance actually only covers the building. You therefore need to combine your insurance with home contents insurance, and that way your possessions will be covered too.
Household contents insurance protects your most valuable possessions. We know how sentimental the contents of your home can be, which is why we offer such a detailed and extensive home contents cover (also known as contents insurance cover).
Household contents insurance covers a wide range of items from the contents of your tool shed, garage, maid’s quarters, and expensive jewellery.
As a valued client, your household contents insurance will protect you from the following:
Weather conditions such as wind, rain, lightening, storms, snow, water damage, earthquakes and hail Fires Explosions Burst, leaking, or overflowing pipes and geysers Theft and attempted theft Malicious damage carried out by someone other than you Impact from vehicles, falling trees and aircrafts Also included in your household insurance sum is cover for accidental death, medical and veterinary expenses, trauma and veterinary counselling, and much more.
If you have any more questions or need help with your insurance call us today for a quote: 031 242 6800.

Five Things To Know About Boat Insurance

You own a boat to get away from stress – not to create more. Choosing an insurance policy for your boat can be challenging, particularly if you've never done it before. Steer clear of additional stress with these five things every boat owner neveds to know about boat insurance.
Types of Cover Don't wait until disaster strikes, make sure your boat is completely covered. There are two core principles that form the backbone of all marine coverage.
Liability coverage
This ensures your legal obligations to third parties are covered in the event of injury, loss of life or property damage occurring due to the usage of your boat.
Physical damage
This covers damage or accidental loss to your boat and its machinery – including the hull, engine sails and any equipment that is necessary to operate your boat.
Is your boat still covered when it is out of the water? Value versus money When looking at different policies, be sure to check whether your physical damage cover falls under agreed value or actual cash value.
Agreed value
This means you will be paid the amount stipulated on the policy in the event your boat is considered a total loss. An amount is agreed upon by the insurer and insured upfront.
Actual cash value
This option doesn't provide as much coverage but the premiums are usually lower. Rather, you will get back enough to replace your boat's market value at the time of the claim. The depreciation, current market value and condition of your boat will all be taken into account when deciding how much you will receive.
Trailer and transport coverage Interestingly enough, when your boat is out of the water and on a trailer, it is still covered. It isn't covered if your boat is being towed on a trailer, and the trailer causes damages to third party property. This would not be covered by your boat insurance but would need to be included under your motor policy.
However, when the trailer is not being towed and either on the dam bank or boat club slipway whilst you are using the boat, there is cover for physical loss of or damage too but no liability arising therefrom.
Policy Limitations Most policies have territorial limitations. For example, at Compendium, we offer coverage that applies to any body of water within Southern Africa, and extends as far as 12 nautical miles from the coast of South Africa, Namibia and Mozambique. Ensure you check that your policy covers you in the locations you wish to visit. Certain policies may even exclude certain high-risk areas.
Additional Coverage How much are you rally covered for? A good policy will include coverage for the following liabilities:
Medical payments: This covers your first aid, ambulance and hospital costs in the event of an accident. Passengers who were also injured will be covered too. Towing and assistance: This will ensure the cost of boat towing, emergency repairs, fuel delivery while at sea, and any other emergency assistance is covered. Personal property: This covers the loss of any personal items such as clothes, gear and more. Third party liability: This cover is not obligatory, but it covers you and your passengers in the event of injury caused by another boat owner who has no liability cover. What do we cover? We offer highly flexible cover for a wide range of vessels, including boats, dinghies, yachts, cats, and jet skis. Boating equipment and boating accessories also fall under the cover of this policy. However, should you require more specialised cover, we do offer policy extensions.
For more information on our policies, please contact one of our brokers today.

Benefits of Disability Insurance

Know your loved ones are taken care off As we go about our daily lives, we cannot plan for the unforeseen. Accidents and illnesses can happen, at any time, to anyone, so it is important to have disability insurance that safeguards you against the unpredictable.
Disability insurance is a necessity, particularly if you have loved ones and a family who depend on you. If anything should happen to you, would they be protected? These are some of the difficult questions we have to ask ourselves.
At Compendium, we want to help you as much as we can, tailoring our insurance to fit both your lifestyle and profession.
With this in mind, here are a few benefits offered by disability cover:
Following an illness or accident after which you are unable to work, we will see to it that your family’s basic needs are met. These include rent, school fees, utility bills and other monthly expenses. It is important to state your occupation so that we are able to remunerate you with maximum cover. If you are employed, and have exceeded your sick leave, with disability insurance, you can rest assured knowing it will pay out a monthly income to you. In addition to disability insurance, you can also take out further cover to be sure that any costs from a forced lifestyle change are taken care of. If you happen to have stand-alone policies for example: life insurance – claiming for life disability insurance will not affect these. You can also choose the cover option that best suits you. You can be paid in a lump sum, which is useful if there are large medical bills to pay. Or, if you prefer, you can request a smaller amount up front and thereafter receive monthly payments. This policy’s pay-out is also linked to inflation, which benefits you, as it ensures you don’t have to stress about how your disability insurance is going to last you as the cost of living increases.

All Your Car Insurance Questions Answered!

Are you looking to take out car insurance? Well, you’ve come to the right place, as here at Compendium, we offer a wide range of car insurance tailored to suit your needs.
We know how daunting the thought of insurance can be, so we’ll keep it simple and straightforward as we outline everything you need to know about motor vehicle insurance.
Does Compendium only offer car insurance? The good news is we not only insure your car, but your motorcycle, trailer, quad bike, 4×4 and even your caravan! We will cover these against damage or theft and in addition to this, there are optional extensions to suit a more adventurous lifestyle.
Are there any extra services offered by Compendium to its clients? There are many additional benefits, one of which is Compendium Assist. This is an exclusive service available to our customers. We provide a 24/7, 365 days a year emergency assist, for which we’ve partnered with the Automobile Association of South Africa.
How does Compendium calculate the sum? Well, we insure your vehicle at its current retail value. This ensures that our clients are put in a place of strength, should anything happen to their vehicles. We obtain the value of your asset from the Auto Dealers Guide, so we’re sure it’s the best possible price.
Our bokers are always here to help you How should I define my vehicle when insuring it? Well, you need you to specify your car or leisure item under the right definition. These are the three different categories:
Private use, then secondly, business use and thirdly, business use with light delivery vehicles and motorcycles Business use for motor vehicles only Business use for light delivery vehicles and motorcycles only What type of cover can I get? There are three types of cover options. You can choose from the following:
Third Party Fire and Theft Comprehensive Cover Third Party Only – this is the most limiting cover option What kind of cover will these protect me from? You will be covered for the loss or damage of your vehicle that is stated on the schedule. We, at Compendium, will then assess the situation and choose to repair, replace or pay out the sum of the loss or damage for your vehicle, minus the first amount payable.
Do you insure all car brands? We insure a wide range of well-known. Some of which include:
Volvo Kia Honda Nissan Hyundai BMW Do you have any more questions? If so, fire away, we’re here to help. Visit www.cig.co.za for more info.

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