Monthly Archive for: ‘February, 2017’
10 Facts About Building Insurance

From engineering to building processes of construction, we've got you covered” The construction industry is a highly specialised one, full of its own sets of risks and hazards. That’s why we have a unique and specially developed construction insurance to ensure comprehensive cover. This will protect you against damage to or loss of a building during construction.
Here are 10 simple, easy-to- understand facts about construction insurance:
1. This category of insurance also covers engineering, civil and development industries.
2. This insurance is interested in minimising the financial risk to investors and builders, of an uncompleted building.
3. It covers the expensive machinery that is often used in the process of building and engineering. It protects against human error, accidents, general wear and tear and damage in severe weather.
4. Construction insurance will also cover any damage done to property from accidents or equipment failure.
5. Here at Compendium, we will also insure contractors, property owners and other liable parties against claims that may come from an injured worker.
6. Construction insurance covers all risks and liabilities during the construction of roads, bridges and dams.
Know that your machinery and livelihood is protected 7. There is also a contingency policy that covers loss or damage that may occur during dismantling, transit or erection.
8. Your plan can be extended to include cover for testing new machines and equipment. This can be a risky and unreliable task, but at Compendium, we make sure you're fully protected.
9. A building site can be dangerous and unpredictable. You never know when your machinery could break down. Construction insurance can be extended to incorporate the loss of profit you may experience when machinery and equipment breaks down.
10. Construction insurance also takes care of the hiring costs and charges for any equipment and machinery you may require.
Here at Compendium, we will tailor-make construction insurance packages specifically to your needs. If you have any questions, don't hesitate to contact us and speak to one of our brokers on 087 724 9390.

Top to Bottom Home Contents Cover

Your home is your safe space, it's where you keep your most precious belongings and it's where the heart is. At Compendium, we know this and we want to help protect the things that are precious to you.
What does household insurance cover? We cover a long list of items. From garden furniture, the contents of your tool shed, garage, maid’s quarters and expensive jewellery – we want to ensure everything important to you is covered.
How would I go about calculating the sum insured? When taking out household contents insurance, you should insure your possessions for their new replacement value of the entire moveable contents of your home.
We offer comprehensive Household Contents Cover that will protect you from all possible fatalities What am I protected against? As a valued Compendium customer, with household contents insurance, you are covered against 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 There are also extended cover options and extensions which you can add to your household contents insurance. One of our brokers can help you set this up with the greatest of pleasure.
Call us today for a quote: 087 724 9390

Key Person Insurance: How It Works

Whether it’s a great leader, a CEO, or an HR director, every business has a few employees that they just can’t afford to lose. For many companies, losing a vital member of staff means financial losses and dips in productivity. But did you know that Key Person Insurance is a type of cover that prevents these costly losses?
Key Person Insurance can really benefit your business and protect the most vital asset a company has, it’s people.
Should you take out Key Person Insurance, a few key personnel will be listed on your policy. These would be the people who matter most to the operation and direction of your business. This means that you’ll need to sit down and think carefully about who should feature on this policy.
What does it offer cover against? A policy like Key Person cover offers compensation for losses, injuries and incidents that might leave you understaffed due to incapacitation or death. In the event of the passing of a staff member listed on your policy, you would be able to claim. The proceeds of your claim could be used to find a new staff member, train up an existing employee to fill their role, or hire a temporary replacement until a permanent one is found.
Cover in the event of a worse case scenario Should the loss of a key person leave the business in financial ruin, you can use the claim proceeds to wind up the business with little financial hassle. Although this isn’t an ideal situation, you’ll at least have a little financial relief in the matter.
Are you properly covered? With so many elements to manage within a business, it’s no surprise that so few companies have this type of cover. Sadly, many business owners only realise its importance, once a tragedy has occurred that leaves a vital member of staff incapacitated or deceased.
Could you afford a costly loss or incapacitation? As mentioned above, many business owners only know the answer to this question once it is simply too late. But you don’t have to leave this to chance; the right policy could make all the difference. If you think your company might benefit from a policy just like this one, why not chat to a Compendium broker? We’re more than happy to contact you at your earliest convenience and tailor this cover to suit you. For more information click here or call us today: 031 242 6800.

A Beginner’s Guide To Home Insurance

As any homeowner knows, your property is your pride and joy! You worked hard to get it, and a home is more than just a structure, it’s the place where family memories are made. Home insurance is an important part of preserving this part of your legacy for your family.

If you are a first-time homeowner, this kind of insurance might seem a little vague and confusing, but not to worry. We’re here to take the guesswork out of keeping your home covered, for your peace of mind. Here’s a beginner’s guide to insuring your home:
What is home insurance? Home cover is a policy taken that prevents structural losses stemming from weather damage, fires, floods, natural disasters, leaking pipes, accidental impact, attempted theft, or malicious damage. Please note that this differs from a household contents policy, that protects the assets inside your home. Although this is an equally necessary type of cover as well!
Why is it important? Think about it this way, your house is the most valuable asset that you might own. This makes it imperative to have sufficient cover that protects you against huge losses and potential financial ruin, possibly due to completely unforeseen circumstances that could not have been planned for.
Cheap vs. affordable… Sure, you have a few options when it comes to home cover but always remember one thing: cheap insurance and affordable insurance aren’t the same thing! Heaven forbid you need to claim; you’d rather have a trusted, comprehensive, and affordable policy to fall back on. Cheaper policies could mean that you, the homeowner, gets the raw end of the deal. This is both devastating and expensive, so it is best avoided.

Do your research You need to look around and get comparative quotes to ensure that you’re getting a good policy at a rate that won’t break the bank. Check out websites and ask for referrals from friends who have been down the home insurance road before. Once you have a few quotes, tabulate them in a spreadsheet so that you can compare them easily. It is worth compiling a set of relevant questions you can ask potential providers, such as exactly what is covered, whether there are excesses and what they are, what the claims process is and how long it takes for claims to be paid out. Make sure your decision is based on more than just price, although obviously that is important. However, any money spent will be wasted if you are not sufficiently covered in the event of an emergency.
Reputation is everything By choosing a well-known name in the insurance game, you’ll be more likely to get the customer service and product variety that you’re looking for. You’ll also be looking at more competitive pricing; as larger companies are in a position to offer better discounts based on volume. They also generally have more efficient contact procedures in place, so any queries, complaints, or claims can be handled efficiently and settled quickly.
At Compendium, we’re proud to offer affordable, effective home cover that can be tailored to suit your needs. We strive to give every client the service they deserve when insuring their most treasured assets. Have you got some questions you would like answered around home insurance? To have your queries answered in a friendly and straightforward manner, click here or speak to one of our brokers over the phone: 031 242 6800