General

The much-anticipated and Auspicious Leads 2 Business Awards Evening was recently held at the tranquil Tala Game Reserve.

Highlights of the evening was the presentation of several Awards to personalities who excelled commendably. The winners were presented with a commendation certificate, a stunning photo book and a floating trophy. In addition, awards for 5 years and 10 years long service were also presented.

 

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Congratulations and Well Done to all the Award Winners!

Happy Holidays

Thank you for your support this year.
Please take care, stay safe these holidays and enjoy your well-deserved break!
From all of us at Leads 2 Business, we wish you a peaceful and prosperous 2019,
and look forward to seeing you in the New Year.

 

 

Funny excuses written on insurance claims.

Insurance fraud is no joke, but below are a few funny insurance fraud and claims :

• “I thought my window was down but I found it was up when I put my head through it.” Probably not the most effective way to think with your head”

• “I was driving along the motorway when the police pulled me over onto the hard shoulder. Unfortunately I was in the middle lane and there was another car in the way..”

• “Going to work at 7am this morning I drove out of my drive straight into a bus. The bus was 5 minutes early..”

• “A man in Washington State nearly got a taste of his own medicine when he attempted to kill a spider with a makeshift blowtorch. Using a cigarette lighter and a can of hairspray, he promptly set fire to his towels and the bathroom went up in flames. His insurance claim was refused because it was deemed a ‘deliberate act”

• “There’s a WHAT in your soup? Carla Patterson tried to defraud a Virginia Cracker Barrel restaurant for a $500,000 insurance settlement after claiming she found a mouse in her soup. An investigation found that the mouse didn’t have any soup in its lungs and never was cooked. She was sentenced to one year in prison”

• “For 7 years between 1993 and 2000 Isabel Parker pretended to slip and fall in various locations. After doing it nearly 49 times she filed insurance claims worth nearly a millions dollars. Unfortunately for her the insurance company didn’t fall for it”

• “The accident happened because I had one eye on the lorry in front, one eye on the pedestrian and the other eye on the car behind.”

• “A woman in the USA who had accidentally baked her cellphone inside a birthday cake had her insurance claim denied”

• “In Greece, a British tourist was so busy looking at a group of girls that he ran into a bus shelter and broke his nose. He was lucky – his insurer paid out for his medical treatment”

 

Think the next time you lay a claim with your insurance, make sure it is sensible and that it does not land up on the funniest insurance claims list.

 

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Sources:
List 25
Admiral
Not Always Right
Quora

 

What is Contractors All Risk insurance?

From the conception, construction sites face a variety of hazards that could cost the contractor and all those involved both time and money if they do not have the best resources in place.

➔ What is Contractors All Risk Insurance?
Contractors’ all risks (CAR) Insurance (also referred to as contract works insurance) is a non-standard insurance policy that covers all risk normally associated with a construction project.
CAR insurance coverage is common for construction projects such as buildings, water tanks, sewage treatment plans, flyovers and airports.
With Contractors All Risks insurance, the insurance company will pay for the partially completed extension to be re-built, so you don’t have to. Without this level of protection, having to pay for the materials and labour costs in rebuilding the extension could cost a small fortune and may even render your company bankrupt.

➔ What does Contractors All Risk Insurance cover?
All Risk Insurance covers all types of building and civil engineering construction including, residential housing or estates, commercial development (such as office blocks, warehouses and shopping centres, hotels, institutional developments etc.) and civil infrastructure (such as roads, dams, storm water and pipelines), protecting the insured against the dangers that may threaten these works whilst under construction. It covers the work you are currently doing on a building site and can be designed to pay for the cost of repairing or restoring anything that is damaged or destroyed, including the cost of the labour, materials and tools.

➔ What are the types of risk in Construction Projects?
1. Property damage – damage to property can include improper construction of structures, damage that happens during a renovation and damage to temporary work erected on-site.
For example, You’ve almost completed a house extension when there’s a fire on site and the extension is partially destroyed. Your contract works insurance covers the cost of repairing the work however the client would be responsible for damage to the existing structure.
Or, you’re building a new commercial property when heavy winds and storms rip off the roof. Your contract works insurance covers the cost of replacing the roof.

2. Third-party injury or damage claims – Third parties, including subcontractors, may also become injured while working at the construction site.

➔ Who is liable to get the Insurance?
The responsibility for getting Contractor’s All Risks insurance falls on the Contractor. CAR coverage may be extended to cover the interests of manufacturers, suppliers, contractors, and subcontractors.
Taking all of the above into consideration, it is important that contractors acquire the necessary cover for their particular projects in order to ensure that they do not experience any unnecessary loss following an incident.

 

To view more articles, please visit the Leads 2 Business Blog.
If you are interested in becoming one of our subscribers, please visit Leads 2 Business.
To view notes with screenshots on how to use our website, please visit the Leads 2 Business Wiki.

Sources:

Investopedia
Consort
Business Dictionary
Design Buildings
Civilsure

Insurance: Expectation vs. Reality

That Piece of Paper that helps you:

1.  Own a home
2.  Drive a vehicle
3.  Help cover healthcare costs and legal expenses

The Question I think should be asked is:

Do we fully understand the contract deals, terms?
Truth be told, your broker can never explain EVERYTHING to you and who has the time to read all the fine print? Hence we then make hasty decisions based on our expectations.
Some of us get sold with a just a single telephone call without giving ourselves time to study the facts.

Expectations vs Reality

Our Expectations:

Can be based on a lot:

How well known is the insurance company?
How long has the company been around?
Who uses them?
How often and how well the company trends and advertises themselves.
Positive feedback from existing clients

An individual has the following expectations:

• A Lump sum pay-out
• No premium increases
• Saving
• Expect the Insurance company to be on your side
• Get a pay-out even when we know that our premiums have not been constant
• Inherited pay-outs

The Reality:

Insurance can offer you a second chance, a new beginning and a brighter future if all is correct and in order.

• There is an insurance that suits you
• Insurance cover is generally much cheaper when you are younger and healthier
• You can insure just about anything these days
• Think about the effects of missing one premium
• Some Insurance pay-outs are TAXED
• Insurance is a piece of mind, you rest well knowing you are protected

 

Accidents and Death are unfortunately inevitable for every home no matter the age, we will all come across unexpected issues in life that would require us to be able to take care of ourselves.

 

 

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6 Things about insurance you are too afraid to ask.

I know in the world we live in, things change on a daily basis and I am sure everyone is aware that so does your insurance.
Do you really know what you are covered for? Are you paying too much for your Insurance? And my ultimate favourite are you over or under covered?

When searching for affordable insurance you need to ask the most important questions that you might be too afraid to ask as you may think that it is not relevant or the insurer is on top of it.

Let’s have a look at the top questions that you should be asking when looking for insurance or even query with your current insurer so you are not left in the dark when you need it the most.

• What type of insurance do I need to cover me?

When sitting with your financial advisor it is always important to dive into as many questions as possible in order to get the satisfied outcome you desire.
You need to know exactly what insurance will be best for your company and will allow for you to have peace of mind that all your assets/labour are covered in any event.
Not getting the right policy might put you in a position where you will have to personally cover an accident/theft.
Present all your assets/labour to your financial advisor so they are aware of exactly what you need and let them draw up a policy that will be best suited for you.

Do not take any insurance out on a whim!!

• Do you know the Insurance Company you are buying from?

It is always good to know the insurance company’s competitors within the industry so you know the type of quality you will get from them.
Find out a bit more from the insurance company, small things might make your decision a bit easier or deter you from the company completely.
Know how they will treat you, you do not want to find out about your insurance company after it is too late and you have already spent unnecessary costs on cover with a company that did not meet your expectations.

• After sale service?

Always find out from your financial advisor if they have after sales service and what they do to keep a customer happy. After sale service is very important and can help you become a long standing client and remain happy with the Insurance Company you are with. You as a customer need to know who your contact person is and if you come across any issues they will be handled professionally and on time.

Bad service = unhappy client (You do not want to get yourself in that position)

• Fine print and cost?

Of course this will also be the breaking point for you as a potential client. You need to ensure you know all costs involved in taking out your insurance, you do not want to sign and give the go ahead and when payment is made it is not what you expected. Ending up paying for “Hidden Costs” will not help if you as a company have a certain budget and thought you were paying a certain amount but in reality that is not the case.
Always read your Ts & Cs!!

• What does your financial advisor gain from you taking out insurance?

This question is one that people stay away from mostly, you do not want to ask a personal question to your financial advisor about what he takes home from your deal. But it is something you as a client can find out, paying too much can be a result of how much your financial advisor is making it is always great to have that open communication as you are in this together.

Negotiation is the key to seal the deal!!

• Over Insured?

You as a potential client do not want to end up paying for insurance that you do not need. It does not necessarily mean you will never need it, but right now do you need to be over covered?
This is why the policy needs to suit your current position and focus on important things that you need assistance with.
Ensure you ask your financial advisor or insurance company to send you a breakdown of exactly what you are covered for so you are able to tweak what you need to ensure you know you are paying for exactly what you need.

 

 

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Contractors, Ensure You’re Insured!

Accidents, theft, negligence… the list goes on. All of these events could cost you dearly and insurance has become somewhat of a necessity in protecting companies and individuals from the harsh financial implications.
I have spent the past few days studying the various construction-related insurance products that are on offer from the many insurance companies in South Africa, as well as some of the scenarios where insurance could come into play.

Sadly, many injuries and deaths have occurred on construction sites and it is so important that contractors have insurance to cover for these unfortunate events. In one incident in South Africa this year, construction workers were hospitalised after formwork collapsed on them. In a separate incident, in 2017, a construction worker died after falling from scaffolding. Where loss, damage, injury or death has occurred as a result of a structural collapse or any other type of works failure on site, the insurer is likely to determine whether or not the structure or construction works complied with the National Building Regulations (NBR). South Africa’s National Building Regulations are a set of guidelines for construction. Failing compliance, insurance claims could be rejected.

Theft of construction equipment and machinery; damage caused by strike action, riots and violent protests as well as machinery breakdown are other examples of risks that contractors are facing. Thankfully, all of these events can be covered by insurance.

Read on to learn about a few of the insurance options that offer cover against the above-mentioned incidents.

Contractors All Risk (CAR) Insurance
CAR policies cover construction companies against loss or damage caused by fire, seasonal risks, natural disasters, vandalism, theft, liability and other possible incidents, depending on the cover that your preferred insurer offers you. It is important to note that not all CAR policies offer the same amount of cover. The duration of the cover commences at the start of the construction works and ceases when the contract is complete.

Public Liability Insurance
Public Liability Insurance can be included in CAR policies or taken out as a policy on its own, and covers against death or injuries to third parties as well as damage to the property of third parties. The main contractor assumes liability for activities carried out on site by any representatives of his company.

Plant All Risks (PAR) Insurance
This type of insurance is also referred to as Contractors’ Plant and Machinery (CPM) insurance and Contractors’ Plant and Equipment (CPE) insurance and covers construction plant, machinery and equipment against loss or damage caused by unforeseen circumstances. A CAR policy can cover plant, however, specific types of plant are only used for a small portion of the total construction period and are then moved to another site. PAR insurance would be a more suitable type of cover for these specific machines, in comparison to CAR insurance. Often, contractors will opt for a PAR policy that can be renewed on an annual basis, covering the various plant that is in operation on different sites during the course of the year.

Machinery Breakdown Insurance
Contractors can insure against unexpected mechanical and/or electrical breakdown of machinery. Under this type of cover, claims cannot be submitted for any expected breakdown arising from general maintenance requirements.

Special Risk Insurance
The South African Special Risks Insurance Association (Sasria SOC Ltd) is a state-owned entity offering short-term insurance and provides cover against loss or damage caused by violent protests, riots, terrorism and similar circumstances. SASRIA cover can only be arranged by a broker.

The aforementioned insurance policies are most-certainly not the only options that contractors have, as there are many other policies that can be taken out. That being said, contractors have a range of options to choose from in order to protect their companies and assets by ensuring they have the necessary insurance policies in place. Contacting a broker who specialises in construction insurance could pave the way for hassle-free insurance claims, should the need for a claim arise.

 

To view more articles, please visit the Leads 2 Business Blog.
If you are interested in becoming one of our subscribers, please visit Leads 2 Business.
To view notes with screenshots on how to use our website, please visit the Leads 2 Business Wiki.

Sources:
CivilSure
Carl Greaves Brokers
RBS
Master Builders Insurance