Insurance definitions: Capital additions
In order to protect their financial interests, property owners take out insurance policies providing sufficient cover against loss of, or damage to the property. The insurance policy is usually contracted…
trustee insurance
Increased replacement values
In terms of legislation, “…trustees shall take steps to insure the buildings…to the full replacement value thereof…” In addition to this obligation, legislation also states that “Any owner may…increase the…
A picture is worth a thousand words – using photographs in insurance claims
In a property insurance contract, it is the responsibility of the client to ensure there is full disclosure to the insurer when declaring the details of the property to be…
News on Insurance and AGMs – Proposed New Insurance Rules
Under current prescribed management rules, the trustees need to see to it that the schedule of replacement values (SRV) is presented at the annual general meeting for consideration and approval.…
The valuation and the proposed prescribed rules
(Updated 15 January 2025) In this short article, we unpack the prescribed rules, pertaining to the valuation, and effect of insurance presentation. These are the prescribed management rules as set…
The Definitions of Insured Values – Part 2
Insurance is a contract between the insurer and the insured, and as such it is subject to numerous terms and conditions as contained in the policy wording. Beyond this contract…
The Definition of Insured Values – Part 1
Insurance is a contract between the insurer and the insured, and as such it is subject to numerous terms and conditions as contained in the policy wording. Beyond this contract…
Claim settlement of a destroyed section
The matter of market values (purchase price) and replacement values (rebuilding costs) has been the subject of many discussions, but it’s important to distinguish these two values from each other.…
The role of the loss adjuster
What is a loss adjuster? Loss adjusters are independent claims specialists appointed by the insurer (insurance company or underwriting agency) to investigate the larger, more complex or contentious claims on…
16 Tips to Reduce Risk Before Going Away
(Updated: 30 September 2024) It’s that time of the year again; everyone is rushing around and carrying out final tasks so they can go on holiday. Sometimes, we are in…