Why business insurance must be reviewed and updated regularly
The financial fall-out from a policy that is not up to date only becomes clear when a claim is submitted, and it is repudiated or not paid out in full.
The investigation into the Road Accident Fund has uncovered a significant rise in default judgments, accumulating to R4.7 billion from 2018 through the second quarter of 2023.
The financial fall-out from a policy that is not up to date only becomes clear when a claim is submitted, and it is repudiated or not paid out in full.
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The policyholder did not disclose two previous ‘minor’ incidents involving a different vehicle and a different insurer.
The consultant should have provided the available options to the insured and left it to the insured to decide which category best suited his business.
Steps the insured can take to enhance the likelihood of a successful claim.