Business Insurance

Commrisk is a National specialist in Commercial Insurance that offers insurance broking services and technical administrative capabilities on all types of businesses. Our focus is on finding the correct solution when a company's size and complexity demands an innovative, integrated risk management approach.

PRODUCTS AND SERVICES – TRANSPORT DIVISION

Heavy Commercial Haulage Fleets, Buses, Light Delivery Fleets, Motor, Goods in Transit, Stand Alone Products, Pollution & Environmental Liability

Motor
  • Comprehensive
  • Cell Captive facilities
  • Aggregate Fund
  • The burner basis
  • Excess buy down for own damage, theft/hijack and third party
Comprehensive Motor Insurance
  • Covers own damage, fire, theft, windscreen and third party cover.
  • Offers cover in South Africa, Lesotho, Swaziland, Botswana, Namibia, Mozambique, Zimbabwe, Zambia, Malawi, Angola and the DRC up to Lubumbashi.
  • Third Party liability limit is R5 million. This cover can be increased if necessary.
  • Full analysis of every Insured’s needs plus the choice of several quote options, including a conventional quote, burning costs quote, aggregate quote and a low claims bonus option.
Variations on Conventional Cover
  • Covers own damage, fire, theft, windscreen and third party cover.
  • Offers cover in South Africa, Lesotho, Swaziland, Botswana, Namibia, Mozambique, Zimbabwe, Zambia, Malawi, Angola and the DRC up to Lubumbashi.
  • Third Party liability limit is R5 million. This cover can be increased if necessary.
  • Full analysis of every Insured’s needs plus the choice of several quote options, including a conventional quote, burning costs quote, aggregate quote and a low claims bonus option.
Goods in Transit, Basic excess and Theft / Hijack Excess Buyback

In addition to our conventional cover, we offer:

  • Excess reducer policy additional to the Goods in Transit excess cover provided by the Goods in Transit policy. This reimburses the basic excess in the event of theft or hijacking loss recoverable under the Goods in Transit section.
Goods in Transit
  • All Risks
  • Limited Cover
  • Transport Broker Cover (Contingent Liability Cover)
  • Excess Buy down
  • Cover is tailor made to suit the client’s requirements and includes conventional and transport broker cover (contingency cover).
  • Conventional cover: Insured for the amount of loss or damage to goods entrusted to them for which they are liable.
  • Transport broker cover (contingency cover): A policy of last resort designed to protect the transport broker against financial loss due to sub-contractors not being able to reimburse upon loss or damage to the load entrusted to him.
  • All risks cover is provided for new transport in a fully enclosed, tarpaulined vehicle.
  • Fire, collision, overturning, theft and hijack- specified peril basis- for second hand goods, as well as goods transported in an open vehicle or not fully enclosed or fully covered with tarpaulins.
  • All risks extended to include deterioration of stock losses, including as a result of machinery breakdown or malfunction of refrigeration equipment for periods of not less than six consecutive hours.
Variations on Conventional Cover
  • Aggregate Fund (a form of self - insurance): In order to reduce the annual premium, the Insured
  • If the Insured is able to handle the losses themselves and has a consistent loss history, then consider this product. It is the correct solution for fleets where there is a current risk assessment strategy in place. As the repair costs are generally lower on a cash basis, this is a great incentive to reduce losses and play a key role in the repair process.
  • The Insured will be responsible for all losses up to the maximum amount and equivalent to the Stop Loss limit (see below) on each and every claim, up to the aggregate amount stated on the schedule. Once this limit has been exhausted the Insurer will indemnify the Insured for all losses less the policy excess (a deductible or first amount payable which you are responsible for). Terms and conditions will apply.
  • Stop Loss Limit: All losses that exceed the Stop Loss limit are paid by Insurers. All losses up to the aggregate limit as reflected on the schedule, are allocated against the aggregate.
  • The burner basis (deposit premium clause): A deposit percentage of the premium is allocated to the Profit Share Fund. Should all losses paid or reserved exceed a pre-determined percentage, the premium payable to the Profit Share Fund is paid to the Insured. This process is put in place only where there is a maintainable and verified claims ratio.
  • Profit Share: This can be put in place by negotiating with Insurers prior to the inception of the policy. Up to 100% of premium is paid over a 12 month period. Should the policy run below 60%, a portion of the premium will be refunded.
  • 50/50: Unique product developed for large operations. The package is calculated in the normal manner and is then split into two components: premium and fund. The fund is classified as a non-commission bearing facility.
  • Captive Fund: When paid claims exceed 65% of the earned premium, the cost of the claim will be recouped from the fund until the fund is exhausted. Thereafter the policy will revert back to a conventional basis.
Plant All Risks
  • Basic All Risks cover;
  • Whilst the plant is stored at the Insureds own premises;
  • Is in transit between the premises and the place of use;
  • Whilst being used as a tool of trade or on exhibition/demonstration; and
  • While in transit to the Insureds premises.
Credit Shortfal
  • Settles any shortfall due to the bank following the theft or hijacking or total loss of a vehicle (accident related), less interest, excess and arrears.
Loss of use Cover
  • Covers the Insured for down time by a valid insurance claim.
  • Pays out a cash amount – Example, a minimum R 5,000 per week for a minimum of 4 weeks, or a maximum of R 15,000 per week for a maximum of 8 weeks – per vehicle.
  • Pay-out can be used to hire a vehicle for the Insured.
  • A time excess is applicable.
Deposit Protector
  • Ensures that replacing the Insureds vehicle will be that much easier after a valid settlement of a total loss of a vehicle (accident related), theft or hijacking claim.
Asset Cover
  • General business insurance.
  • Asset All Risks.
  • All forms of Liabilities
  • Marine and Aviation
Driver Death Benefit
  • In the event of the death of a driver this benefit can be used to employ a new driver or contribution towards the funeral expenses of the deceased driver.
  • Available for commercial vehicle drivers only.
Driver Impairment Benefit
  • Pays a fixed amount per day when a driver is hospitalised due to accident related injury.
  • Pay-out may be used to hire a new driver or to contribute towards the medical expenses of the injured driver.
  • Available for commercial vehicle drivers only.
Motor Excess Buy Down Cover
  • Theft/Hijack Excess Reducer: Reduces the total theft/hijack excess on a vehicle up to a maximum of R250 000 per event. Covers the excess should the vehicle be recovered after a theft/hijack.
  • Own Damage Excess Reducer: Reduces accidental damage excess on comprehensive insurance.
  • Third Party Excess Reducer: Covers the Third Party excess due if there is no own damage.
  • Covers are available on their own or may be purchased in one policy for all three.
Pollution Liability
  • Pays for cleaning-up costs at accident scenes incurred by a clean-up companies or municipal representatives such as the fire department.
  • Pays for all amounts which the Insured becomes legally obliged to pay as a result of incidents causing damage to property other than the Insureds own property, including ongoing environmental rehabilitation costs and legal costs.
  • Damages and expenses must result from an incident (pollution release) indemnified in the relevant policy.
  • No motor accident need be involved.
  • Events like, for instance, the purposeful dumping of waste into rivers over an extended period of time will not be covered.
  • Clean-up costs: The Insured will not accept liability or assume any obligation or expense without consent from the Insurer. Our Insureds names are on a “hot sheet” supplied to specific service providers to give companies the peace of mind of 24/7 coverage.
  • Insureds responsibility: The responsible person must take all reasonable measures to contain and minimise the effects of the incident, including effects on the environment and any risks posed by the incident to the health, safety and property of persons; undertake all clean-up procedures; remedy the effects of the incident; assess the immediate and long-term effects of the incident on the environment and public health.

 

An Authorised Financial Services Provider' FSP No.13839

Fourways View Office Park, Block A, 1210 Sunset Boulevard, Lonehill Ext44, Gauteng

T   011 840 7000

E   queries@commrisk.co.za

www.commrisk.co.za

© 2015 Commrisk. All rights reserved.