Dear Valued WICO Clients,
We hope this newsletter finds you well and safe. As we embrace the return to normalcy after the challenges posed by the Covid-19 pandemic, we understand that the journey ahead still requires us to remain vigilant and informed. In this edition, we focus on key areas of concern and offer insights to help you navigate these post-pandemic times.
- Managing Load Shedding Risks: A Collective Approach
Load shedding continues to affect us all, disrupting daily routines and economic activities. While it\’s an unfortunate reality, there are steps we can take to mitigate its impact:
- Emergency Preparedness: Keep essential supplies like flashlights, batteries, and non-perishable food on hand. This ensures you\’re ready for any unexpected power cuts.
- Backup Power Solutions: Consider investing in backup power sources such as generators or solar panels. These can provide a reliable source of electricity during load shedding.
- Energy-Efficient Appliances: Opt for energy-efficient appliances that consume less power. This not only helps during load shedding but also reduces your overall energy bills.
- Smart Energy Management: Embrace home automation and smart energy management systems to optimize power usage and minimize wastage.
- Exploring Alternative Power Sources
- With the persistent high load shedding incidents, many South Africans are exploring self-generated electricity solutions. If you\’re adding these systems to your home or business, it\’s crucial to insure this significant asset. We integrate this coverage into your existing building insurance. Remember to document all components, including batteries, inverters, and solar panels. In some cases, separate theft insurance for solar panels might be necessary. Don\’t forget to provide your Certificate of Compliance (COC), as it\’s a mandatory requirement. Make sure your insurance aligns with your new energy solutions.
- Understanding Electrical Grid Failure vs. Load Shedding
- Electrical Grid Failure Explained
- It\’s important to distinguish between electrical grid failure and load shedding. Load shedding involves controlled interruptions in electricity supply to prevent the collapse of the national power grid. On the other hand, electrical grid failure refers to a total or partial loss of power, which could lead to extended blackouts affecting municipalities and public infrastructure.
- Insurance Coverage During Electrical Grid Failure
- During electrical grid failure, your insurance coverage remains intact. If your claims are unrelated to the grid failure itself, as defined in your insurance policy, you will still have coverage.
- Power Surges After Grid Restoration
- You will continue to have coverage for damages caused by power surges even after the electrical grid has been restored.
- Food Deterioration Claims
- Deterioration of food due to electrical grid failure is not covered. However, you can claim for food deterioration during load shedding, subject to policy limitations outlined in your policy schedule and wording.
- Vehicle Insurance and Grid Failure
- Your car insurance coverage remains active even if traffic lights are out due to electrical grid failure, and you\’re involved in an accident.
- Understanding \”Consequential Loss\” Exclusion
- \”Consequential loss\” exclusion means that losses resulting from electrical grid failure, such as food spoilage, water disruption, sewage system failure, or gas supply failure, are not covered. These losses are not considered insured perils.
- Cover for Electrical Grid Failure
- Unfortunately, it\’s not feasible to provide insurance cover for a complete failure of the electrical grid and the resulting losses.
- Information provided by Auto & General – Proud Partner of WICO.
- Navigating New Vehicle Risks
As we return to regular commuting and travel, new risks associated with certain vehicles have emerged. Here\’s how you can manage these risks effectively:
- Vehicle Safety Features: Prioritize vehicles equipped with advanced safety features such as collision avoidance systems, adaptive cruise control, and lane departure warnings.
- Regular Maintenance: Maintain your vehicle through regular servicing to ensure it operates at its best and reduces the chances of unexpected breakdowns.
- Comprehensive Insurance: Choose comprehensive insurance coverage that includes protection against accidents, theft, and damage.
- Driver Training: Consider enrolling in defensive driving courses to enhance your driving skills and reduce the risk of accidents.
- Alert: Highest Risk Vehicles in 2023
- Are you vulnerable to vehicle theft? Incidents have doubled since last year. In particular, 55% of stolen vehicles belong to the newer Toyota Hilux, Fortuner, Prado, Rav, and Landcruiser ranges, as well as the Ford Ranger. An alarming 63% of these thefts occurred in Gauteng. Manufacturers and insurers have implemented new security measures to combat this issue. Make sure you understand the security requirements for your vehicles, especially those at high risk. We offer sound advice on insuring these vehicles and affordable double tracking systems starting at less than R100. Consider the trusted Gorilla Steering locks to deter thieves. Some insurers have stopped covering these vehicles due to losses exceeding R150,000,000 this year alone. However, we can still assist with coverage from other companies for these high-value vehicles.
- Tailored Insurance for High Net Worth Clients
In response to the evolving needs of our high net worth clients, more insurers are now offering bespoke All Risk cover benefits. This specialized coverage provides comprehensive protection tailored to your unique circumstances:
- Personalized Coverage: Enjoy coverage that caters to your specific assets, lifestyle, and potential risks.
- High-Value Items: Protect valuable possessions such as art, jewelry, and luxury items with appropriate coverage limits.
- Agreed-Upon Value: Work with insurers to determine the agreed-upon value of high-value items, ensuring accurate compensation in case of loss.
- Blanket Cover for All-Risk Items
- Some insurers now offer tailored cover for high-net-worth individuals that automatically includes all-risk items (cellphones, laptops, cameras, jewelry, etc.). This global coverage becomes part of your content cover. If your assets exceed R5 million, inquire about this valuable advantage.
- Navigating Accidents: Essential Steps to Remember
Despite our best efforts, accidents can still happen. Here\’s a quick guide on what to remember if you find yourself in an accident:
- Safety First: Ensure your safety and that of others involved. Move to a safe location if possible and provide assistance to injured parties.
- Notify Authorities: Contact the relevant authorities, such as the police or emergency services, and provide accurate details of the accident.
- Exchange Information: Collect contact and insurance details from all parties involved. Document the accident scene through photos if possible.
- Contact Your Insurer: Inform your insurance provider about the accident as soon as possible. They will guide you through the claims process.
Tips for Handling Minor Accidents
Being prepared after a minor accident can aid your insurance claim process:
- Keep your policy number and the insurer\’s emergency number on your cellphone.
- Capture the other party\’s driver\’s license and contact information.
- Photograph their license disk, registration number, damages, and road conditions.
- Document the make, model, and color of the vehicles involved.
- Report the accident to the nearest police station within 24 hours.
- Gather witness names and contact details.
- If towing is needed, ensure the company is contracted with your insurer.
- Reach out to us for assistance with the claim process.
As we move forward, let\’s continue to prioritize safety, preparedness, and thoughtful decision-making. Remember, being informed and proactive can go a long way in safeguarding our well-being and assets.
Wishing you a safe and prosperous journey ahead.
Warm regards
WICO Team