Welcome to the second Acuideas e-Dition – here to keep you up-to-date on products, services, industry news and everything Acuideas.

Did you know?

SASRIA has announced that they will implement rate increases. We will communicate the increases to you upon receipt of the new rates.

More than a month has passed since South Africa was shocked into reality by the civil unrest and disobedience, which took the form of plundering, pillaging, looting and arson.Given the economic, social and political climate we find ourselves in, it would be a foolhardy client who does not insure against the risks of these ills happening again. As with all lessons learned, we as intermediaries need to revisit the following:

1. Ensure the underlying sums insured are accurate and adequate for reinstatement. This includes making allowances for professional fees (at least 15% recommended) plus demolition and debris removal costs (at least another 5% recommended). Then one needs to look at approximate rebuilding periods and the effect inflation can have on these costs during the rebuilding period.
2. Ensure that the business interruption indemnity periods and sums insured are adequate to allow the client to not only rebuild, but gain lost market share and get the business back to where it would have been had the unrest and looting not occurred. Also remember to add the 15% VAT back to the sums insured once these have been calculated.
3. Ensure that the sums insured under SASRIA have been reinstated pro rata from the date of the loss and that the additional pro rate premium has been paid.
4. Prepare your clients for the SASRIA rate increase, which is coming soon, from 1st October 2021. These rate increases will be announced shortly but are very likely to be significant.

One thing the Covid19 claims should have taught us is that the business interruption sums insured, and scope of cover needs to be revisited, and the same applies to the SASRIA cover. We should ensure that the SASRIA policy is extended to cover those extensions which apply to the underlying policy and that the indemnity period and the sum insured has been correctly projected to cater for the indemnity period.

Rate increases will always seem to occur at the most inopportune time. The economy is still struggling, as are many clients, as they have had to get to grips with the impact of both the recession and Covid19 on their businesses. SASRIA can be considered a potentially catastrophic loss, so when advising clients, we always recommend reviewing the catastrophe risks first before looking at more operational risks – such as theft, cellphone or laptop losses, minor car accidents, and the like. If the SASRIA rate increases are of such a nature that there will be a significant additional cost burden, then one will have to undertake a detailed review and assessment with your client.

If you require any assistance or advice on SASRIA-related matters, please get in touch with your Acuideas contact.

At Acuideas, your clients’ safety and wellbeing remain our top priority. This is why we’re proud to introduce the new RESQ1 product – an emergency protection service that is available to your clients when they’re under duress in any of the challenging circumstances that are covered by the innovative new product.

Both individual and commercial products are available, covering events that may include, but are not limited to:

1. Road accidents
2. Vehicle theft and hijackings
3. Home or business invasions
4. Medical emergency services on the road, at home or on business premises
5. Intimidation or threats on the road
6. Predetermined external threats to business, not relating to civil unrest, riots and strikes

To learn more about RESQ1, and how it can give your clients peace of mind on their day-to-day endeavours, contact Acuideas.

Meet: Lee-Anne Williams, Broker Support Administrator

When did you join the company and why? 

I joined the company in mid-November 2017. Acuideas has a good reputation and takes care of its employees; the company definitely has a bright future. I love working in a team that has the same goals set. I believe that my insurance background has a positive effect on the development on the company, as well as my own development. I would love to continue to deliver good work and grow within the company, while learning new skills. I know that I can thrive in a company where innovation is at the forefront of everything they do. The Acuideas brand is a natural extension of my own beliefs.

Your role in the company and the team.

Review and update insurance policies for clients, whether a large company or an individual, on a regular basis to ensure accuracy and efficiency. I’m responsible for data entry, customer service and reviewing policy documents. In the team, I use my strengths in constructive ways that will help the team to be productive. A good team is a team that is collaborative, hardworking and resourceful.

I am interested in pursuing my studies. I’m determined and hardworking, and I set goals for myself. The most important thing for me is to improve my growth mindset, be more proactive, stay open-minded to new opportunities, learn from my failures, learn something new, be persistent despite the obstacles, and lastly, live the Acuideas values.

Question:
Name one of the CareTaker sections that does not automatically include SASRIA cover.
_______________

Send your answer by e-mail to enquiries@acuideas.co.za. The correct answers will be entered into a lucky draw where the winner will be informed via e-mail and announced in the next e-Dition.

Prize:
Woolworths Voucher to the value of R250

T: 012 003 0100
F: 086 206 2197
E: enquiries@acuideas.co.za