Dif­fer­ent claims, dif­fer­ent ex­pec­ta­tions

Sunday Express - - BUSINESS JOURNAL -

THERE are var­i­ous fac­tors that can cause an in­di­vid­ual to suf­fer a loss in the short term in­sur­ance in­dus­try.

Fire, heavy rain­fall or wind can dam­age house­hold and prop­erty.

Ac­ci­den­tal dam­ages to mo­tor ve­hi­cles and per­sonal injuries to in­di­vid­u­als can also cause losses.

The com­pen­sa­tion awarded for these types of claims is usu­ally straight­for­ward and has­sle free.

There are how­ever other losses which have a hu­man el­e­ment as the main cause of the loss, for ex­am­ple, theft or loss of prop­erty and money.

A claim for dam­ages to the house­hold prop­erty by wa­ter will not at­tract as much scru­tiny like a claim for stolen house­hold prop­erty.

The rea­son for the lat­ter is that there may be an el­e­ment of sus­pi­cion on the owner when such losses arise and there­fore the in­surer will take all rea­son­able pre­cau­tions to sat­isfy him­self that the claim is gen­uine be­fore pay­ing it.

A lot of claimants get of­fended when they are told that there has to be a break in or out of their house/ build­ing by ac­tual, vis­i­ble and forcible means in or­der for their claim for their stolen prop­erty to be ac­cepted.

We all know that there are many dif­fer­ent ways in which thieves can gain ac­cess into one’s house­hold but if all the op­tions were left open think of how many claims would pour in.

The in­sured’s word is just not enough ev­i­dence to lodge a claim.We also have the theft of mo­tor ve­hi­cles as part of the com­pre­hen­sive mo­tor pol­icy.

When a ve­hi­cle is stolen un­like when it is sim­ply dam­aged the in­surer will, in ad­di­tion to ap­point­ing an as­ses­sor, need to con­firm if the owner had in­stalled the agreed, nec­es­sary de­vices such as an alarm and im­mo­biliser.

While it is nec­es­sary to pay claims as soon as pos­si­ble to avoid in­con­ve­nienc­ing the in­sured, the in­surer may also re­quire a spe­cific amount of time to try and re­cover the stolen ve­hi­cle and some­times in­ves­ti­ga­tions may prove the owner had ac­tu­ally played foul.

A lot of busi­nesses and in­di­vid­u­als in­sure their prop­erty under the busi­ness all risk cover be­cause they travel all over.

Cam­eras, lap­tops and mo­bile phones can be in­sured in case they are lost or dam­aged but what if an in­di­vid­ual just de­cides to sell one of these items and claim it has been stolen?

The in­surer usu­ally drafts the pol­icy in such a way that the prop­erty is not cov­ered if it is stolen from an unat­tended ve­hi­cle and ac­cess to that ve­hi­cle was not achieved through vi­o­lent and forced en­try.

Ev­ery­one wants to make money and they run dif­fer­ent er­rands and it is no won­der why the cover for loss or dam­age to money has nu­mer­ous con­di­tions and ex­cep­tions.

Money is very tempt­ing to steal, even to the in­di­vid­u­als at top management level and un­for­tu­nately loss aris­ing from the dis­hon­esty of such in­di­vid­u­als is not cov­ered.

It is im­por­tant to know ex­actly what is cov­ered in case money is stolen in or­der to take pre­cau­tion­ary mea­sures.

The in­surer will specif­i­cally out­line where, how and how much money should be kept at your of­fices dur­ing the day and night and if those con­di­tions are not ad­hered to they will jeop­ar­dise the claim.

To guard against thieves and to avoid col­lu­sion be­tween em­ploy­ees there are usu­ally spe­cific peo­ple who should be as­signed to trans­port dif­fer­ent amounts of cash from your of­fices to the bank and if these rules are not fol­lowed and the money is lost there will not be any com­pen­sa­tion.

In as much as an in­di­vid­ual may know that they gen­uinely lost their prop­erty it is im­por­tant to un­der­stand that the na­ture of the cause of loss will de­ter­mine how the claim will be treated and if it will even­tu­ally be paid at all.

Newspapers in English

Newspapers from Lesotho

© PressReader. All rights reserved.