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Short-term Insurance

All Risks Cover. Short-term Insurance. Short-term Insurance. Momentum is an authorized financial services provider. What will this course do for you?. After this course you will have an understanding of All Risks Cover Follow the slides to obtain a comprehensive overview

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Short-term Insurance

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  1. All Risks Cover Short-term Insurance Short-term Insurance Momentum is an authorized financial services provider.

  2. What will this course do for you? • After this course you will have an understanding of All Risks Cover • Follow the slides to obtain a comprehensive overview • You will have self assessments to complete during the course

  3. All Risks All Risks refer to: • What? Personal Possessions • Where? Which you wear or normally take out of the house • Who? That belongs to you or to any members of your household living with you

  4. All Risks • The Insured Value will be noted on your schedule • This is the maximum amount we will pay in the event of a claim less: • Excess • Dual Insurance • Under Insurance • All Risks Items must be insured for the current Replacement Value of the item

  5. All Risks • The first amount payable by a client in the event of a claim being paid/settled is: • Default R460 • Minimum R250

  6. Specified vs Unspecified • When the client takes out All Risks Cover, the client will have the option of covering: • Unspecified • Specified

  7. Specified vs Unspecified • It is impossible for a client to list all the items at underwriting stage • These items often change from day to day(example: clothes, shoes, handbags) • A client can therefore specify an overall global amount up to a maximum of R75,000 for all the unspecified items together • This amount will vary based on the client particular needs

  8. Specified vs Unspecified • The maximum amount insured covered per item at claim stage is R1,500 • Example: • A client takes out R8,000 unspecified All Risks Cover, knowing the maximum will be paid out in the event of a claim is R8,000 and not more than R1,500 per item

  9. Specified vs Unspecified • He had been mugged and is claiming for the following items: • Leather Jacket R2,300 • Wallet R500 • Watch R1,100 • His Toupee R300

  10. Specified vs Unspecified • The claim will be settled as follows: • Leather Jacket R1,500 (maximum per item) • Wallet R500 • Watch R1,100 • His Toupee R300 • Thus in total R3,400

  11. Specified vs Unspecified • Under the specified All Risks section all items will be individually specified and noted on the client’s schedule • The client should specify all items worth more than R1,500 per item should he wish to be indemnified • Example: • If the client specified the leather jacket for R2,300 he would have been covered for the full amount

  12. Unsupported vs Supported • Certain risks are “unsupported risks” • This means that the client can take these risks on its own, unsupported by any other risks • Certain risks are “supported risks” • This means that the client can not take these risks on its own as it needs to be supported by one of the unsupported risks

  13. Unsupported vs Supported The unsupported risks are: • Motor • Motorcycle • Contents • Buildings

  14. Unsupported vs Supported The supported risks are: • Caravan • Trailer • Personal Accident • Watercraft • All Risks

  15. Unsupported vs Supported • When a client wants to insure their All Risk items, the client should have Contents cover with Momentum Short Term Insurance • We do however make some exceptions to the rule such as: • Wheelchairs • Cell Phones • Jewellery • Artificial Limbs

  16. Unsupported vs Supported • Baby chairs • Spectacles • Remember these items can only be added to All Risks over with NO contents IF THE CLIENT HAS THESE ITEMS WITH THEM 24/7 • If the client has a vehicle on cover, the above items can be added to All Risks • The client can also take R3,000 unspecified All Risks with a vehicle but no more than R3,000

  17. What is covered? The client will be covered for: • Loss & Damage (including accidental)

  18. What is covered? The benefits of All Risks Cover: • Worldwide Cover • Lower Excess • Accidental Damage is covered

  19. What is not covered? • The client will not be covered for the following:

  20. What is not covered? 1. Washing • Loss or damage to washing stolen from the washing line at the client’s home/risk address

  21. What is not covered? 2. Programmes & Data • Loss or damage to electronic programmes, data or unlicensed software

  22. What is not covered? 3. Money • Loss or damage to money or cheques and other negotiable instruments

  23. What is not covered? 4. Animals • Loss or damage caused by animals, insects and pests

  24. What is not covered? 5. Intentional Loss/Damage • Loss or damage caused by intentional acts by the client, members of the client’s household or which occur with the client’s knowledge or consent

  25. What is not covered? 6. Theft from a motor vehicle • Loss or damage caused by theft from a motor vehicle, unless any loose items are concealed in the boot or cubby-hole of the vehicle and there are visible signs of forced entry • For baby seats the only condition of cover would be visible signs of forced entry

  26. What is not covered? 7. Optional Cover • Momentum does not offer any optional or additional cover under the All Risks Section • However in the market other insurance companies may have or offer such cover

  27. All Risks Cover Question 1 of 4 • Choose whether the following statement is true of false • Under All Risks Unspecified cover, the client must specify any item that is worth more than R1,500 and the maximum amount Momentum will cover per item at claim stage is R1,500 • False • True

  28. All Risks Cover Question 2 of 4 • Choose whether the following statement is true of false • Under All Risks Specified cover, the client must specify any item that is worth more than R1,700 should he wish to be indemnified for the specified amount • True • False

  29. All Risks Cover Question 3 of 4 • Choose whether the following statement is true of false • It would be acceptable for a client take All Risks cover on its own? • True • False

  30. All Risks Cover Question 4 of 4 • Choose whether the following statement is true of false • The 3 main benefits of a client that has All Risks Cover is: • Worldwide Cover • Lower Premiums • Accidental loss/damage will be covered • False • True

  31. All Risks Cover • Congratulations!! • You have now completed your Self assessment course on All Risks Cover

  32. Thank you Short-term Insurance Short-term Insurance Momentum is an authorized financial services provider.

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