Insure with Perspective

An unfortunate incident that happens unexpectedly and unintentionally, which results in loss, damage and/or injury.

Is the first amount payable by you towards a claim under this policy, this amount is agreed to and/or chosen by you and is paid before the insurer settles the claim.

For example, if you claim after an accident, you pay the excess directly to the panel beater.

You would still need to pay the excess, even though you did not cause the accident.

An amount additional to basic excess, applicable when there is more than one excess on the same claim.

Documentation that provides specific details about an item that was lost or damaged as part of your claim.

The anniversary or renewal of your policy occurs every twelve (12) months from the date the policy incepted.

This is when Insurer’s calculations show that the amount needed to replace all your insured property, with similar or new property at the time of the loss or damage, is more than the insured amount. We will not pay the full amount of the loss or damage; therefore, you will be responsible for a proportional share of the loss or damage.

Means physical harm that is caused by a violent or accidental incident, to any part of a person’s body.

This is where you make use of your insured property within the course and scope of generating an income.

Any loss or damage to the insured property or item, which will cause a financial loss to the policyholder. This is established by ownership, legal possession, or direct relationship to the policyholder.

For example, you may insure your child or partner’s vehicle under your policy, if you would suffer a financial loss from the vehicle being damaged or written off, even though you were not the driver of the vehicle.

This refers to cover enjoyed by yourself against third party claims against you, for bodily injury, loss, or damage to property for which you may be held legally responsible.

You enjoy limited cover for vehicle theft, hijack, and fire, as well as liability to other people following an insured event.

A person authorised by the policyholder to transact and/or amend the policy.

This is any information that will influence the insurer’s decision, if important information is not disclosed, it could negatively affect a claim or make your policy invalid.

Any person that lives on the premises on a continuous or permanent basis, for example: a family member, relative, domestic worker, or tenant.

The person who obtains the insurance policy, in whose name the insurance policy is written and who is liable for the premium.

Refers to the use of an insured item for personal and/or social purposes only, whereby there is no intention to earn an income from the use.

This is when Insurers do not accept liability for your claim in total or a part of the claim as per the policy terms and conditions.

Refers to the damaged insured property or item. If the property or item is uneconomical to repair, once the claim is settled, ownership of the property or item is transferred to the insurer.

The sum insured is the maximum amount that your insured property is covered for, as set out in your policy schedule.

Underinsurance is when the insured value of a property is less than it would cost to replace the item. When a situation of underinsurance occurs, a valid claim will be subject to an average calculation. You will, as a result have to accept the difference as a part of the loss.

Refers to buildings or homes which are owned, rented, or leased units that contain contents but no people currently occupy them on a regular basis, this can be a second or vacation home. It is a home that is immediately suitable for occupation however it is not occupied.

When a property is considered vacant, it means that there are no contents in the building, nobody resides in or makes use of the building, or when someone makes use of the building without your permission. From an insurance perspective, this is different to the meaning of the word “unoccupied”.

When an item or property is damaged to such an extent that it cannot be repaired, or is unsafe or uneconomical to repair.