Disclosure and other Legal Requirements
(This notice does not form part of the Insurance Contract or any other document)
As a short-term insurance policyholder, or prospective policyholder, you have the right to the following information:
1. About the Intermediary (Insurance Broker):
- Name, physical address, postal address, telephone and facsimile numbers.
- Legal Status and any interests in the Insurer.
- Whether or not in the possession of professional indemnity insurance.
- Details of fees and commission payable.
2. About the Insurer:
- Name, physical address, postal address, telephone and facsimile numbers.
- Telephone number of compliance department of the insurer.
- Details of how to institute a claim and/or complaint.
- Extent of premium obligations you assume as policyholder.
- Manner of payment of premium, due date of premiums and consequences of non-payment.
3. Other matters of importance:
- You must be informed of any material changes to the information referred to paragraph 1 and 2.
- If the information in paragraph 1 and 2 was given orally, it must be confirmed in writing within 30 days.
- If any complaint to the intermediary or insurer is not resolved to your satisfaction, you may submit the complaint to the Registrar of Short-term Insurance.
- Polygraph or any lie detector test is not obligatory in the event of a claim and the failure thereof may not be the sole reason for repudiating a claim.
- If premium is paid by debit order:
- it may only be in favour of one person and may not be transferred without your approval, and
- the insurer must inform you at least 30 days before the cancellation thereof, in writing, of its intention to cancel such debit order.
- The insurer and not the intermediary must give reasons for repudiating your claim.
- Your insurer may not cancel your insurance merely by informing your intermediary. There is an obligation to make sure the notice has been sent to you.
- You are entitled to a copy of this policy free of charge.
4. Warning:
- Do not sign any blank or partially completed application form.
- Complete all forms in ink.
- Keep all documents handed to you.
- Make note as to what is said to you.
- Don’t be pressurized to buy the product.
- Incorrect or non-disclosure by you of relevant facts may influence an insurer on any claims arising from your contract of insurance.
5. Information on Financial Service Provider (FSP):
| Full Business and trade names | Econorisk (Pty) Limited |
| Postal Address | P O Box 3428, Rivonia, 2128 |
| Physical Address | 1st Floor Euro Centre, 363 Rivonia Boulevard, Rivonia, 2191 |
| Telephone | (011) 803 7446 |
| Facsimile | (011) 803 5477 |
| Legal and contractual status | Econorisk is contracted as an intermediary to various product suppliers (insurers) who accept no responsibility for the actions of Econorisk in rendering a financial service |
| Personal Interest | Econorisk do not earn more than 30% of total remuneration from, any product supplier other than Santam Ltd., or hold more than 10% of the shares of, nor receive any non-cash incentives from any product supplier |
| Insurance | Econorisk holds Professional Indemnity cover and Fidelity Guarantee Insurance. An IGF Guarantee is also held |
| Brokers Commission and Fees | Fees are reflected on the quotation and thereafter on your policy schedule. Commission is prescribed by law at a maximum of 12.5% for Motor and 20% for Non-Motor business of the premium payable |
6. Insurer Contact Details: - please refer to your policy document
Claims
Procedures for the submission of claims are detailed in the policy document in the section of the policy headed GENERAL. In the event of a possible claim you must notify an office of your Insurer most convenient to you within 30 days. The contact details of your controlling Insurer's office is listed in all letters to you. At the time of quoting, details of the Insurer's office network will be provided to you upon request. In the event of a claim you will be required to supply the following:
- Details of other insurance covering the same event
- Written details of the event unless otherwise instructed
- Information and proof in support of the claim
- Documents or details of any communication in connection with the claim
You must make no admission or statement of liability or make any offer to any third party. Claims resulting from loss, theft or malicious damage must be reported to the police. You must notify your Insurers immediately you become aware of any impending prosecution. In the event of a claim you may become responsible for a first amount payable in respect of a claim. Details of any such responsibility is shown in the policy and the amount is shown in the policy schedule
7.a. Particulars of Short-Term Insurance Ombudsman
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7.b. Particulars of FAIS Ombudsman
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8. Particulars of the Registrar of Short-Term Insurance Financial Service Board
| Postal Address | Financial Services Board PO Box 35655 Menlo Park 0102 |
| Telephone Number | (012) 428-8000 |
| Toll Free Number | 0800 11 04 43 |
| Facsimile Number | 012) 347-0221 |
| Web Address | www.fsb.co.za |
| The Ombudsman is available to advise you in the event of claim problems which are not satisfactorily resolved by the Insurance Intermediary and/or the Insurer. | |
9. Should you have requested cover provided by SASRIA LIMITED then you are entitled to details as follows:
| SASRIA LIMITED | COMPLIANCE DEPARTMENT | CLAIMS PROCEDURES | ||||||||||||
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If you have any complaints about the product supplier/insurer regarding SASRIA cover then you may contact: The Compliance Office SASRIA Limited PO Box 7380 Johannesburg, 2000 |
In the event of a claim all relevant documentation relating to your claim must be submitted to nearest office of the product supplier/insurer |
10. Information:
Your insurance advisor should provide this information to you when you are provided with a quotation or take out a policy. If your advisor does not do so after you have requested it, please contact your nearest office who will assist in obtaining it.
Other Important Information
Premiums and your monetary obligations
a. Domestic policies:
You agreed to pay the premium. The amount of premium due, the frequency of payment and the date on which payment is due are contained in the schedule. The Insurer shall ensure that the policy contains a provision for a period of grace for the payment of premiums of not less than 15 days after the relevant due date. If you do not pay the premium within 15 days of the due date, cover will be cancelled from midnight on the day before the due date. Where premium is payable monthly by bank debit order or by transmission account this 15 day extension only applies from the second month of the unpaid premium.
b. Commercial policies:
You agreed to pay the premium. The amount of premium due, the frequency of payment and the date on which payment is due are contained in the schedule. Premiums are payable on presentation of the invoice in respect of annual policies and on presentation of the debit order in respect of monthly policies.
General
The Policy wording and the Policy Schedule must be read as one document. If you need advice on any aspect of your policy, first amounts payable, claims procedures or your responsibility to pay premiums, please contact your insurance advisor or controlling Insurance Company's office which is indicated on the accompanying schedule.