INSURANCE

[ians]

Ian

A couple of Insurers DO offer a domestic and commercial package in one - but that is rare.

There is NO need to do them all together - you just need to ensure you are CORRECTLY covered. Often it is far more cost-effective to spread the covers around.

Assessors are sent - generally - on any claim over a certain size. It is NOT their job to GET OUT of paying, but it IS their job to ensure that (a) you are correctly insured, and (b) if that is the case that you get the correct payout for what you have lost.

Bluntly - the problem is that MOST people lie about a claim. They try to either (a) cover their excess by loading the claim, or (b) load their claim as "the Insurer is going to reduce it anyway".

I wonder why people would lie about their claims?

[Phil Cooper]

Vanash

It is VERY unlikely that an Insurer would be wiped out by an incident like this.

Most Insurers - if not all - buy "catastrophe reinsurance" - basically, if a loss from a single loss exceeds a certain figure, the excess claims over this amount are picked up by reinsurers.

So - a new insurer with minimal reserves may cap themselves at, say, R10-m, whereas a Company like Santam may make, say, R100-m their loss limit.

After that the reinsurers cover the losses.