A Complete Risk Management and Insurance Package for the Professional Practice

1

A Complete Risk Management and Insurance Package
for the Professional Practice
2

Why develop a Professional Practice Product?

• Professions allows the Professional Practice to
  have a tailor-made range of covers at an
  affordable price.
• Provides the Professional Practice with a one
  stop comprehensive short term insurance
  solution tailor-made to meet his unique needs.
• Assist the Professional in managing the risks
  they are faced with on a daily basis.
• Access to professional indemnity cover for a
  wide range of practices

3

Who will be covered?
Town Planners Electrical Engineers Civil
Engineers Interior Designers Electronic
Engineers Doctors Dentists Medical
Specialists Opticians Insurance
Brokers Financial Advisors Geologists Physiothera
pists Chiropractors Homeopaths Quantity
Surveyors Geotechnical Engineers Geologists Pathol
ogists Radiologists Veterinarians Estate
Agents Loss Adjusters
4

Product Benefits

• Policy wording equal to and / or better than
  that in the market i.e.
• cover for the following-
• Damage resulting from sprinkler leakage
• Repairs to damaged alarm system following
  burglary
• Cost for temporary security guard in event of a
  break-in
• Excess of lightning damage to electronic
  equipment capped
• at R10 000 for cover in terms of the standard
  extensions
• Automatic cover for losses resulting from
  employee theft

5

Product Benefits

• Full theft cover for practices in secure office
  parks / office complex
• Electronic Equipment cover standard in package
  for medical practice
• Low Claim bonus if practice loss ratio below
  50 over 3 years
• Fast Track claims settlement Non Motor claims
  under R20 000
• Policy Information accessible via the web
• One policy, one debit order

6

How does the low claim bonus work?

• 3 Year participation is required to qualify
• There will be no benefit if there is early
  withdrawal
• Bonus is calculated on basic package excluding
  motor liability
• The claims ratio must be below 50
• A percentage of the gross premium will be paid
  into the Hollard
• Risk Capital Fund ( Year 1 - 10, Year 2 -
  15, Year 3 - 20)
• If the loss ratio exceeds 50 of the
  accumulated gross premium,
• the insured starts with a new low claim bonus
  cycle at 10
• A maximum low claim bonus of 20 can be
  accumulated

7

Basic Package
Cover is based on the practice turnover subject
to minimum levels Per class of insurance which
includes - Office Contents Money Goods in
Transit Theft Glass Fidelity
Guarantee Accidental Damage Business
Interruption Public Liability - General
Tenants - Employers - Food and
Drink - Statutory Legal Defense
Cost - Wrongful Arrest
8

Basic Package Minimum requirements

• Rates are based on Standard Construction
• SASRIA compulsory on all relevant sections but
  Business Interruption
• Quotes exclude SASRIA
• Broker remains responsible to ensure that the
  insured limits are
• adequate.
• Loss of documents and liability thereof should
  be standard in all
• policies
• Electronic Equipment should only be insured if
  there is a
• maintenance contract.
• Electronic Equipment older than 5 years may
  only be insured subject to a report by the
  maintenance company.
• Minimum turnover R400 000, minimum annual
  premium R3 500

9

Basic Package Minimum requirements

• SABS approved lighting protection and power
  surge devices are compulsory for all
  electronic equipment
• Minimum siren alarm required otherwise no theft
  cover
• Laptops and cellular phones to be specified and
  insured separately
• A medical practitioner who maintains a
  dispensary alongside or adjacent to the
  practice should insure the contents of the
  dispensary under a Fire and Theft section and
  under no circumstances as part
• of the contents of the office contents
  section.
• Full theft cover under office contents subject
  to office being in a Security Office Park or
  within access controlled multi storey
  building. If in other good risk designation,
  25 of sum insured for theft cover and alarm
  warranty applies.

10

Optional Cover

• Motor Underwritten by AURA (Guardrisk)
• Professional Indemnity Sabre Underwriting
  Managers / Existing market with commission
  share
• Multi Benefit Personal Accident from R35 per
  month FASA
• Employment Practices Liability from R75 per
  month Camarque
• Electronic Equipment Hollard Insurance
  Company
• Business All Risks Hollard Insurance Company
• Umbrella Liability for R40 per month SRU
• Legal Assistance from R100 per month - Lexcorp
• Directors and Officers Liability from R180 per
  month AIG
• Premium Finance Facility - PFC

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How to obtain a quote

• Product only available to Cre-8 brokers
• Complete New Business Quotation Form in Excel
  format and
• e-mail to product underwriterGeneral
  Professions Closing
• Product underwriter quote basic package based
  on turnover and additional cover requested
  and e-mail quote back to broker
• If client accepts, broker e-mail product
  manager instruction to go
• on cover with final quotation form and signed
  Cre-8 debit order if
• monthly policy.
• Proposal form needs to be completed to obtain PI
  quote
• If client selects annual PI policy, package
  must be paid annual via premium finance if
  necessary

12

Contact Details
Jolanda Ehlers Phone Number 011 669 3170 Fax
Number 011 669 2178 E-mail Address
jolanda.ehlers_at_cre8sa.co.za Peter Olyott Phone
Number 011 669 3410 Fax Number 011
669 2786 E-mail Address peter.olyott_at_cre8sa.co
.za www.cre8professions.co.za