New offering

Investec launches Investec Pinion private insurance.

"Pinion has been designed by Investec Insurance Brokers to complement the private banking offering," says Paul Hanley, responsible for Investec Private Bank in South Africa.

"The policy includes short-term or specialised insurance products and services covering all aspects of clients' insurance needs such as household contents, all risk, motor vehicle, motor cycle, watercraft, equestrian and pet cover," he explained.

Pinion's distinctive features comprise not only a significant amount of client choice. There is also an in-house system developed in tandem with the underwriter to combine external expertise and authority with Investec Private Bank's approach to advising its clients.

The system enables Investec to underwrite mandates and to quote immediately and allows for claims to be paid out almost immediately. Investec believe claimants should not be penalised for their misfortune and so premiums remain the same.

The offering includes the following:

* The Asset All Risk option allows clients to add a universal amount to the insured contents of their home, to avoid having to itemize valuable possessions that leave the home. Worldwide cover is included for these assets. The premium is calculated at a Contents Rate to remain competitive.

* Valuables can be insured in Dollars, Pounds or Euro. Fluctuations are updated monthly.

* Clients enjoy a refund benefit of 25% of their first year's gross premium if they have not claimed from their policy for two years, and 25% each year thereafter if they do not claim.

* Investec wanted clients to be rewarded in a tangible way for each month's premium and has therefore linked the payments debited from their Investec Private Bank Accounts to the Investec Dividends* rewards programme.

In addition, 1000 bonus points are awarded to clients on renewal of their policy.

* Because it is in the best interests of the client to be appropriately insured, Investec has contracted a third party to provide a complimentary, independent asset inventory.

* Premiums can be reduced significantly by selecting voluntary excess amounts of up to R100 000. This can be done for the whole policy or for certain sections of cover.