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CIB Insurance introduce buildings product

22 May 2008 CIB Insurance

One of the biggest mistakes the owner of a building could possibly make in the current obstacles we experience in South Africa is to underestimate the need for comprehensive insurance cover. Building managers for retail centres, office blocks and body corporates should be contacting their broker about their current insurance policy to ensure that the building’s insurance requirements are being met. One such product is the newly launched CIB Insurance’s Buildings Product which offers all the cover required and has some unique additional benefits.

CIB Insurance Buildings Product is the policy specifically developed for buildings and is dedicated to the insurance needs of all retail centres, body corporates, office buildings and residential flats. The key benefits to the CIB Buildings Product are cover of Office Contents, Business All Risks, Accidental Damage, Employers Liability and Machinery Breakdown. The policy holders will also benefit from cover for Trustee’s and Employee’s Liability, Fidelity Guarantee, Business All Risks cover as well as Claims Preparation Costs.

As an extension of the CIB Insurance Buildings Combined Policy, this particular Buildings Product policy will cover the insured building in the case of accidental damage caused by water, sewerage, electricity, gas and telecommunications connections. The subsequent loss of rent resulted from these kinds of damages, as well as, any costs that the insured will be liable to pay as a consequence of accidental death or bodily injury or loss of or physical damage to tangible property will also be covered. Where necessary, Subsidence and Landslip cover can also be added as an extension without the need for a geotechnical report in areas without dolomite deposits.

For more information on CIB Insurance’s Building Insurance contact your broker, or alternatively go to www.cib.co.za.

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QUESTION

South Africa’s Financial Sector Conduct Authority (FSCA) has the power to raise revenues by issuing administrative penalties and fines against non-compliant financial services providers, with this money flowing back to the Treasury… Does this, in your view, create a regulatory / government conflict of interest?

ANSWER

Absolutely, as conflicted as it gets
Maybe, I’m on the fence on this
No, the FSCA can do no wrong
The guilty must pay
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