JUNE 2010
Well we’re here. It’s June 2010, the month all South Africa has been waiting for since May 2004 and even if we don’t get to the initial predictions in terms of the hundreds of thousands of visitors coming to the finals, it’s going to be a great month starting with the opening ceremony and opening match between Bafana Bafana and Mexico at Soccer City in Johannesburg. Let’s stand behind the World Cup and hope that it does indeed benefit South Africa for many years to come.
FROM THE BREAKFAST TABLE
We have been producing “From the Breakfast Table” for many years and bringing this out on a two monthly basis but we have decided that there is so much happening in the industries – both tourism and insurance – and within BnB SURE that we need to communicate more often. What we are going to do then is to shorten the newsletter, and bring it out monthly. In some instances there will be items repeated if they are important enough.
NEEDS ANALYSIS
With the Consumer Protection Act about to come into effect in the next few months, it is going to become more and more important for the broker to make sure he or she has given the consumer all the necessary information regarding the product they are selling and for this reason, and the fact that it is a FAIS requirement that a Needs Analysis be done BnB SURE has produced its own document for use by both broker and policyholder. Simply visit www.bnbsure.co.za, click on Broker Assist and it’s there in printable format.
ROAD ACCIDENT FUND AMENDMENT ACT
Judgement in the recent case challenging the ROAD ACCIDENT FUND AMENDMENT ACT has been made in favour of the RAF so is there need to have passenger liability insurance or not? Whilst the act has removed the common law right to sue the “wrongdoer”, this is only the case where the RAF does not pay the injured party for whatever reason. One such example is “emotional shock” that is not covered by the RAF so in that case the right to sue the “wrongdoer” still exists. For that reason alone, passenger liability insurance is crucial as claims for this “emotional shock” have the potential to be large.
COMPANIES ACT 2010
Most people are aware of the new Companies Act that is due to be passed into law in a few months and that one of the things that the act specifies is that every company in South Africa irrespective of its size, will need to have a full Risk Management Profile done and audited.
The Risk Management Profile looks at all aspects of the company and we have been told that the average score for companies sits between 50% and 70%.
We are delighted and very proud that BnB SURE has just scored 82% and this has been audited as being correct by an independent Risk Management auditor.
CONTACT US
Visit www.bnbsure.co.za to find all our contact details
THOUGHT FOR THE MONTH
An eye for an eye, and the whole world would be blind.
Kahlil Gibran
“INTELLIGENT INNOVATIVE INSURANCE”
“Any information or suggested structures for insurances are by way of example and based on general information rather than client specific information. Should any of these suggestions appear to be relevant it is vital that these are discussed with the specific requirements of the policyholder in mind.
Furthermore, BnB SURE cannot guarantee the accuracy of any of the information listed in any article written by a third party.”
