The first Insurance Bootcamp was held in 2010, after which a founding committee was formed between RiskAfrica magazine, the Insurance Institute of the Cape of Good Hope (IICoGH) and the Financial Intermediaries Association (FIA).
With direct insurers encroaching on specialised insurance such as contract works or sectional title insurance, brokers’ road to success is paved with the excellent advice a well-informed broker can give.
“Get the contract documents, the bill of quantities and the scope of works [and make sure you understand them],” said Bester, speaking on contract works insurance. “Insurers want to know the risk, and brokers need to protect themselves too.”
New sectional title legislation had made insuring a sectional title development very complicated, said Adsure’s Mike Addison. “You can’t just go to rule 29 [of the Sectional Title Act] anymore, and insure accordingly, you have to find the insurance information in the CSOS [Community Schemes Ombud Services Act] and in the STSM [Sectional Title Schemes Management Act].”
The new legislation put managing agents under extreme pressure, and brokers needed to help them prepare for annual general meetings, which were much more complicated under the new legislation, he said.
John Sutton of Sutton Loss Adjustors also detailed how complex the new landscape regarding sectional title and commercial properties was. Just like the others, his presentation was peppered with “get the documents”, “see the lease” and “look carefully at the contracts and the principles of insurance”.
Even Mokgadi Malebye of Sasria spoke of change, especially in the face of the #FeesMustFall protests that vastly increased security costs for tertiary education institutions and the increase in the number of service delivery protests.
Yup, it seems the time has come to hit the books.
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