This article contains a list of FAQs for the iK Insurance product
Product related questions:
Q. What is included in Device Cover?
A: The Device Cover provides protection for accidental and unforeseen physical loss or damage, including theft, loss, and liquid damage, for insured iKhokha card devices. This coverage applies within South Africa, and the insured iKhokha card device must be less than two years old at the policy’s inception, which must be proven at the claims stage. Upon submitting a claim, we will assess its validity and determine whether the iKhokha card device will be repaired and restored to its original working condition or replaced with the same make and model, or a similar one with equivalent functionality. When applying for cover, your iKhokha card device/s details (make, model and IMEI number) will be automatically inserted from the information retained on your Merchant profile. There is a R200 excess applicable if a claim is submitted within the first 30 days of cover.
There are certain situations which are not covered. These include pre-existing damage, wear and tear, or superficial damage to outer parts like casings or keypads. Losses from theft in an unattended vehicle are excluded unless the vehicle was locked, the iKhokha card device was concealed, and there was forcible entry. Additionally, the cover does not extend to unexplained losses, damage to accessories, or losses arising from negligence, wilful acts, or failure to safeguard the device while charging. Other exclusions include losses caused by software issues, viruses, unauthorised repairs, and damage due to riots, strikes, or acts of terrorism.
Q. What is included in Stock, Equipment and Building Cover?
A: The Stock, Equipment, and Building Cover provides protection against accidental and physical damage to stock, equipment, and buildings due to acts of God or force majeure, such as fire, storms, lightning, explosions, wind, hail, snow, and water damage. The cover stipulates a maximum overall limit for any single claim, covering all three categories: stock, equipment, and buildings. Upon submitting a claim, once assessed and validated, a lump sum payment is made up to the insured value specified in your cover.
Coverage is subject to certain conditions:
- the stock and equipment must be housed at a single, secure risk address in a brick-and-mortar building with lockable doors and secure windows.
Up to 20% of the overall limit can be extended to cover offsite stock when trading at recognised small business markets, like farmers or craft markets, and another 20% can be allocated for building damage caused by sudden and unforeseen events.
However, the cover does not include theft or loss of stock and equipment, whether inside a locked building or left unguarded in the open. Additionally, buildings located within 200 meters of a river, riverbed, or floodplain are not eligible for coverage. The cover also excludes damage to stock and equipment left exposed outdoors, in transit, or at any location not listed on the cover, unless at an established market. Building damage due to poor maintenance, gradual subsidence, landslips, or leaking pipes and roofs is not covered, nor is theft of any part of the building or its attached structures.
There is a 14 day wait period before claims can be submitted from the start date of the policy.
To file a claim, specific documentation will be required, including proof of ownership or a rental agreement for the building, evidence of the damage (such as photos or an inspector’s report), and proof of the value of damaged stock, which must remain available for inspection. Claims must be substantiated with proper documentation to ensure proper validation and settlement.
Q. What is included in Personal Accident Cover?
A: The Personal Accident Cover offers assistance toward injury expenses resulting from an accident, along with a lump-sum benefit in the event of death or permanent total disability (PTD) caused by an accident. This cover applies to the policyholder and up to 9 (nine) staff members, depending on the level of cover selected. Claims are valid if the death or PTD and related injury expenses arise from a sudden, unforeseen accident that can occur at any time and in any location, not just the business address. Upon claim submission, the insurer will settle valid injury expenses exceeding the first R1000 paid by the claimant and will also provide a lump-sum payout for death or PTD based on the insured amount outlined in the policy.
However, there are certain exclusions. The first R1000 of any injury costs is the responsibility of the claimant, and the cover does not apply to death or disability resulting from illness. Claims are not covered where the disability or death occurs more than 12-months after the related accident, even if the accident occurred after the policy commenced. Death or injury caused by mental disability, self-inflicted harm, participation in dangerous sports, or suicide is also excluded. To file a claim, specific documentation such as a death certificate or medical reports supporting PTD may be required. There is a 30-day waiting period for coverage for each person listed in the policy, but no excess is payable for personal accident claims.
Q: What is a waiting period?
A: A waiting period is the period between the inception of the policy and when a claim can occur. There the waiting periods across the different categories of cover differ. Refer to the table below for details.
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Claim requirements |
Bronze |
Silver |
Gold |
Platinum |
Double Platinum |
Diamond |
|
Waiting periods |
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|
Device |
Excess applicable in first 30 days of cover |
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Stock, equipment and building |
No claim within first 14 days of cover |
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Personal Accident |
No claim for 30 days for each new life on cover |
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Q: What is excess?
A: An excess is the first amount payable by you as the policyholder before the Insurer will settle the claim. In terms of this product, some categories are subject to an excess whereas in other cases, there is only an excess in the initial period of cover and not thereafter. Refer to the below table for more details.
|
Claim requirements |
Bronze |
Silver |
Gold |
Platinum |
Double Platinum |
Diamond |
|
Excess |
|
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|
Device |
R200 excess applicable in first 30 days of cover, After 30 days of cover, no excess is required. |
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|
Stock, equipment and building |
R2 000 |
R2 000 |
R5 000 |
R5 000 |
R10 000 |
R10 000 |
|
Personal Accident |
The first R1 000 of any costs is not covered and must be paid by the Policy holder. |
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Insurance structure and process related questions:
Q: Who is the financial services provider supporting iKhokha with this product?
A: iKhokha is an authorised juristic representative (distributor) of Aspis (Pty) Ltd, Reg. No. 2011/005416/07, Authorised Financial Services Provider (FSP 48407). An FSP is a company licensed with the Financial Sector Conduct Authority (FSCA) to render financial services to the public. Aspis ensures that all products and services offered by iKhokha meet with the financial service authorities regulations, and are there to offer advice to iKhokha merchants should they have queries relating to any of the insurance products offered or the terms of their policy schedule.
Q: Who underwrites the Insurance products offered by iKhokha?
A: The insurance products offered by iKhokha are underwritten by Auto & General Insurance Company Limited.
Auto & General is an international insurance group that provides a wide range of insurance products and services. Established in 1985, the company operates in several countries, including South Africa, Australia, and Europe. It is known for offering insurance solutions in both personal and commercial sectors.
Auto & General operates as an underwriter of insurance products. Underwriting involves assessing the risk associated with insuring a person or asset, determining the premium (price) for that risk, and establishing the terms and conditions under which the policyholder is covered.
Q: How will iKhokha keep me informed about my policy?
A: Any information relating to your policy will be available to you via the Dashboard platform. This includes:
- Policy schedule – containing customised information around your chosen product
- Policy wording – containing all details around what is included and excluded in this product.
- Disclosure notice – containing contact details of the broker, administrator and insurer.
In addition, you will receive information via Aspis, as the broker, or Monitor Administrators, as the administrator for the Insurer. This includes communication relating to:
- The commencement of your policy;
- All claims related matters;
- Any changes to the terms and conditions of this policy;
- Any changes to the benefits or premiums you pay;
- If the scheme under which your cover is provided is terminated; or
- If the policy is cancelled due to actions on your part such as missed payments or providing false information.
Q: How are premiums collected?
A: Premiums, being the insurance amount payable to the insurer each month to ensure continuous cover, are deducted from your Merchant Transaction Account. Contributions towards your premium are collected from each transaction your customers make until there are sufficient funds to cover the premium. iKhokha will then settle the premium with the Insurer on your behalf.
Should you not have sufficient funds in your Merchant Transaction Account on the date when premiums are due, you will have a further 15 days in which to fund your Merchant Transaction Account with the required premium. If after this 15-day grace period, you are still not able to settle your premiums, your policy will lapse, and cover will cease.
Q: Can a policy be reinstated?
A: If a policy has been cancelled or has lapsed (due to non-payment of premiums), a new policy needs to be incepted. If there has been a break in cover (a period where there was no cover) the waiting periods across the different cover categories will be applicable again.
Q: How will my claims be treated?
A: Monitor Administrators, as authorised by Auto & General (the Insurer) to administrate claims, commits to settling claims as efficiently as possible, upon our receiving all necessary documentation. They reserve the right to investigate the validity of all claims received prior to approval. All claims will be settled within South Africa and are governed by the laws of South Africa.
In the event of an insured event occurring, arising to a valid claim, you must:
- As soon as reasonably possible after discovering the loss or damage, log the claim via the following channels:
Tel: 031 812 2056
Email: ikhokhaclaims@monitorsa.co.za
- Within 30 (thirty) days of the loss or damage you must have reported and supplied all relevant information and details of the claim as we have requested, or your claim may be repudiated.
- Take note that the administrators, may request any documentation necessary to support the claim.
- Be aware that in certain circumstances, a waiting period is applicable before a claim can be submitted.
- Where necessary, pay the excess before the claim can be settled.
Q: How will iKhokha safeguard my information?
A: At iKhokha, we highly value your right to protect your personal information, and we consider it our responsibility to ensure its privacy, security, and overall safety. Your personal information, which you provide to us as an iKhokha merchant will be used by us and the insurance related parties (the Broker, the Administrator, and the Insurer) for the fulfilment of insurance services. The information will be processed for several purposes, including offering you advice, products, and services that meet your specific needs, assessing financial and insurance risks, as well as processing claims and complaints.
Additionally, we work to develop and improve the services and products we offer, conduct credit referencing and verification of personal details, and prevent and detect fraud. We also engage in auditing, record keeping, and ensuring compliance with legal and regulatory requirements. Furthermore, for legitimate reasons, such as fraud prevention and claims validation, we may share your insurance and claims information with other insurers and industry bodies.
You have the right to request access to the personal information we hold about you and can ask for changes if there are errors or request deletion if there is no valid reason for us to keep it. If you believe we are unlawfully processing your personal information, you also have the right to file a complaint with the Information Regulator.
Support information questions:
Q: Who do I contact regarding the process of paying for and managing my insurance policy
A: For any questions related to the:
- Payment of premiums;
- Accessing information on the Merchant Dashboard; and
- Making amendments to your cover (changing cover types or cancelling cover)
Please contact iKhokha support team on
Call: +27 87 222 7000
Email: support@ikhokha.com
Please Note: No insurance specific advice may be given around the choice of your insurance plan.
Q: Who do I contact if I want advice and more information on the policy and cover details?
A: If you have any questions relating to the insurance products on offer and their suitability to your business needs, please contact Aspis (authorised FSP 48407) contact centre at:
Call: 031 818 0005
Email: info@aspis.co.za
Please Note: Aspis is authorised to provide advice and assistance with the choice of your insurance plan.
Q: Who do I contact regarding the management and underwriting of the insurance plan?
A: Should you wish to query or escalate any administration matters relating to your policy, please contact:
Monitor Administrators:
Call: 031 812 2057
Email: iKhokha@monitorsa.co.za
Q: What support assurance do you have for your iK Insurance product?
A: This insurance product has been created to meet the needs of our iKhokha Merchants. The Treating Customers Fairly (TCF) framework principles are viewed seriously by the Insurer and all 6 (six) outcomes, as stated below, are always practiced by all parties involved in the insurance products and services on offer. We will, with all our interactions with any customer, endeavour to deliver excellent customer experiences which we will achieve through the ongoing review of all our business practices and analysis of complaints. It is our objective to be fair in our treatment of all consumers and partners and being compliant, in all aspects, of the 6 (six) outcomes of the TCF framework.
These outcomes are:
- You are confident that your fair treatment is key to our culture;
- Products and services are designed to meet your needs;
- We will communicate clearly, appropriately and on time;
- You have access to authorised advice which is suitable to your needs and circumstances;
- Our products and services meet your standards and are of an acceptable level; and
- There are no barriers to access our service or to lodge any complaints.