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iK Insurance Policy wording

This document outlines the policy wording as it relates to your business being insured with iK Insurance.

INTRODUCTION:

This Policy Wording contains important information regarding your iKhokha Merchant Protect insurance policy with your Insurer, Auto & General Insurance Company Limited (A&G). Here are some important terms used in this document:

‘We’, ‘us’ and ‘our’ refers to Auto & General Insurance Company Limited, a licensed non-life insurance registered financial service provider (FSP 44481).

‘You’ and ‘Your’ refers to the individual policyholder and business owner, named and detailed in the iKhokha Policy Schedule.

1. WHAT DO WE EXPECT OF YOU?

1.1 Act with Honesty and Good Faith

At all times you must provide information to Us which is truthful, honest, complete and correct.

We have to be able to rely on our dealings being conducted in good faith.

If you provided us with false, fraudulent or misleading information when you applied for cover under this Policy, and this information would have affected our decision to insure you, we will cancel your cover.

If you provide false or misleading information when making a claim, no benefit will be paid and we will cancel your cover.

If a benefit has already been paid, we will take legal steps to recover this, and any other expenses, from you.
You acknowledge that we may check the accuracy and completeness of any personal information you provide against any other reasonable and legitimate sources or databases.

1.2 Obey all the terms and conditions

By agreeing to this insurance cover, you agree to obey the terms and conditions laid out in this Policy Wording.

You must also obey all applicable law and by-laws at all times.
We will reject a claim that is a direct or indirect result of you deliberately violating the law.

1.3 Keep us informed

If at any time there are changes to your details and contact information, as stipulated on your Policy Schedule, you need to inform us within 14 days of such changes.
If you would like to cancel your policy, you may do so by giving us 31 day’s written notice.

2. WHAT CAN YOU EXPECT FROM US?

2.1 Keep you informed

We will give you at least 31 days written notice if and when any of the following occur:

There are any changes to the terms and conditions set out in this Policy Wording;

We need to adjust the benefits or premium payable by you under your policy;

The policy is cancelled because of your actions (missing payments or providing false information) or our actions (cancelling the scheme under which cover is provided).

2.2 Be efficient with your claims

We commit to settling any valid claims as efficiently as possible, upon our receiving all necessary documentation. We reserve the right to investigate the validity of all claims received prior to approval.

2.3 Safeguard your information

We value your right to protect your personal information and it is our responsibility to care for the privacy, security and overall safely of your personal information provided to us for the fulfilment of insurance services. We will process your personal information for the following purposes:

Providing you with advise, products and services that suit your needs as requested;

Assessing of financial and insurance risks;

Assessing and processing of claims and complaints;

Developing and improving of products and services;

Credit referencing and/or verifying of personal information;

Fraud prevention and detection;

Auditing and record keeping;

Compliance with legal and regulatory requirements; and
Sharing of insurance and claims information with other insurers and industry bodies for legitimate reasons, such as fraud prevention and claims validation.

Your rights include:

You may request to view the personal information we hold for you;

You may request changes to errors or deletion of information if we have no legitimate reason to hold it.
You may complain to the Information Regulator if you feel we are unlawfully processing personal information. Visit the Information Regulator via https:/inforegulator.org.za/

Products

3. IKHOKHA DEVICE COVER

3.1 What is covered

The ALL RISK iKHOKHA DEVICE COVER provides for accidental and unforeseen physical loss or damage (including Theft, Loss; and Liquid Damage)to the insured iKhokha device; and occurring within South Africa.

Upon submission of a claim by you, and assessment of the validity of that claim by us, we will decide whether the iKhokha device will either be:

repaired and restored to the original working condition immediately before the damage; or,
replaced with the same make and model (or with similar functions as the insured device).

3.2 What is NOT covered

Damage to the iKhokha Device caused by wear and tear, gradual deterioration, scratching or other superficial damage to outer casings, aerials or keypads.

Loss of or damage to the iKhokha Device resulting from theft or any attempt thereat from any unattended vehicle, unless the vehicle was locked and the iKhokha Device is concealed in the cubby hole or boot. Any such loss must involve forcible and violent entry into the vehicle.

Any unexplained loss of or damage to the iKhokha Device.

Loss or damage to batteries, unless they are stolen or lost together with the iKhokha Device.

Loss or damage arising from the iKhokha Device not being safeguarded whilst being charged.

Consequential loss of any kind whatsoever (loss any other kind resulting from the insured event).

Loss of or damage to accessories and or car kits.

Loss or damage arising from the iKhokha Device being left unattended in a public place, place of recreation, office, mall or social occasion where it is vulnerable for easy removal or damage.

Loss or damage arising from the iKhokha Device being left unattended or exposed when unknown persons or 3rd parties are present in a home, office or similar area.

Loss or damage arising from the iKhokha Device being removed from a locked home, office or similar area unless accompanied by forcible or violent entry into the area.

Loss or damage to your SIMCARD.

Loss of or damage to the iKhokha Device arising from or contributed to, by gross negligence or wilful conduct by you or the specified user.

Loss or damage arising from a wilful act carried out by any other person known to you or the specified user.

Loss or damage arising from a manufacturers defect.

Loss, damage or defect that is covered under the manufacturer’s warranty.

Loss, damage or defect arising from any software or application.

Loss or damage caused by electronically conveyed viruses, worms or Trojan software.

Loss or damage arising from remote jamming devices or related events.

Loss or damage arising from any unauthorised repairs or as a result of bad workmanship by an unauthorised repairer.

Loss or damage resulting from political or non-political riot, strike or civil commotion, public disorder, war, invasion, terrorism or public violence which is insurable by SASRIA (South African Special Risks Insurance Association) is excluded from this cover.
Where there is dual insurance covering the same iKhokha device against the same event, we shall not be liable to pay more than our rateable portion of the claim.

3.3 What is needed to claim

Refer to section 8 below for general details on how to claim. Specifically in relation to the iKhokha Device cover of this policy, the following information may be requested:

Proof of ownership;
Proof of forceable entry.

Excess: If you submit a device claim within the first 30 days of cover, you will be required to pay an excess of R200. Any device claim after 30 days does not require an excess payment.

iKhokha Device Cover Category Benefits

Device Cover	Bronze	Silver	Gold	Platinum	Double Platinum	Diamond
Value per device	R1 500	R1 500	R1 500	R1 500	R1 500	R1 500
Maximum devices on cover	1	2	3	4	5	6
Excess requirement
First 30 days of cover	R200	R200	R200	R200	R200	R200
After 30 days of cover	nil	nil	nil	nil	nil	nil

4. IKHOKHA MERCHANT STOCK, EQUIPMENT AND BUILDING COVER

4.1 What is covered

The Merchant Stock, Equipment and Building Cover, provides for accidental and physical damage to stock, equipment and buildings as a result of a result of an act of God/force majeure, namely:

Fire
Storm
Lightning
Explosion
Wind
Hail
Snow
Water

The Maximum Overall limit is the maximum claim amount payable for any one claim incorporating the three items covered of stock, equipment and building.

Upon submission of a claim by you, and assessment of the validity of that claim by us, we will settle as a single lumpsum payment, up to the maximum insured value, per your chosen iKhokha Merchant Protect category and as stated in your policy schedule.

The settlement of a claim is subject to the following conditions:

Stock and equipment must reside at a single risk address; which must be:

a brick and mortar structure;

with a permanently attached roof;

lockable door and secure windows;

Up to 20% of the maximum insured value can be covered for stock where trading is being undertaken at a recognised small businesses market held at an established market facility, such as a weekly or monthly farmers market or craft market.

Up to 20% of the maximum insured value can be apportioned to building damage sustained as a direct result of the sudden and unforeseen event (the act of God/force majeure).

4.2 What is NOT covered

WE WILL NOT COVER ANY THEFT OR LOSS OF STOCK AND EQUIPMENT WHETHER IT IS LOCKED WITHIN THE BUILDING OR LEFT UNGUARDED IN THE OPEN.

Cover is not available where the building stipulated in the risk address is situated within 200m of a river, river bed or flood plain.

Damage to stock and equipment when left exposed in the open.

Damage to stock and equipment when in transit or residing at a risk address not stipulated on the policy schedule, (unless at a recognised small businesses market held at an established market facility, such as a weekly or monthly farmers market or craft market).

Building damage as a result of sub-standard structural or poor maintenance, including inter alia, leaking pipes and rooves.

Theft of any part of the building or structure attached thereto.

4.3 What is needed to claim

Refer to section 8 below for general details on how to claim. Specifically in relation to the Merchant Stock, Equipment and Building cover of this policy, the following information may be requested:

Proof of building ownership or rental agreement;

Documentation to substantiate damage (eg: photos of the damage, inspectors report); and

Proof of the value of damaged stock (stock must be kept available for inspection and not disposed.

Note:

No Merchant Stock, Equipment and Building related claim may be submitted within the first 14 days of cover;

An excess (the first amount payable) is required for a Merchant Stock, Equipment and Building related claim, as detailed in the table below.

iKhokha Merchant Stock, Equipment and Building Cover Category Benefits

Merchant Stock, Equipment, and Building cover	Bronze	Silver	Gold	Platinum	Double Platinum	Diamond
Maximum overall limit	R25 000	R50 000	R100 000	R250 000	R500 000	R1 000 000
20% building limit	R5 000	R10 000	R20 000	R50 000	R100 000	R200 000
20% offsite stock limit	R5 000	R10 000	R20 000	R50 000	R100 000	R200 000
Waiting period	14 days	14 days	14 days	14 days	14 days	14 days
Excess requirement	R2 000	R2 000	R5 000	R5 000	R10 000	R10 000

5. IKHOKHA PERSONAL ACCIDENT COVER

5.1 What is covered

The PERSONAL ACCIDENT COVER provides:

assistance towards medical expenses arising from accidental injury;

a lumpsum benefit for Death or Permanent Total Disability (PTD) from an accident; or

a weekly benefit (for up to 52 weeks, or until recovery is sufficient for employment to recommence) for Temporary Total Disability (TTP);

cover is available for yourself and up to 9 (nine) of your staff members, per your chosen Merchant Protect category, as stipulated in your Policy Schedule.

For a claim to be valid:

the Death, Permanent Total Disability (PTD) or Temporary Total Disability and associated medical expenses must be as a direct result of:

a sudden and unforeseen accident;

which causes death, permanent or temporary disability,

which can occur anywhere (not only at the business address) and

at any time of the day (not only during business hours).

Permanent Total Disability is where the injured person is declared permanently unable to perform their work responsibilities and thus cannot return to your employment

Temporary Total Disability is where the injured person is unable to perform their work responsibilities however is expected to recover and be able to return to their employment in due course. The injured person must be absent from and unable to perform work duties for a full week before a claim can be submitted.

Upon submission of a claim by you, and assessment of the validity of that claim by us, we will:

Settle:

valid medical expenses above the first R1000 paid by yourself.

a single lumpsum payment for Death or Permanent Total Disability

weekly for Total Temporary Disability.

in accordance with the maximum insured value or time period, per your chosen iKhokha Merchant Protect category, as stated in your policy schedule.

5.2 What is NOT covered

The first R1000 of medical costs on any claim, which is for your account.

Death or disability as a result of an illness.

Claims for disability or death for accidents that occurred after the policy commenced, but more than 12-months after an accident.

Death or injury due to:

mental disability,

self-inflicted injury,

participation in extreme and dangerous sporting activities, or

suicide.

5.3 What is needed to claim

Refer to section 8 below for general details on how to claim. Specifically in relation to the iKhokha Personal Accident cover of this policy, the following information may be requested:

Death certificate;

Medical reports supporting Permanent or Temporary Total Disability

Note:

There is a 30 day waiting period of cover for each person listed on the policy before a claim can be submitted in respect of that person;

There is no excess (first amount payable) applicable to Personal Accident claims.

iKhokha Personal Accident Cover Category Benefits

Personal Accident Cover	Bronze	Silver	Gold	Platinum	Double Platinum	Diamond
Lives on cover
You (policyholder)	1	1	1	1	1	1
Staff members	0	0	4	4	9	9
Maximum Insured limit
Medical expense (lumpsum)	R3 000	R5 000	R10 000	R10 000	R10 000	R10 000
Death (Lumpsum)	R30 000	R30 000	R30 000	R30 000	R30 000	R30 000
Permanent Total Disability (Lumpsum)	R30 000	R30 000	R30 000	R30 000	R30 000	R30 000
Temporary Total Disability (per week up to max 52 weeks)	R1 000	R1 000	R1 000	R1 000	R1 000	R1 000

Waiting period for each life on cover	30 days	30 days	30 days	30 days	30 days	30 days

Excess requirement	nil	nil	nil	nil	nil	nil

6. WHAT DOES THE COVER COST?

Premiums are calculated on an annual basis and are payable monthly.

The amount of premium payable is dependent upon your chosen level of iKhokha Merchant Protect insurance, as stipulated on your Policy Schedule.

You are responsible for payment of premium on a monthly basis.

Premiums can be settled via your iKhokha merchant account, which is managed via the iKhokha merchant dashboard.

We adhere to the Policyholder Protection Rules by abiding by a 15-day grace period in which to pay your premiums.

However, should your premiums be received outside of the grace period, your cover may be affected and the claim may be repudiated.

7. WHEN DOES COVER START AND STOP?

Your cover starts immediately upon receipt of your first premium.

There is an initial cooling off period whereby:

You are entitled to cancel your Policy in writing to the Administrator within 14 days after the date of receipt of your Policy documentation;

provided no benefit has yet been paid or claimed or the event insured against under the policy has not yet occurred.

All premiums that were paid up to the date that the Administrator receives your written notice of cancellation will be refunded to you.

Your request for cancellation shall be completed by no later than 31 days after the Administrator receives your cancellation notice.

Should you chose to continue with the cover beyond the cooling offer period,

cover will and continues on an going basis,

provided you pay your monthly premium.

Cover will end when either you or we:

provide 31 day’s notice of intention to cancel the policy or terminate the cover.

A maximum of two claims per year is permitted across all categories under the policy.
Cover will cease once the maximum claim limit has been reached.

8. HOW DO I CLAIM?

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 iKhokha Merchant Dashboard.

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 we, via the administrators, may request any documentation necessary to support the claim (refer to sections 3.3; 4.3 and 5.3 for possible documentation requests).

Be aware that in certain circumstances, a waiting period is applicable before a claim can be submitted (refer to the table below).

Where necessary, pay the excess (the first amount payable) before the claim can be settled, as per the table below.

Claim requirements	Bronze	Silver	Gold	Platinum	Double Platinum	Diamond
Waiting periods
Device	Excess applicable in first 30 days of cover
Stock, equipment and building	No claim within first 14 days of cover
Personal Accident	No claim for 30 days for each new life on cover
Excess
Device	Excess applicable in first 30 days of cover, After 30 days of cover, no excess is required.
Stock, equipment and building	R2 000	R2 000	R5 000	R5 000	R10 000	R10 000
Personal Accident	No excess is applicable

9. IMPORTANT CONTACTS

For full details and disclosures, please refer to the disclosure notice.

Entity	Name	Phone number	Email
Broker	Aspis (Pty) Limited	031 818 0005	info@aspis.co.za
Administrator	Monitor Administrators (Pty) Limited	031 818 0000	Underwriting: ikhoka@monitorsa.co.za Claims: ikhokhaclaims@monitorsa.co.za
Insurer	Auto & General Insurance Company Limited	0860 999 954	info@autogen.co.za

10. TREATING CUSTOMERS FAIRLY

This product has been created to meet the needs of our clients. The Treating Customers Fairly (TCF) framework principles are viewed seriously by the Insurer and all 6 (six) outcomes, as stated below, are practiced at all times. 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;

We provide 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.