iK Business Cover Policy Wording 

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

INTRODUCTION: 

This Policy Wording contains important information regarding your iK Business Cover 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 insurer and authorised financial service provider (FSP 16354).

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

The purpose of insurance is not to enrich you, rather it serves to put you back in the position that you were in immediately before the loss. We will only pay you for the actual loss suffered. By applying for the iK Business Cover, You confirm that you meet these eligibility criteria, and you acknowledge that any misrepresentation by yourself may result in the voiding of the insurance contract and denial of claims.

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 immediately.
• If you provide false, fraudulent or misleading information when making a claim, no benefit will be paid and we will cancel your cover immediately.
• If it comes to our attention that false, fraudulent or misleading information was given to us and a benefit has already been paid, we will take legal steps to recover this, and any other expenses, from you.
   

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 South African laws at all times.
• We will reject a claim that is a direct or indirect result of you deliberately violating any law(s).

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 immediately by giving us 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 our actions (cancelling the scheme under which cover is provided).

We will notify you of the immediate cancellation of your policy in the event you providing false or fraudulent information.

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. All claims will be settled within the borders of South Africa and are governed by the laws of South Africa.

2.3 Safeguard your information  

In order to provide you with the required service we are required to process your personal information and will do so lawfully in accordance with our business requirements and legal obligations. You acknowledge that the personal information may be verified and/ or processed for insurance, financial services and risk management purposes by our group of companies against any other reasonable and legitimate sources or database to ensure the accuracy and completeness of any personal information provided on an ongoing basis. We will process your personal information for the following purposes:

• Quoting, underwriting, pricing, servicing and executing of insurance and other financial services;
• Assessment of financial and insurance risks;
• Assessment and processing complaints;
• Development and improvement of products and services;
• Credit references and/or verification of personal information;
• Fraud prevention and detection;
• Market research and statistical analysis;
• Audit & record keeping;
• Compliance with legal & regulatory requirements;
• Sharing of information with service providers and other third parties we engage to process such information on our behalf or who we render services to us; and
• Sharing of insurance and claims information with other insurers and industry bodies for legitimate reasons such as fraud prevention and claims validation.

We may transfer your personal information outside the borders of South Africa if required to provide any of the services. You may access your personal information that we hold and may object to the processing of your personal information or request us to correct any errors or to delete this information if there is no legitimate reason for us to maintain the information. Please view our privacy and access to information manual on our website for further information.

Details of the Information Regulator of South Africa:

Phone: 010 023 5200

Email: enquiries@inforegulator.org.za

PRODUCTS 

3. DEVICE COVER 

3.1 What is covered 

The ALL RISK DEVICE COVER provides cover for accidental and unforeseen physical loss or damage (including Theft, Loss; and Liquid Damage) to the insured iKhokha device; occurring anywhere within the borders of 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 

• Pre-existing damage to the iKhokha Device sustained prior to policy inception.
• 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 was 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 arising from the insured event (eg: loss of valuable data on your iKhokha Device or damage caused to someone else’s property).
• 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 and waiting period:

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.

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. STOCK, EQUIPMENT AND BUILDING COVER  

4.1 What is covered 

The 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 IK Business Cover 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 or a converted steel container;
  • with a permanently attached roof;
  • lockable door and secure windows;
  • Up to 20% of the maximum overall limit can be covered for offsite 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 overall limit 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, riverbed 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 roofs.
• Damage as a result of gradual subsidence or landslip.
• Theft of any part of the building or structure attached thereto.
• 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.

4.3 What is needed to claim  

Refer to section 8 below for general details on how to claim. Specifically in relation to the 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 Stock, Equipment and Building related claim may be submitted within the first 14 days of cover;
• If there is a break in premium payments, this waiting period will become applicable again once premium payment resumes;
• An excess (the first amount payable) is required for a Stock, Equipment and Building related claim, as detailed in the table below;
• In the event of a valid claim, you will need to complete all building damage repairs, as approved by the Insurer, before any further stock, equipment and building claim will be considered.

 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. PERSONAL ACCIDENT COVER  

5.1 What is covered 

The PERSONAL ACCIDENT COVER provides:

• a lumpsum benefit following emergency 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 (TTD);
• cover is available for yourself and up to 9 (nine) of your staff members, per your chosen iK Business Cover category, as stipulated in your Policy Schedule.

  

For a claim to be valid: 

• the Accidental Injury must be as a direct result of:

• • a sudden and unforeseen accident requiring urgent and immediate attention;
  • which incurs emergency expenses; and
  • where the lack of such immediate attention would jeopardise you or your staff members’ ability to perform in the workplace.
• the Death, Permanent Total Disability (PTD) or Temporary Total Disability (TTD)  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:

• • A single lumpsum following expenses arising from accidental injury;
  • A single lumpsum payment for Death;
  • A single lumpsum payment for Permanent Total Disability, in accordance with the compensation percentage table, detailed in Annexure A; and/or
  • A weekly payment for Total Temporary Disability, up to a maximum of 52 weeks. 

All settlements are made in accordance with the maximum insured value or time period, per your chosen iK Business Cover category, as stated in your policy schedule. 

 

5.2 What is NOT covered 

• The first R1000 on any claim, which is for your account.
• Death or disability as a result of an illness.
• Claims for disability or death from 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 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.
• The first R1000 on any claim is not covered.

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 (per life on cover)
Emergency 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	The first R1 000 on any claim is not covered

 

6. WHAT DOES THE iK BUSINESS COVER COST & HOW DO PREMIUMS WORK? 

• Premiums are calculated on an annual basis and are payable monthly.
• The amount of premium payable is dependent upon your chosen level of iK Business Cover, 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 providing a 15-day grace period for you to pay your premiums if you have missed a payment.
• 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, subject to any applicable waiting period.
• 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 choose to continue with the cover beyond the cooling off period,
  • cover will remain in place and will continue on an ongoing basis,
  • provided you pay your monthly premium.
• Cover will end when:
  • we provide 31 days’ notice; or
  • you prove immediate notice

  of intention to cancel the policy or terminate the cover.

8. HOW DO I CLAIM? 

In the event of an insured event occurring, giving rise to a valid claim, you must:

1. As soon as reasonably possible after discovering the loss or damage, log the claim via the eClaims portal link, located on the iKhokha Merchant Dashboard.
2. 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.
3. 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).
4. Be aware that in certain circumstances, a waiting period is applicable before a claim can be submitted (refer to the table below).
5. 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	The first R1 000 of any costs is not covered and must be paid by the Policyholder.

The number of claims permissible per category per year are detailed in the table below. Once this claims limit has been reached, we reserve the right to review your policy conditions and restrict cover where necessary.

Claim Per category per year	Bronze	Silver	Gold	Platinum	Double Platinum	Diamond
Device	1 claim per year per device on cover
Stock, equipment and building	2 claims per year relating to stock and/or equipment and/or buildings
Personal Accident	1 claim per year per life on cover and a maximum accumulation limit of R150 000 per incident

Should you have any difficulty claiming, and you want to lodge a complaint, you may contact the Insurer, via the details provided in Section 10 below.

If you are not satisfied with the reply which we may furnish to you in relation to any representations you may choose to make to us in connection with our decision to repudiate liability for your claim you may, within a period of 180 days from repudiation of the claim, contact the office of the National Financial Ombud Scheme of South Africa. We are members of the Ombud Scheme and abide by the rulings of that office. Particulars of the Ombudsman’s are detailed in the Section 10 below.

If your complaint relates to advice that you have received or any other FAIS related complaint, you may contact the Ombud for Financial Services Providers, via the details provided in Section 10 below.

9. SANCTIONS EXCLUSIONS

We will not be liable for any legal liability, loss, damage, cost or expense nor will we provide cover or benefit for any business or activity to the extent that such cover or benefit and/or any such business or activity would violate any applicable economic or trade sanction law or regulations of the United Nations and/or the EU/EEA and/or the United States of America and/or any other applicable national economic or trade sanction laws or regulations.

10. 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	031 812 2056	Underwriting: ikhokha@monitorsa.co.za  Claims: ikhokhaclaims@monitorsa.co.za
Insurer	Auto & General Insurance Company Limited	0860 999 954	info@autogen.co.za
Ombudsman (claim repudiation)	National Financial Ombud Scheme		info@nfosa.co.za www.nfosa.co.za
Ombudsman (broker matters)	Ombudsman for Financial Services Providers		enquiries@faisombud.co.za / info@faisombud.co.za www.faisombud.co.za

 

11. 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:

1. You are confident that your fair treatment is key to our culture;
2. Products and services are designed to meet your needs;
3. We will communicate clearly, appropriately and on time;
4. We provide advice which is suitable to your needs and circumstances;
5. Our products and services meet your standards and are of an acceptable level; and
6. There are no barriers to access our service or to lodge any complaints. 

ANNEXURE A

COMPENSATION PERCENTAGES APPLIED FOR PERMANENT DISABILITY SETTLEMENTS

 

 

iK Business Cover is a product underwritten by Auto and General Insurance Company Limited, a licensed non-life insurer and authorised financial service provider (FSP 16354).

iK Business Cover is administered by Monitor Administrators (Pty) Limited, an authorised financial services provider (FSP 17824).

All financial services are rendered by Aspis (Pty) Limited (FSP 48407) and iKhokha (Pty) Limited is a juristic representative of Aspis.