Marine Insurance on the way BUT...

Discussion in 'General Discussions and Advice' started by Jaco Schoeman, 4 Sep 2009.

  1. Jaco Schoeman

    Jaco Schoeman MASA Contributor

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    Hi guys...

    Okey, so after doing LOTS and LOTS of research, meetings and going back to the drawing board, I am VERY VERY proud to anounce the Marine Insurance Product has been approved by a leading insurer!!! :mbounce:

    Some of you might know the previous premiums that was calculated, and some of you felt it was too expensive. Well, we have cut the cost heavily, so it really is VERY affordable.
    I can not give you much more information at this stage, and please do not send me information through to quote on yet, as I am busy in discussion with the Admins wrt sponsorship on MASA etc. I can tell you however that the product is very exiting, and will give you some really nice benefits. There is nothing this specialized on specifically Marine Insurance in the world, so it is a huge learning curve for us insurance guys - we will need all the info we can from you.

    What I need though, is a small survey from the members here. Please take part in this, I need to supply the information to the insurer by middle next week.

    This is just for our statisctacal purposes:

    Please indicate:
    A) What do you want insured wrt most important equipment that you'd like replaced?
    B) What losses do you want insured (bursting of tanks, lightning, mechanical breakdown etc)?
    C) What do you recon is an affordable premium to insure you for the answers on the above?
    D) **Not compulsory - What other type of cover would you want for your aquarium?

    Thank you for your assistance thus far!!! As soon as I can roll out the product, you all will see it. It seems definite that we are going live 01 October 2009 with it!!! :whoohoo:
     
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  3. Boendoe

    Boendoe

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    Wow that cool I'll be you first client.

    Please indicate:
    A) What do you want insured wrt most important equipment that you'd like replaced?Tank, Lights, Pumps, chillers.
    B) What losses do you want insured (bursting of tanks, lightning, mechanical breakdown etc)?Bursting of tank (don't know if live stock will be covered) Lightning , mechanical breakdown, power outages
    C) What do you recon is an affordable premium to insure you for the answers on the above? Depending on the amount insured let say R 20 000 - R 240 per month. Not to sure
    D) **Not compulsory - What other type of cover would you want for your aquarium? Live stock in case of power outages and tank crashes
     
  4. RiaanP

    RiaanP Moderator

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    I would like to cover just the most expensive items. Anything less than R1000 is not that "important". I "should" be able to cover that with my monthly budget. Anything else that goes boom in the middle of the night, and where I surely can not just go out and buy it, as either my budget is spoken for, or my credit card is... , just say my wife got to the card first.

    So for myself, I would like to cover the glass, tank and sump, for breakage.

    And Skimmer, complete, but most likely only the pump that will fail. (So here I do not really know if I need to cover this)

    And Light unit. The complete unit, excluding normal replacement of globes. Here again, how many light units go bang? Maybe more MH units where ballast or components of the light unit exceeds R1000. If I can replace a T5 ballast, that is below R1000, I do not want it covered. What do other guys think on this one?

    So most important, the tank glass itself.
     
  5. keyaam

    keyaam

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    My tank burst just the other day so I would love to have that covered and as Riaan mentioned any equipment exceeding R1000.00
     
  6. RiaanP

    RiaanP Moderator

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    I just spoken to my short term broker.

    My tank itself, being the glass will be covered as normal household content. And the damage that might arise from a tank that spill 500L in the house. So my first post is directed wrong.

    Anything else in my tank, like a complete system crash and all livestock gone, that is catastrophic. So a good option should be to cover everything else that my household insurance will not cover. But then small items, or individual items below a certain value. or small claim amounts should be excluded. As we all know heaters do go, and other "wear and tear" items. But a pump at R3000, that I would like to cover.
     
  7. Jaco Schoeman

    Jaco Schoeman Thread Starter MASA Contributor

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    Thanks for the feedback thus far guys!!!

    @Riaan (and others) for you to have insurance for your tank / glass you MUST have your insurance extended with Accidental Damage cover to be covered for bursts / cracks. Many insurers does not include this as a standard Household extension, and then others charge you +/- 5% for it (R250 to cover R5000 glass.) Other than that, only theft and fire on the house is covered. The product we offer, will have as a standard (no extra charge) R20 000 worth of Accidental Damage - especially due to the bursting issue...;)
     
  8. RiaanP

    RiaanP Moderator

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    Thanks Jaco.
    He was not 100% sure, he never had any such claims. But said it should be handled like an overflowing bath. And the tank is like furniture. Although there will be a difference if built into the wall or not. Built in it should be claimed against the structure insurance, else a normal stand setup will or should be treated like normal furniture. Like a wall unit.

    I will ask him to follow up and confirm. no use if I think and hope I will be covered and my wife kitchen cabinets will be sorted, if when needed they turn around and say "sorry, that is not covered..."

    anyway, I think you got a good idea. Same as some Medical aids allowing dogs and cats unto the medical scheme.
     
  9. Jaco Schoeman

    Jaco Schoeman Thread Starter MASA Contributor

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    Riaan, sorry to say but he is wrong, and if he says he is not, let him put it in writing to you in case of a claim...;)

    Accidental damage is for things like Televisions, mirrors, sound equipment (and now aquariums;)) etc. that is damaged due to an accident like a child hitting it with a ball etc. If a tank bursts, it is seen as accidental damage, and not a bath just overflowing or geyser bursting.

    If a bath overflows, the loss folowing will be covered i.e damaged furniture, but the bath still stays in tact. If a tank overflows it's the same thing, but if a tank bursts, the tank is damaged and the furniture / carpets etc, thus accidental damage occured on the tank... Hope this makes sense :)

    Not to worry, very soon I'll take away all your worries :slayer::slayer::slayer:
     
  10. Reef Maniac

    Reef Maniac MASA Contributor

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    I claimed against my "standard" house-owners- and content insurance when my tank burst some years ago, and Outsurance paid for the tank, carpets, furniture, pumps, even for new salt to make up new water... needless to say, I am still insured with them :thumbup:

    I WOULD, however, be interested in your dedicated insurance, if it is affordable.

    I would prefer to pay a highish excess (say R1000 - R2000), and have lower monthly premiums, if that would be possible. In this case, I would obviously only want to insure the expensive items, such as tank, chiller, skimmer, and livestock (against accidental death, not disease...). With the higher excess, I would be happy to pay around R100.00 - R150.00 per month, not much more...

    Hennie
     
  11. ml

    ml

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    agreeing with Hennie on this one.
     
  12. riyadhessa

    riyadhessa

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    Im agreeing with Hennie too on this one...
     
  13. brentnorm

    brentnorm

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    Yip, I could fall in line with Hennies suggestion.
     
  14. Jaco Schoeman

    Jaco Schoeman Thread Starter MASA Contributor

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    Well then Hennie, ML, Riyadhessa & Brentworm, as this is exactly how it will be structured and cost more or less. ;)
     
  15. Redhawk10

    Redhawk10

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    Insurance should be structured to cover optional the following occurrences.

    1. Mechanical Breakages

    (Pump filters and other electrical equipment to be specified)

    2. Tank - Accidental breakage
    The accidental breakage of tank and/or stand on which the tank is positioned.

    3. Water damage
    The consequential damage to household equipment due to water
    (If the standard conventional insurances cover this event, member should get confirmation in writing otherwise to be insured separately).

    4. Fish and other Marine live stock

    Cover on first loss basis with max per item and max per occurrence.

    Cover should include:
    * Death due to dysfunction of equipment

    * Accidental breakage of tank
    * Disease in tank
     
  16. Jaco Schoeman

    Jaco Schoeman Thread Starter MASA Contributor

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    Thank you Redhawk - seems you know a bit about insurance (using the lingo there ;))
     
  17. Redhawk10

    Redhawk10

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    My wife is a shortterm insurance broker.
    Feel free to make contact if you need any assistence or info.

    Info:
    Alwyn Bamberger Finansiƫle DiensteWilhelmien Stegemann(NCSTI NQF 4)
    Short-term Insurance Broker | wilhelmien@bamfin.co.za | FSP Nr: 11879
    281 Durban Road | Golden Isle Building | Bellville | 7530
    tel: (021) 919 0440 | fax: (021) 919 0444 |
     
  18. Jaco Schoeman

    Jaco Schoeman Thread Starter MASA Contributor

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    Ah, I thought I could pick up a hint of broker in you... hehehehe ;)

    Thanks man, appreciate it... :thumbup:
     
  19. Hermanus

    Hermanus

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    I will be interested Jaco! My tank burst years back where incurred with mf and it paid half of my damage under house contens and ja.I where very impressed with them.
     
  20. FransSny

    FransSny

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    I have spoken to Jaco on this already and let me tell you the premiums are VERY reasonable.

    But let him let thecat out of the bag when he's ready to do so ;)
     
  21. seank

    seank

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    :thumbup:
     
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