CIB Business Insurance

CIB underwrites short term insurance policies in the personal lines and commercial space. CIB develops insurance solutions with a ‘quality over quantity’ mindset.

Find out more about CIB Business Insurance.

CIB Business Insurance:

With CIB’s Commercial Insurance Policy, you can rest assured that your office contents, company vehicles as well as any unexpected machinery breakdown and deterioration of stocks are covered. CIB includes a 15% seasonal increase over the December period for money held on the premises and in transit.

The commercial policy offers the following sections to select from. Listed under each section are the important benefits included in the product offering at no additional cost:

General

Claims preparation costs – R10 000

Fire and Allied Perils (buildings, contents, machinery and stock-in-trade)

Geyser cover – Automatically included in buildings cover

Sprinkler leakage cover – R10 000

Disposal of salvage – Cover included and the insured will be offered first option to purchase salvaged goods

Basic subsidence and landslip – Included for insured buildings

Power surge damage to machinery or other electronic / electrical equipment (Including

Load Shedding) – R50 000

Buildings Combined (commercial and residential buildings)

Geyser cover – Automatically included

Property owners liability – R1 000 000

Basic subsidence and landslip – Included for insured buildings

Rental – Included but limited to 25% of the total sum insured

Power surge damage to landlord’s fixtures and fittings (Including Load Shedding) – R 50 000

Office Contents

Locks and keys – R10 000

Theft (forcible and violent) – Included but limited to 25% of the sum insured

Loss of rent – Included but limited to 25% of the sum insured

Increase in cost of working – Included but limited to 25% of the sum insured

Power surge damage to electronic / electrical

equipment other than Electronic Data

Processing Equipment (Including Load Shedding) – R50 000

Business Interruption (consequential loss following material damage)

Public utilities (extended cover) – 25% of sum insured maximum R25 000

Prevention of access – Included up to Business Interruption sum insured

Prevention of access (extended cover) – 25% of sum insured maximum R25 000

Accounts Receivable

Book debts or customers outstanding balances

Theft

Locks and keys – R 2 000

Malicious damage – R10 000

Money (money at premises and in transit)

Locks and keys – R 2 000

Seasonal increase – December period limited to 15% of major limit

Receptacles – R 2 000

Crossed cheques – R100 000

Glass (external and internal glass which will include signwriting)

Special reinstatement – Included

Fidelity (theft, dishonesty or fraud by employees)

Extended cover (past employees) – Included for 30 days up to sum insured

Goods in Transit

Fire extinguisher charges – R10 000

Debris removal – R25 000

Business All Risk

Worldwide cover for specified property

Accidental Damage

Accidental damage to property at premises

Public Liability (broadform)

Statutory legal defense cost – R100 000 (annual aggregate)

Wrongful arrest or defamation – R100 000 (annual aggregate)

Work away cover – Included for non-contracting activities

Specialised Liability

Cover can be included at an additional premium for:

Schools Liability

The cover provided is as follows:

   General Public Liability

Professional Indemnity, which includes:

– Wrongful arrest

– Wrongful dismissal of an employee

– Wrongful expulsion of a scholar

– Infringement of copyright

– Defamation

– Loss of documents – R 25 000

– Medical malpractice – R1 000 000

Directors and Officers Liability

CIB’s Directors and Officers cover affords directors vital peace of mind protection against personal liability.

The 2008 Companies Act allows companies to buy insurance for directors liability as long as the cover does not breach any of the non-indemnifiable sections of the Act. This comprehensive directors cover with fewer exclusions and additional enhancements is the first policy specifically designed around the New South African Companies Act to address personal liability needs of directors and managers in 2010 and beyond.

Employers Liability

Legal liability to employees

Stated Benefits and Group Personal Accident

Death, permanent or temporary disability income as well as medical expenses

Machinery Breakdown and Deterioration of Stock

Machinery Breakdown section: Power surge damage to machinery (Including Load Shedding) – R50 000

Motor

Private motor vehicles, light delivery vehicles, commercial vehicles, motorcycles, buses, trailers as well as caravans

Cover Included

Locks and keys – R10 000

Wreckage removal – R10 000

Instruction for repairs – R 5 000

Fire extinguisher charges – R10 000

Motor Liability

Parking facilities – R2 500 000

Passenger liability – R5 000 000

Unauthorised passenger liability – R5 000 000

Contingent liability – R2 500 000

Third party liability – R5 000 000

CIB contact details:

Address: 15E Riley Road, Riley Road Office Park, Bedfordview, Gauteng, 2008

Tel: +27(0) 011 455 5101

Email: [email protected]

Website: www.cib.co.za

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