Corporate Insurance

In the corporate area, we follow a client centric approach, focusing on:

  • Appropriate risk transfer
  • Optimisation of insurance spend
  • Value addition
  • Risk retention analysis
  • Asset valuations
  • Pre-and post-loss surveys
  • Post-loss claims preparation and mitigation advice
  • Risk management and insurance intermediary service

The Standard Bank Insurance Brokers (SBIB) network

The SBIB structure allows for integrated and coordinated service delivery from all Standard Bank areas of operation.  Because you are at the centre of all that we do, you have a single point of contact and you  have access to  all the resources available  throughout the Standard Bank network.

Our capabilities

Our expertise includes:

  • Getting the correct placement
  • Ensuring that there are no gaps in the average provided
  • Explaining the risk exposures, as well as the policy triggers and/or response
  • Explaining all risks retained
  • Explaining responsibilities in the event of a claim
  • Helping  with the preparation, registration and declaration of claims
  • Post-loss recommendations
  • Strategic claims management

How we work

We have an in-depth understanding of business environments which drive the way we work. We aim to be the leading insurance and risk management consulting service provider, and our team has a wealth of experience in providing insurance intermediary services in the corporate arena.

Industries and sectors

  • Mining
  • Information/Communications/Technology
  • Logistics
  • Marine
  • Education
  • Construction and engineering
  • Retail and wholesale
  • Real estate
  • Public sector
  • Architects and engineers
  • Legal
  • Energy and renewable energy
  • Manufacturing
  • Consulting

Range of insurance classes

Assets All Risks insurance - we offer insurance advice for assets or property and business interruption risks. Machinery breakdown and associated risks can be included to meet your requirements.

Assets

We also advise on commercial property insurance for complex risks in South Africa. We focus on major risks in all sectors of the economy.

Business interruption

In a complex business that is constantly changing, we make sure that:

  • The risks are understood at inception of the policy
  • The exposure is transferred as and where expected

Liability / casualty

In an ever changing legal environment, we can offer advice on liability cover to respond to your risk exposure. Liability claims can be costly and it's vital that your policy meets your profile requirements.

The following casualty policies are available:

  • Public and products liability
  • Environmental impairment liability
  • Construction public liability
  • Product recall insurance

Financial lines

We offer advice on a  suite of financial lines products to address the ever increasing dangers lurking in the corporate world. Products available include:

  • Directors and officers liability insurance
  • Professional indemnity or errors and omissions insurance
  • Employment practices liability
  • Commercial crime/Fidelity insurance

Engineering insurance

  • Contractors all risk - covers all types of building and civil engineering construction.
  • Plant all risks - covers loss of or damage to plant used in the construction industry (mobile cranes, tower cranes, bulldozers and smaller plant).
  • Public liability attached to contractors and plant all risk.
  • Erection all risk - provides cover for transit and erection followed by commissioning of all types of machinery or equipment.
  • Machinery breakdown and interruption - caters for sudden and unforeseen electrical and mechanical breakdowns and the resulting loss of profits.
  • Deterioration of stock-covers stock deterioration resulting from machinery breakdown.
  • Electronic equipment - loss of or damage to electronic equipment, including computers, servers, PABX systems, portable equipment and IT infrastructure.

Marine insurance

Cargo

This covers cargo while in it is in transit, whether by means of international and domestic sea, air, road or rail transport. Insurance covers both imports and exports.

Types of cargo insurance

  • Open marine cover on an annual basis
  • Stock throughput
  • Once-off marine
  • Inland transit

Hull

  • Boat, jet ski and pleasure craft

Liability

  • Freight forwarder’s liability
  • Carriers liability
  • Containers liability
  • Stevedores liability
  • Charterers liability

Bonds and guarantees

Construction and trade guarantees

A guarantee is a written undertaking to answer for the payment or performance of another entities debt or obligation.

In this contract, the insurer undertakes to make certain payments on behalf of the insured client if the insured client fails to make payments or does not perform its obligations in terms of an underlying commercial contract.

Types of guarantees

  • Performance guarantee - issued on behalf of a contractor to a principal that guarantees performance by the contractor.
  • Bid bond – issued on behalf of a contractor and guarantees, on acceptance of a bid by the principal, that the contractor has the finances and capabilities to undertake the contract.
  • Advance payment guarantee – issued on behalf of an entity who accepts an advance or progress payment from a beneficiary for the future fulfilment of the terms of a contract.  A refund of the progress payment is guaranteed if the entity does not fulfil the terms of the contract.
  • Custom bond - issued on behalf of an entity in the freight forwarding industry and is mainly for deferring liability for payment to Customs and Excise of any and all duty due and payable in terms of the Customs and Excise Act.
  • Fuel guarantee – issued on behalf of an entity (such as a retailer) to cover the cost of items purchased from a fuel company, such as fuel products and lubricants. The guarantee allows the entity to trade on a debit payment system, as opposed to pre-payment in the form of cash or bank guaranteed cheques. Entities can replace their existing bank guarantees with a fuel guarantee, releasing capital, which can be reinvested in the business.

 

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