Associated Insurance Brokers 2006 (Cape) (Pty) Ltd

AIB offers unique insurance products and advice to a wide range of clients

	Art Insurance		Building Insurance
	Commercial Crime		Commercial Insurance
	Construction Insurance		Credit Insurance
	Engineering Insurance		Fidelity Guarantee
	Liability Insurance		Marine Insurance
	Motor Insurance		Travel Insurance
	Vehicle Insurance		Yacht Insurance

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Frequently Asked Insurance Questions:

Q : What is an Insurance Broker?

An Insurance Broker is a FAIS licensed professional with the necessary "Fit and Proper" requirements to act on behalf of the client (insured) in all dealings with the insurance companies (insurers). They act as an agent for the insured (except in the collection of premiums) when dealing with the insurers.

Their main functions are to ensure that the insured's insurance business is placed with a reputable company, at competitive premiums and, at claims stage, to negotiate with insurers on the insured's behalf, to ensure that the insured receives the most favourable settlement and to deal with difficult claims in the best interest of the insured.

Q : Will an Insurance Broker save me money?

One of the functions of an Insurance Broker is to ensure that your premiums are competitive. As most insurers rely on brokers to maintain the relationship and act on behalf of the insured, in most cases, dealing directly with the insurer will in fact cost the client more as there is no one acting in their interests with regard to, inter alia, pecuniary matters.

Q : Why would my company need an Insurance Broker?

You know how to run your business - but how much do you know about the insurances available and the basis upon which to insure your assets, potential reduction in turnover and liability, to name but a few exposures? A professional Insurance Broker will assess your business risk, identifying your insurable risks and evaluating them in financial terms. Together with you an Insurance profile is achieved and your broker will then approach the insurance market to ensure that your business is placed with a reputable insurer at competitive premiums and most favourable terms.

Always ensure that your Insurance Broker is a truly independent brokerage which has no financial interest in any insurer, as this could create a conflict of interest situation. It is also important to ensure that your broker deals with the entire claims process in-house, and does not outsource this function, which is in essence, the most important function following on from the correct placement of risk.

Notwithstanding the advertising, it is not a function of an insurance company to fight for you, the client, to ensure that you receive superior service and personalized attention. This is a fundamental part of an Insurance Brokers' function, professionals who understand the business of insurance and, armed with this expertise, act on behalf on you, the insured, in all dealings with the insurance companies.