Excess Eliminator
What is the Excess Eliminator Product?
This product allows you to claim back any excess/first amount payable deducted in the event of a valid insurance claim up to a limit amount agreed per year, per unit owner (only to be included on the and for any claims made for the body corporate. Our Excess Eliminator can be an addition to any insurance policy.
How it is processed is as follows:
How this works is once you receive the pay-out remittance from the insurance company based on the claim made and reflecting the excess/first amount payable that has been deducted, you will approach TI Brokers or where we are aware of the claim as it has been processed through our office, to action this claim for the excess/first amount payable on your behalf and get the excess amount refunded to you. All that is required for the claim to be made here is proof that an excess/first amount payable has been deducted.
For example, if the indemnity limit (how much cover you have) on your Excess Eliminator policy is R30 000.00 and you have a claim that results in an excess/first amount payable of R10 000.00 being deducted, this R10 000.00 can be claimed back. Following this, you would have R20 000.00 still available for any excesses/first amounts payable for the year available in accordance with the policy in place.
How it works:
Once you receive the pay-out remittance from the insurance company based on the claim made and reflecting the excess/first mount payable that has been deducted, you will approach TI Brokers or where we are aware of the claim as it has been processed through our office, to action this claim for the excess/first amount payable on your behalf and get the excess amount refunded to you. All that is required for the claim to be made here is proof that an excess/first amount payable has been deducted.
Benefits of this product:
- This product is a stand-alone value-added product that can be taken out to cover any excess/first amount payable for any category of insurance from Communal Policies, Personal Lines, Business and Commercial Products.
- The Excess Eliminator can be added to any type of existing policy whether TI Brokers is your Broker or not. We will hold your Excess Eliminator policy and you can continue your relationship with your existing broker on your existing policy.
- There are no exclusions on the Excess Eliminator. All we need is valid proof that an excess/first amount payable has been deducted from an approved claim.
- The Excess Eliminator does not affect your existing policy’s claims history as it is a separate standalone product.
- There is a one-time reinstatement allowed per annum should your limit of indemnity (how much cover you have) be exhausted.
What is the Excess Eliminator Product?
This product allows you to claim back any excess/first amount payable deducted in the event of a valid insurance claim up to a limit amount agreed per year and for any approved claims made. Our Excess Eliminator can be an addition to any insurance policy.
How it is processed is as follows:
- The premium is calculated on the number of units in the complex. Dependent on the size of the common property this can be added as an additional unit
or two to allow for the same benefits to apply to the common property claims. - The limit per unit that can be claimed for in one year is R 10 000.00 however this limit can be increased or decreased dependent on the needs of the
complex. Dependent on the limit will depend on the premium applied. - Should the limit be exhausted there is an option for one reinstatement at the same premium that was originally applied.
- Only factor required is a valid claim that has taken place with evidence of the excess deducted being presented.
For example, if the indemnity limit was R 10 000.00 per unit and one unit had a burst geyser where an excess of R 2000.00 was deducted. This R 2000.00
can be claimed back from the excess eliminator product. Following this the owner would have R 8000.00 still available for any excesses payable for the year available in accordance with the Sectional Title Insurance Policy in place.
How it works:
Once you receive the pay-out remittance from the insurance company based on the claim made and reflecting the excess/first mount payable that has been deducted, you will approach TI Brokers or where we are aware of the claim as it has been processed through our office, to action this claim for the excess/first amount payable on your behalf and get the excess amount refunded to you. All that is required for the claim to be made here is proof that an excess/first amount payable has been deducted.
Benefits of this product:
- This product is a stand-alone value-added product that can be taken out to cover any excess/first amount payable for any category of insurance from Communal Policies, Personal Lines, Business and Commercial Products.
- The Excess Eliminator can be added to any type of existing policy whether TI Brokers is your Broker or not. We will hold your Excess Eliminator policy and you can continue your relationship with your existing broker on your existing policy.
- There are no exclusions on the Excess Eliminator. All we need is valid proof that an excess/first amount payable has been deducted from an approved claim.
- The Excess Eliminator does not affect your existing policy’s claims history as it is a separate standalone product.
- There is a one-time reinstatement allowed per annum should your limit of indemnity (how much cover you have) be exhausted.