Zimbabwe independent INSURANCE RENEWAL SUPPLEMENT january 31 to February 6, 2014
MBCAinsure, your insurance solution. MBCA Bank is a commercial Bank which offers a wide range of financial services. The products and services in MBCA Bank include MBCAinsure which is an insurance product underwritten by RM Insurance. Through MBCAinsure, clients can cover their valuable goods; enjoy efficient claims handling services and flexible premium payment options. MBCA Bank offers this exceptional insurance service coupled with special risk management support services. The product bouquet under MBCAinsure includes but is not limited to Motor vehicle insurance, Personal insurance and all risks insurance. Under the Motor Insurance class, clients can access various covers ranging from private cars, commercial vehicles, taxis, omnibus, motor fleets, and motor cycles to special type vehicles. MBCAinsure provides adequate cover for cars in terms of the Road Traffic Act of Zimbabwe. There are three basic forms of policy cover that can be accessed here, and that is the Comprehensive Insurance, Full third Party Fire and Theft Insurance, and Full Third Party Insurance. The last category under motor insurance is the Special type insurance which is designed to cover vehicles that do not ordinarily move on public roads but mainly on company premises for example forklifts.
ADVANTAGES OF INSURANCE 1. Removal of uncertainties Insurance companies take the risks of large but uncertain losses in exchange for small premium. So it gives a sense of security, which is real gift to the individual or busi ness person. If all uncertainty could be removed from business, income would be sure. Insurance removes many uncertainties and to that extent is profitable. 2. Stimulant of business enterprise Insurance facilitates to maintain the large size commercial and industrial organizations. No large scale industrial undertaking could function in the modern world without the transfer of many of its risks to the insurer. It safeguards capital and at the same time it avoids the necessity on the part of industrialists. They are therefore free to use their capital as may seem best. 3. Promotion of saving Saving is a device of preparing for the bad consequences of the future. Insurance policy is often very suitable way of providing for the future. This type of policy is found particularly in life assurance. It promotes savings by making it compulsory in many countries, which has a beneficial effect both for the individual and nation. 4. Correct distribution of cost Insurance helps to maintain correct distribution of cost. Every businessperson tries to pass on to the consumer all types of costs including accidental and losses also. In the various fields of Insurance such losses are correctly estimated keeping in view a vast number of factor bearing on them. In the absence of insurance these losses and costs would be assessed and distributed only by guess work. 5. Source of credit Modern business depends largely on credit; insurance has contributed 'a lot in this regard. A life insurance policy increases the credit worthiness of the assured person because it can provide funds for repayment if he dies. Credit to Page 10
It is in the best interest of every company or individual who owns property or household goods to be protected from loss or damage. The insurance covers that are available in this category are House owners (buildings) insurance, Householders (contents) insurance, All risks insurance, Personal Accident insurance,
and Living Future (serious illness) Insurance. The house owners (buildings) insurance covers buildings , boundary walls, outbuildings, swimming pools, fixtures and fittings against damage caused by either theft, fire, lightning, explosion earthquake, impact by animals, accidental damage of water pipes and accidental breakage of windows. The householders (contents) Insurance, covers household goods and personal effects of every description. Personal Accident Insurance will compensate the insured or his/ her beneficiaries for death, permanent disablement, Temporary Total Disablement
9
and Medical Expenses. Living future covers dreaded diseases such as heart attacks, Kidney failure, Coronary diseases requiring surgery, Major Organ Transplant, Paraplegia, Blindness, and Cancer Including Breast Cancer. Other policies covered include, Assets all risks, Farming and Business all risks. Secure your wealth today by partnering with MBCAinsure and begin to enjoy the peace of mind that you so richly deserve. Don’t wait for a mishap before you cover yourself with MBCA Insure. MBCA Insure is conveniently available at all MBCA branches.
10
Zimbabwe independent INSURANCE RENEWAL SUPPLEMENT january 31 to FEBRUARY 6, 2014
0712 400 500
Sanctuary Insurance opens in Gweru Purchasing motor vehicle insurance is more than just a way to get your Zinara vehicle license. People rarely seem to fully grasp the concept of insurance and the different types of cover. Most look at it as another expense coupled together with
keeping their vehicle roadworthy, when its actually quite the opposite. Sanctuary Insurance Company (Pvt) Ltd (SIC) aims to clear these lines of ambiguity by disclosing each and every detail particular to the type of insurance needed, to advise
on the best policy for their client. Growing rapidly, SIC has recently opened its doors in Gweru at CAIPF building (Gweru Main Post Office),with a fully-fledged branch to offer quality insurance services to the Midlands region.SIC has made a conscious rhetoric to redefine service delivery in the insurance industry. By assisting policy holders, and those that claim against their clients, they have managed to create a better understanding of insurance
for all that have walked through their doors. This concept is being transferred to the Gweru branch with all the ingredients of service excellence that have become characteristic of the Sanctuary Insurance brand. The branch is led by Mr. A. Hapanyengwi, who promises to “deliver the Sanctuary experience in Midlands�. After all he was born and bred in Gweru! In regard to motor vehicle insurance, SIC works along side Road Angels to provide our comprehensive motor policy holders with Road Side Assistance at no extra or hidden cost. Offering various payment methods on policies to suit clients needs, Sanctuary truly is, built around you. Types of insurance they offer include: - Goods In Transit Insurance - Motor vehicle insurance - Home combined - Business combined - Bonds and guarantees - Public liability cover - Fire and theft As the official insurance partners of ZimCricket, SIC provides all the policies the association needs under one roof, allowing them to focus on their core business.As a duly registered home grown company,SIC has also partnered with the Shipping and Forwarding Agents Association of Zimbabwe (SFAAZ),this allows their members easy access to insurance products required by ZIMRA. Other insurance partners include the Zim Colour Run, the Zim Cook Off, and SecurExpo. Zim Cook Off & SecurExpo are annual events. Sanctuary Insurance Head Office is found at 5 Princes Road in Belvedere, next to Belvedere Maternity Hospital
Advantages of insurance from Page 9 extension is also obtained by means of various kinds of property insurance. A businessperson whose stock of goods has been properly insured can get credit easily. Similarly marine insurance is an essential requirement for every transaction of import and export. 6. Reduction of the chances of loss Insurance companies spend large sums of money with a view to finding out the reasons of fire accidents, theft and robbery and suggest some measures to prevent them. They also support several medical programme in order to make the public safety minded. Without such losses preventive activities of insurance companies, the chances of loss would have been greater than they are at present days. 7. Solution of social problems Insurance serves as a useful device for solving complex social problems e.g. compensation is available to victims of Industrial injuries and road accident while the financial difficulties arising from old age, disability or death are minimized. It thus enables many families and business units to continue intact even after a loss. 8. Productive utilization of fund Insurer accumulates large resources from the various insurance funds. Such resources are generally invested in the country, either in the public or private sector. This facilitates considerably in over all development of the economy. 9. Insurance as an investment A life policy is a combination of protection and investment which serves a useful purpose. The premiums that are paid go on accumulating in a fund every year. The sum so accumulated by the insurance company earns interest. Under life assurance a person may also invest his capital in an annuity which will pay him an income every year till death. Therefore, insurance may be regarded as an investment.
Zimbabwe independent INSURANCE RENEWAL SUPPLEMENT january 31 to FEBRUARY 6, 2014
Renew your motor vehicle insurance and ZINARA licence discs all in one place Get your Motor Vehicle insurance at any CBZ Bank branch countrywide or for easy and convenient Zinara licence discs renewals call or visit selected CBZ Bank branches countrywide. • Msasa • Chitungwiza Main • Southerton • Borrowdale
Mutare Main Street Mutare Branch Masvingo Beitbridge Chirundu
Gweru Kwekwe Chipinge Chiredzi Chinhoyi
Bulawayo • Bulawayo Main Street • Bulawayo Fife Street • Belmont
04 Ap
ril 201
4
TCB10413
Harare • Robert Mugabe • Cripps Rd • Chitungwiza Sub • Westgate
Underwritten by CBZ Insurance Limited
Head Office: 3rd Floor, Union House, 60 Kwame Nkrumah, P O Box 3313, Harare, Tel: (04) 748050/79, 780880-4 798915, 756233-5, Fax: (04) 758077, E-MAIL: info@cbz.co.zw, Website: www.cbz.co.zw
11
12
Zimbabwe independent INSURANCE RENEWAL SUPPLEMENT january 31 to February 6, 2014 NMBSURE Car Insurance
ur d w yo Reneurance an at se ns Car IARA Licennk ZIN NMB Ba y Toda nse discs a
NMB
NMBSURE
Benefits for Comprehensive Cover:
.
ches
bran
Underwritten by RMI
erton
outh y-S a Cit Gweru ngw re: A wayo - e a r a H Bula Mutar
For more information email nmbsure@nmbz.co.zw
Terms & Conditions apply
www.nmbz.co.zw www.nmbz.co.zw
IN
NMB BANK LIMITED
PURSUIT OF EXCELLENCE NMB Bank Limited. Registered Commercial Bank.
Analysis of Risk Exposure When individuals consider risk management they must look at the risks associated with four crucial areas including: personal, property, liability, and business. Each of the four areas has special risks associated with it, and individuals should evaluate those risks and then determine a plan on how to cover, transfer, or eliminate those risks. PERSONAL Personal risks are those risks that we all face on a daily basis in the course of our everyday lifethey include the perils of death, disability, bad health, unemployment, and Superannuation. Most personal risks center on the ability to earn an income and provide for your family. When we consider the consequences of uncovered personal risks, we think about protecting these areas of importance by en-
tering into insurance contracts for life, health, disability, and income for life. DEATH None of us like to consider death, but as the old clique goes... "There are only two things guaranteed in life...that's death and taxes". So, in order to protect the ones we love, cover our debts, pay for funeral expenses, send your children to college, or whatever the reason- many individuals need to protect their income stream in the event of their untimely death and life insurance is a way of doing that. An individual faces three mutually exclusive risks centering around the uncertainty of death, they include: 1) Superannuation- outliving your income and assets, 2) Premature Death- dying when others remain dependent on
your income, 3) Protecting your Estate- paying for taxes in the event of your death RISK MANAGEMENT PROCESS The objective of risk management is to choose efficiently among methods to handle risk so as to avoid catastrophic losses. Risk management includes insurance management, but it should be used to measure both insurable and non-insurable risks. The process of risk management has six distinct steps: STEP 1- Identify risk management goals and objectives STEP 2- Gather pertinent data to determine the risk exposure STEP 3- Analyze and Evaluate the client's status STEP 4- Develop and Present risk management recommendations STEP 5- Implementation STEP 6- Ongoing Monitoring
Offers Free Towing Services
Buy 3rd Party Insurance for only $35 from Allied Insurance Company and get your vehicle towed for free in the event of an accident. Contact 3rd Floor Tanganyika House, Cnr 3rd Street/ Kwame Nkrumah Avenue, P. O. Box CY 20, Causeway, Harare, Tel: +263 4 764288/ 764248/ 730187, Fax: +263 4 764334. Cell: +263 772 199 199, Email: info@alliedinsurance.co.zw
w w w. a l l i e d i n s u ra n ce. co. z w
NMB13-202e
A lice
R ZINA ct e l e s t
Insure. Be Sure.
Don’t get your pride dented.