Excess Waiver Policy
IBG
Underwriting
Managers
have
on
behalf
of
Renasa
Insurance
Company
developed
an
excess
waiver
for
PI
Cover.
This
policy
works
on
a
trigger
basis
meaning
as
long
as
the
underlying
PI
policy
responds
to
a
claim,
IBG
will
pay
the
excess
as
stated
on
the
IBG
schedule
which
the
FSP
would
have
selected
at
inception
and
no
inner
excess
will
apply.
Should
your
claim
fall
within
your
excess
of
the
underlying
PI
policy,
IBG
will
consider
the
claim
so
long
as
there
was
a
ruling
from
any
statutory
Ombud
or
any
competent
Civil
Court
within
the
Republic
of
South
Africa,
not
exceeding
the
amount
stated
on
the
schedule.
Legal
fees
are
excluded
in
respect
of
any
claim
within
your
excess.
An
inner
excess
of
15%
will
apply,
in
respect
of
any
claim
admitted
by
IBG
that
falls
within
your
excess
of
the
underlying
policy.
PI
Policy
premiums
are
generally
based
on
your
Sum
Insured
and
commission
or
fee
income;
our
rates
are
not
income
rated
however
purely
on
sum
insured
bands.
Our
Minimum
limit
of
indemnity
is
based
on
an
excess
of
R10
000
and
we
provide
cover
up
to
a
maximum
of
R350
000.We
provide
cover
for
Individual
FSP’s
(up
to
twenty
representatives)
and
for
groups
(of
more
than
20
representatives).Our
rates
are
calculated
on
a
per
representative
basis,
and
we
require
full
names
and
ID
numbers
as
indicated
on
the
representatives
register.
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