| Do I need to sign documents? |
There is no paperwork to fill in, since all calls are digitally voice recorded, hence you can take out cover, make amendments to your cover and lodge your claim telephonically. The recording ensures the safety of the information you provide and offers protection to both parties. |
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| Can I pay my premium via the Internet? |
| NO. This is so that we can ensure that your premiums are allocated on time and to avoid a delay in assisting you on any incidents. |
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| How do I calculate the replacement value of my building(s)? |
We cover the buildings on a new for old basis. This means that we replace old, damaged items with new ones following a claim (e.g. replacing a burst geyser with a new one).
In calculating the replacement value of your property we take into account the costs to demolish damaged structures, remove the debris, payment to professionals and municipal services and, other similar charges before any new construction can start.
Coupled with these costs are the actual costs for materials and labour. These costs, like many others, are determined by the building industry. We update these values on a regular basis for your convenience. We also update the replacement costs of the buildings annually as part of the review of your facility. |
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| What is an excess? |
| An excess is a specified amount of money that you are liable to pay in the event of any claim being settled. For example, if your property is damaged by a storm and the damage amounts to N$10 000, you will pay the amount as stated on your schedule to the contractor once it is repaired. OUTsurance then pays the difference to the contractor. |
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| What is a fixed excess? |
| A fixed excess means that no matter what the value or nature of the claim, you only pay the agreed excess amount. OUTsurance offers you a fixed vehicle excess from as low as N$1 000 which means that whether your car is damaged in an accident, written-off, stolen or hijacked you will only pay the N$1 000 excess. There are no hidden "shocks" when you find that you are liable for any higher excesses. Most insurers charge you a percentage of the claim, so if your stolen vehicle's replacement value is R100 000, and the excess is 7.5% of the value, then you will be liable for the first N$7 500. |
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