 

Dear Owner

CHANGE OF INSURANCE COMPANY

Please note that the board of Trustees resolved, and a duly
constituted meeting held on Monday, 29 April 2024 to appoint IUM
INSURANCE as the insurer for the Body Corporate effective 01 May 2024.

Decision made was as follows:

Santam renewal quote effective 01 May 2024 was R40715.93 per month
(double on what was currently being paid per month R20850.17). Due to
the claim’s history being 104%, Santam was running at a loss on the
claims ratio, reason for the increased renewal premium.

Meeting was scheduled with Elizma Theron from PLM (broker) to discuss
the policy renewal and quotes on Wednesday 24 April 2024. KPLM
requested quotes and advised no one else in the market was prepared to
quote, except for IUM. Request was for KPLM (brokers) to approach
Santam, and request if the geyser excess was increased from the
current R2500 to R5000 how this would impact the policy and the
renewal monthly fee.

Below a summary:

 	* Santam Renewal NO GEYSERS - R 21,306.27
 	* Santam Renewal increasing the geyser excess from R2500 to R5000 -
R 37,091.45 (This would still be R16241.28 more a month that was
currently being paid)- by increasing the excess the renewal premium
would only drop with estimated R3500.
 	* IUM – geyser excess R5000 – R30 613.60 (This would be
R9763.43 more than what was currently being paid)
 	* IUM – geyser NO GEYSERS – R20 061.34

AS PER IUM QUOTATION IUMPSS147824 ALL GEYSERS WOULD HAVE BEEN INSURED
FOR R12500 LESS R5000 EXCESS= NETT R7000 THAT WOULD HAVE BEEN PAID
OUT. 

The trustees opted to appoint IUM insurance, exclude the geyser and to
self-insure the geysers by opening a provision account and monthly
transferring the saving of R9763.43, rounded off to R10 000 per month
to this account). The premium would remain in line with what currently
was being paid. OWNERS WILL STILL HAVE TO PAY THE EXCESS TO THE
PLUMBER OF R5000.00.

It was noted that the self-insured amount R10 000 to be transferred
monthly will have to be added to the budget as part of the insurance,
to be ratified at the upcoming AGM (as the new budgeted was already
implemented 01 March 2024).

The Resolution approved and signed to be ratified at the AGM.

On behalf of the Trustees Mont Blanc

 

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ATTACHMENTS:
RESOLUTION_INSURANCE_appointIUM_signed.pdf
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