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Question of the Day: What's the most interesting small town you've visited in South Africa?
Cheques And Balances
- Thread starter ic
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This is a perfect example of why powers should be distributed as it seems to be to some degree. Central power always leads to corruption that is undedectable.... Unless you have very noble people there...
Rkootknir
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Probably professional indemnity and fidelity insurance. Maybe they're expecting a lot of lawsuits?Gru said:Insured for 172.6m with assets od only 15,1m? How did they do that? If it was me i'd be looking for petrol and matches round about now so i could start collecting that insurance money
And cheques instead of checks? Really? (Imagine extremely sarcastic tone)
mancombseepgood
Executive Member
Over insured.
Icasa also appears to be substantially overinsured. It has fixed assets of R15,1m but is insured for R172,6m.
Strange... maybe they are a major shareholder in Telkom but haven't declared it. lol.
R172.6 m... hmm that's a little more than 1000 percent over insured. Gosh.. how did that happen :-D
Who knows.. maybe ICASA = TELKOM... would make sense...
Icasa also appears to be substantially overinsured. It has fixed assets of R15,1m but is insured for R172,6m.
Strange... maybe they are a major shareholder in Telkom but haven't declared it. lol.
R172.6 m... hmm that's a little more than 1000 percent over insured. Gosh.. how did that happen :-D
Who knows.. maybe ICASA = TELKOM... would make sense...
Rkootknir
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A service company's amount of insurance will have very little (or no) relation to its assets. Most of it will be used to cover against errors made by employees (professional indemnity) or dishonesty of employees (fidelity cover).EdRobinson said:
eg. Your average MD might be worth around, let say, R3 mil. He can easily have professional indemnity cover of up to R15 mil or more.
Billy
Expert Member
Assets are depreciated annually usually over between 2 and 7 years.
Insurance is at replacement value.
I have a watch which cost R100 and is now insured for R6500.
Insurance is at replacement value.
I have a watch which cost R100 and is now insured for R6500.
Billy
Expert Member
pimal3 said:
Not true. Insured value on my policy, and of my Company's, is replacement value, and in my experience that is what is paid. Depreciation does not enter the equation. (However this does not apply to Cars)
When I bought the watch, which is Swiss, Gold was $35.00 an ounce and the dollar was more than a Rand.
Wow!
Is the the same Icasa that is supposed to protect the SA consumer from being ripped of by profiteering telcos?
Now we know why Telkom is getting its way. The lights are on at Icasa but nobody is at work...
Is the the same Icasa that is supposed to protect the SA consumer from being ripped of by profiteering telcos?
Now we know why Telkom is getting its way. The lights are on at Icasa but nobody is at work...
mancombseepgood
Executive Member
None of the above replies regarding insurance offer any logical explanation about how they can end up being over insured to the tune of 1000%... any takers? Or do you agree that it's a little strange. (Surely!?)
Last edited:
RVFmal
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If someone were to substantiate what insurance policies these were, we could ascertain as to whether they are over-insured. If the policy is for assets only, then without a doubt, they are over-insured, but if it includes cover for professional indemnity and fidelity insurance (as already stated by two forum members already) then it is pretty much justified.EdRobinson said:
Unfortunately there is not enough information to ascertain if they are over insured aside from a reporters statement to that effect.