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Insurance is an oddball game

Oct 09 2016 09:16
Riana De Lange

Taste buds, a collection of thimbles, stuffed wildlife trophies and a valuable collection of Star Wars toys. These are some of the interesting and valuable items that insurance companies have been asked to insure.

These days, insurance for drones is equally important, because they are not just used in military and search operations against rhino poachers, but they’re also popular toys among hobby enthusiasts.

Mpumelelo Tyikwe, managing director of Alexander Forbes Insurance, said one of these toys could cost you between R1 000 and R100 000, and that’s why their owners run the risk of significant financial loss if something happens to a drone.

Liability has to be kept in mind when you’re in control of a drone.

There is the risk of collisions with third-party property, with people – which can lead to injury or even death – and with other objects, he said.

Artinsure, a department of the insurance company Hollard, specialises in art, antiques and collectibles.

Artinsure said that during its years of working with private and corporate collectors, antique dealers, auctioneers, restorers and special packing and shipping agents, there have been many interesting items that have been insured.

The department has been asked for a quotation to insure the exhibition of a complete carcass of an animal that was killed by poachers.

Other ordinary items include stuffed hunting trophies that were part of an art exhibition, clown and spoon collections, as well as a crystal chandelier that was exhibited as art.

Tyikwe said coins and coin collections were also frequently insured.

Most household insurance policies exclude coins, while others impose a limit per coin.

He said people who insured coins had to determine if the insurance was just for when the items were inside the house or also needed to be covered when they were not at home.

According to the MiWay website, the insurer offers specific cover for vehicles such as motorboats and Jet Skis.

MiWay recommends these items be insured against theft or hijacking (or hijacking attempts) and loss or damage as a result of fire or explosions, as well as earthquakes, storms, hail, floods or snow.

This kind of insurance is necessary for when the craft are docked, operating in inland or coastal water within 20km of land, or are being transported by air.

Cover is also available for the loss of or damage to the engines, machinery or batteries when the craft is stranded, sinks, burns or is involved in a collision, as well as for the medical costs of anyone in or on your craft who was injured in an incident for which you claim.

MiWay also offers special insurance for caravans, trailers or bikes.

Tyikwe recommends that clients insure expensive equipment such as cameras, extra lenses and tripods, golf clubs and carts, angling gear or other sports equipment.

When you claim, you have to be able to show proof of ownership. Tyikwe said some claimants have experienced problems when they, for example, buy an expensive bike on the internet and have no proof of purchase.

If you’re in that position, he recommends you take the bike to a dealer who can give you a valuation.

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