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Private Portfolio – Know how your insurance works

We handle a number of household and business insurance claims every day and from our experience I shall make a few suggestions and pass on a few tips to make life easier for us, but ultimately to help you understand the manner you manage your everyday risks and hopefully save you a few dollars.
The biggest problem we have is from people who have insurance but do not read the policy wording. Yes, I know it is boring and that it often poses more questions, but read your policy wording and then ask your broker or insurance company to explain what you do not understand. You will then have a far better understanding of what you spend your money on every month when you pay the premiums.
Another general problem is that not all people with household insurance understand that the amount they insure the contents of their house for, is critical. The general rule is that if you take the roof off your house and turn the house over, everything that falls out is classified as household contents. What does not fall out (fixed items) form part of the value of the house.
The insurance companies apply the rule of averaging which means that if the replacement value of your household contents you are insured for is less than the actual figure, the insurance company will regard the difference as the amount you are not insuring and this amount as a percentage of the total replacement value will come into play when you have a claim.
It is also vital that you keep record of what you have in your house – especially the more expensive items. Keep invoices and any other evidence that an item belongs to you. So many people are submitting fraudulent claims nowadays that insurers are forced to ask for proof when high value items are claimed.
Also remember to notify the insurance company of any change in your physical address because your insurance is bound to the premises. When you move home the insurance company should be notified in advance when this will take place and to which address you are moving to.
Only this week we had an experience where a client’s car was maliciously damaged in a car park in Windhoek, somebody scratched the side of his car with a nail or something. He did not know that he was covered for such damage and did not submit a claim. His car guard also pulled up his shoulders when confronted.
All claims must be submitted within 30 days after the loss iss suffered or at least the insurance company should be notified that a claim is going to be submitted.
Another common mistake is when a person is involved in a car accident but there is no damage to his own vehicle. He must still submit a “no own damage” claim to his insurance company. This will make the claim of the other party a lot smoother.
All car accidents on any public road must be reported to the police. People often think if they crashed into a rock on the Spreetzhoogte pass for example, they do not need to report it to the police. It is still necessary because the accident happened on a public road.
When in the slightest doubt about your insurance policy and what benefits it offers and what your responsibilities are, please ask your broker or insurance company. Not knowing may cost you money and or cause you a lot of unnecessary frustrations.

About The Author

Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.