Understand waiting periods, excesses and exclusions

Waiting periods determine when a claim can be submitted. An excess is the first amount you may need to pay as the policyholder before the insurer settles a valid claim. The rules differ by type of Business Cover and, for some cover, by plan.

What is a waiting period?

A waiting period is the period between the start of the policy and when a claim can be submitted for a particular type of cover.

What is an excess?

An excess is the first amount payable by you as the policyholder before the insurer settles a valid claim. Some cover types have an excess for only an initial period, while others have an excess that depends on the plan.

Waiting-period and excess rules

The waiting periods and excesses currently published for iK Business Cover are listed below.

iKhokha Device Cover

A R200 excess applies if a Device Cover claim is submitted within the first 30 days of cover. After the first 30 days, no Device Cover excess is required.

Stock, Equipment and Building Cover

A 14-day waiting period applies before a claim can be submitted.

Personal Accident Cover

A 30-day waiting period applies to each new person added to the policy.

There's no excess, but you pay the first R1 000 of emergency expenses yourself.

Important exclusions by cover type

Each type of cover has its own exclusions.

Device Cover

• pre-existing damage, wear and tear, or superficial damage to outer parts such as casings, aerials or keypads;

• theft from an unattended vehicle unless the vehicle was locked, the device was hidden in the cubby hole or boot and there was forcible entry;

• unexplained loss or damage;

• loss of or damage to batteries, unless they're lost or stolen with the device;

• consequential loss, such as lost data or damage to someone else's property;

• loss of or damage to accessories and car kits;

• loss or damage when the device is left unattended in a public place, such as a mall, office or social event;

• loss or damage when the device is left unattended or exposed while people you don't know are in your home, office or a similar place;

• the device being taken from a locked home, office or similar place without forcible or violent entry;

• loss of or damage to your SIM card;

• loss or damage caused by gross negligence or a wilful act by you, the person using the device or someone you know;

• loss or damage from not looking after the device while it's charging;

• manufacturer's defects, and faults covered by the manufacturer's warranty;

• loss or damage caused by software, apps, viruses or other malicious software;

• loss or damage caused by remote jamming devices;

• damage following unauthorised repairs or poor work by an unauthorised repairer; and

• loss or damage from riots, strikes, civil commotion, public disorder, war, invasion, terrorism or public violence that SASRIA covers.

If the same device is insured elsewhere for the same event, the insurer only pays its share of the claim.

Stock, Equipment and Building Cover

• theft or loss of stock and equipment, even when kept inside a locked building;

• buildings within 200 metres of a river, riverbed or floodplain;

• stock or equipment left exposed outdoors, in transit or at a location not listed on the cover, unless it is at an established market;

• building damage caused by poor maintenance, gradual subsidence, landslips, or leaking pipes and roofs; and

• theft of any part of the building or its attached structures.

Personal Accident Cover

• death or disability caused by illness;

• death or disability that occurs more than 12 months after the related accident;

• death or injury caused by mental disability;

• self-inflicted harm;

• participation in dangerous sports; and

• suicide.

Use your policy documents for a claim decision

Your Policy Schedule and the full policy wording set the cover that applies to your policy. If you need authorised advice about whether a particular risk is covered, contact Aspis, authorised FSP 48407, on 031 818 0005 or info@aspis.co.za.