Contact us

Indemnity: not worse, not better, but similar

Richard Stevens, Manager, Western Cape, RENASA Insurance Company Limited

It is a well-known truism that like income tax, paying premium for insurance of property is considered a grudge payment; paying for something and not receiving anything in return.

There is often a perception, normally following an isolated negative claims experience, that claimants are being “ripped off”. In return for a premium, insurance provides a promise to compensate an insured following certain defined events which may occur. Very often it provides only peace of mind if the loss does not occur; in the event of a loss occurring, the policy terms and conditions come into play and it is at this stage misunderstandings and disputes are most likely to arise. It is only at this critical stage that the promise is really tested.

Failure to restore to the preloss position has often resulted in dissatisfied and disgruntled claimants. Treating Customers Fairly (TCF) has been introduced by the regulatory authorities and service providers have been “reined in” with the focus on ensuring that fairness prevails; this is an attempt to codify the behaviour and responsibilities of insurers to ensure that clients are not unfairly prejudiced. In the light of TCF regulation it is important that one of the fundamental principles of insurance, indemnity, is revisited so that practitioners are aware of its application and how it can assist in
achieving fairness.

Indemnity is a cornerstone of insurance practice and is well known in the industry and features prominently following loss of or damage to property and claimants need to be fairly compensated for losses they have suffered. Through the principle of indemnity, claimants are placed in the same position enjoyed prior to the loss. Indemnity is referred to in the preamble of policy wordings and cites the circumstances in which the policy will operate incorporating the terms, exceptions and conditions that are applicable. This is achieved in one of the following ways:

  1. By cash payment, or at the option of the Insurer by
  2. Replacement
  3. Reinstatement
  4. Repair

Although this appears fairly straightforward it is not always easy to achieve indemnity as there are other factors that must be taken into account. The sum insured value, for example must be adequate and represent the current replacement cost of the insured property. It is obvious that if the insured value is
understated true indemnity cannot be achieved leading to unhappy and disgruntled clients.

Other factors that must be taken into consideration when indemnifying claimants are the principles of Contribution and Subrogation. Bearing in mind that a claimant must be placed in the same position enjoyed prior to incurring the loss or damage if Contribution / Subrogation is ignored, the claimant could benefit from the loss which goes against the principle of indemnity.

Contribution following dual insurance, occurs when more than one policy exists covering the same subject matter (property) and the principle is that a claimant cannot benefit by claiming under both policies for the same loss. In practice, the claim is normally dealt with under one policy and the additional policy(ies) are called to contributee to the loss – all things being equal it means that that each policy contributes its fair share of the loss and indemnity is achieved – the claimant is in neither a worse nor better position than before the loss occurred.

Subrogation, also following a loss, is the right embodied in the policy wording, accruing to the company after indemnifying the claimant. If a third party was responsible for the loss or damage, then the right of recourse is transferred to the insurer and exercised by the company against that third party. The insurer, having indemnified the insured, now tries to recover its outlay from the negligent party. In the absence of subrogation, a claimant could recover from the company and then claim from the responsible party too, ending up better off than prior the loss – the principle of indemnity would therefore be compromised.

By applying the principle of indemnity regardless of the method chosen by the Insurer it seeks as far as possible to place claimants in the same or similar position enjoyed prior to incurring the loss or damage

– NOT WORSE OR BETTER.

509 Responses

  9. Hacklink satın al, sitenizi Google’da zirveye taşı. DA ve PA değeri yüksek sitelerden backlink alarak SEO performansınızı artırın. 1824

  10. Hacklink panel avantajları ile tanışın. Toplu link ekleme, zamanlayıcı özelliği ve özelleştirilebilir kampanya seçenekleri. 2481

  14. Hacklink satın alarak rakiplerinizin önüne geçin. Manuel ve doğal backlink paketleri ile Google’da kalıcı üst sıralara çıkın. 6622

  18. Hacklink hizmeti ile organik trafiğinizi artırın. Profesyonel SEO altyapısı, doğal link profili ve hızlı sonuçlar için doğru adrestesiniz. 1169

  19. Hacklink satın alın, web sitenize değer katın. Sektörünüze özel hazırlanan backlink stratejileri ile organik ziyaretçi sayınızı artırın. 4456

  22. Hacklink satın almak, web siteni Google’da hızlıca üst sıralara taşımak için etkili bir yöntemdir. Hacklink dediğimiz bağlantılar, sıradan backlinklerden farklı … 3045

  27. Hacklink panel arayüzü ile karmaşık SEO işlemlerini basitleştirin. Sürükle bırak kolaylığında link yönetimi deneyimi yaşayın. 2199

  30. Hacklink panelimiz ile veriye dayalı kararlar alın. Backlink kalite skoru, rakip analizi ve trend takibi bir arada. 7835

  31. Arama motorlarında üst sıralara çıkmak mı istiyorsunuz? Hacklink hizmeti ile hedef kitlenize ulaşmanın en kısa yolunu keşfedin. 8488

  32. Hacklink panel erişimi ile link portföyünüzü kontrol altına alın. Anlık durum takibi, canlı grafikler ve akıllı yönetim araçları. 1196

  33. SEO’da başarıya giden yol hacklinkten geçer. Algoritmaya uygun, sürdürülebilir ve ölçeklenebilir backlink stratejileri sunuyoruz. 6201

  34. Hacklink panel ile link inşa sürecinizi hızlandırın. Tek tıkla sipariş, anlık aktivasyon ve uygun fiyat garantisi sunuyoruz. 5153

  38. Hacklink satın al ve dijital pazarlamada öne çık. Etkili SEO backlinkleri ile web sitenizin görünürlüğünü maksimuma çıkarın. 4208

  41. Hacklink panel ile tüm SEO operasyonlarınızı kolayca yönetin. Link takibi, raporlama ve otomatik yerleştirme tek platformda. 7508

  42. Hacklink Panel ile SEO’da zirve ol. Satın alma, analiz ve yönetim işlemlerinizi tek panelden kontrol edin. Güvenli ödeme ve detaylı raporlama ile hacklink … 9143

  43. Hacklink panel; sitenizdeki şüpheli bağlantıları “tek yerden izleme ve yönetme” mantığıdır. Burada amaç linki çoğaltmak değil; şüpheli link davranışını fark … 4370

  47. Hacklink satın al, yatırımının karşılığını trafik olarak al. Dönüşüm odaklı SEO backlinkleri ile satışlarınızı destekleyin. 7301

  49. Hacklink satın alarak rakiplerinizin önüne geçin. Manuel ve doğal backlink paketleri ile Google’da kalıcı üst sıralara çıkın. 3967

  50. Hacklink satın al, yatırımının karşılığını trafik olarak al. Dönüşüm odaklı SEO backlinkleri ile satışlarınızı destekleyin. 7193

  56. Hacklink satın al, sitenizin Google sıralamasını artır. Editöryel backlinkler, forum linkleri ve blog yazıları ile SEO desteği alın. 3597

  62. Esports bahis arenaları adrenalin dolu; CS turnuvalarından League of Legends finallerine kadar dijital sahada kuponunuz yanınızda olur. 1806

  77. Sahte görüntülenme paketleriyle videolarınızın izlenme sayıları hızla yükselir; içerikleriniz popüler ve dikkat çekici bir konuma taşınır. 8960

  84. Arap escort buluşmalarında kültürel hassasiyet ve gizlilik önceliklidir; mekân ve saat tercihleri baştan netleştirilir, sürprizlere yer kalmaz. 4754

  105. Credit card fraud tutorials walk you through every technique from skimming to social engineering, complete with video guides and real-world case studies. 5900

  115. Escort kocaeli hizmetlerinde İstanbul’a yakınlığın avantajını yaşayın; iş seyahati ya da özel akşamlar için esnek randevu programları. 1357

  124. Porno keyfini doyasıya yaşamak isteyenler için sınırsız erişim, akıllı öneri sistemi ve her gün eklenen yüzlerce yeni video burada. 7703

  125. Slot jackpot peşinde koşanlar bilir: tek bir çevirişte hayatınız değişebilir; büyük ödül havuzu ve artan sayaçlar sizi bekliyor. 8281

  154. Takipçi hilesi yöntemleri hızlı sonuç arayanlar için cazip gelir; otomasyon araçları ve toplu işlem paketleriyle profil büyütme oldukça kolaylaşır. 4119

  182. This place feels like a friendly neighborhood spot rather than a cold corporate site. The welcome package was exactly as advertised and I really liked how transparent the wagering requirements are. Customer chats are warm and genuinely helpful. I keep finding new promotions that actually fit my budget. mygcup5

  183. My weekends used to feel quiet until I started checking out new platforms and discovered this one. The game library is incredibly diverse and I appreciate how fair the odds are displayed. Deposits go through instantly and I always feel welcome as a regular visitor. vnu888one

  184. This platform really understands what players need. Fast transactions, clean interface, and the promotions actually deliver value. I keep coming back for the weekend tournaments. idultra88

  185. What a game changer for us online bettors. I tried several platforms before settling down here and this one just clicks. Fast deposits, awesome customer support, and I actually win more often than not. Give it a spin and tell me you did not enjoy the ride. br65x

  186. Placing my pre match bets has never been this stress free. The odds update instantly and I love how the dashboard stays clutter free. It gives me that confident feeling every time I tap confirm. Truly a top notch spot for tracking the games I care about. arcloudbet

  187. I used to switch between different platforms constantly because none of them could keep my attention but ecsharkbet finally won me over. The odds are incredibly fair and the payout system runs so smoothly every single time. I love how they keep updating their promotions and how the mobile version works like a dream on my phone. Truly a game changer for anyone who takes betting seriously. ecsharkbet

  188. My friends keep raving about their slot collection and I decided to test the waters on idtigerjp88 myself. The game library runs smoothly without any lag even during peak hours. I really enjoy how they reward loyal players with daily spins and the cashout requests always clear within the hour. A solid choice for anyone chasing weekend entertainment idtigerjp88

  189. I have been browsing different sites for a while and finally decided to stick with this one. The variety of games keeps me entertained and the withdrawal process is honestly the fastest I have experienced. Support team is friendly and solves issues quickly. Really glad I found this gem. bronly777

  190. The signup process here is one of the smoothest I have come across and I was ready to play within minutes. Welcome offers are genuinely useful and the wagering requirements are clearly stated upfront. The platform runs flawlessly on both desktop and mobile and I never experienced any downtime during peak hours. A fantastic option for newcomers and seasoned bettors alike. 995betsignup

  191. Logging in is so easy and the account feels very secure. I like the multiple payment options available for deposits. The game library is updated regularly with new titles. I feel comfortable spending my free time here and winning prizes.

  192. This site has been my go to for weekend gaming because the experience is just so relaxed. The game selection rotates regularly so nothing gets boring and the payout speeds are genuinely impressive. I always feel safe playing here. You need to visit iwinpup

  193. What a fantastic ride this has been since I first signed up. The vibes are always positive and the team really cares about keeping things fair and exciting. I have been testing out the new promotions and the rewards are genuinely worth it. If you want a trustworthy spot to chase those big wins, this is it. Step right in jackpotgame777

  197. Downloaded this app on a whim and it completely changed my game nights. The live dealer chats are so friendly and the bonuses keep the excitement going. I honestly play here way more than I planned. inwa8app

  199. I have been playing here for a few months and the experience is truly smooth. The deposit and withdrawal process through local e-wallets is super fast, and the game selection keeps me entertained for hours. Really appreciate the 24/7 support team that actually understands what we need. phkingjili

  201. Spent my evening testing the new slot collection and the math models feel completely balanced. I enjoy how the site celebrates small wins with actual respect instead of only chasing big multipliers. The registration process was lightning fast and I started spinning within seconds. A truly player friendly environment that I recommend to everyone. s333slotsgame

  202. Honestly this is the kind of gaming community I have been looking for all along. You can jump into a match anytime and the other players are surprisingly respectful and fun to game with. The app loads fast even on older phones and the payment options cover pretty much everything I need. bro444game

  203. Compared to other sites I have tried this one stands out for its honest gameplay and quick processing. The VIP program grows with you as you play and the perks actually feel worthwhile. My favorite corner to relax and test my luck. bestecasinoonline

  205. Heard some folks talking about s777casino. Gave it a go, and it’s not bad! Got a decent selection of games to keep you entertained. Worth a look if you’re bored. Find it here: s777casino

  209. Just found this spot and honestly the vibes are great. Deposits go through fast and the games load without any lag. My friends and I have been placing bets here lately and the withdrawals hit our accounts within hours. Definitely checking out more of their slot tournaments. lucky786game

  210. Just wanted to share how much I enjoy using this app during my commute. The live betting features work flawlessly and the interface is super clean. You can really tell the developers care about user experience. Keep up the awesome work everyone behind this site. ngbetgr8

  211. If you are after a premium gaming environment with lightning fast payouts this is the place. The VIP tier system gives you real perks from the start and the live dealer tables run incredibly smoothly. Customer service always jumps on chat within minutes. Solid choice for serious players. thorprovipcasino

  212. Downloading the app took seconds and it runs incredibly smooth on my older device. I love that I can play offline mode for training and jump right into real matches whenever I want. The support team even helped me set it up. Find it at bcgamedownload

  213. Getting started on this platform was super easy and I loved how straightforward the dashboard looks. The daily bonuses really add up and I appreciate that the games feel fair every single time I spin. It has quickly become my go to spot for weekend entertainment and I keep coming back for more fun. 18clubslotlogin

  214. I never thought I would find an app this reliable until I downloaded it a few weeks ago. The interface is clean and the daily bonuses keep me coming back. Watching my balance grow feels so rewarding after a long day. You really know how to make every session special casinodaysapp

  216. Getting started on this casino was surprisingly easy since the download guide walks you through every step. The interface feels polished and I love how they highlight their latest promotions right on the dashboard. It is rare to find a platform that balances entertainment with straightforward rules. descargarbetsson

  217. Logging into my favorite gaming spot has quickly become the highlight of my quiet nights. The games load instantly and the support crew genuinely makes you feel like part of their own circle. I really appreciate how smooth the whole experience feels from start to finish. bd77inlogin

  218. I stumbled upon this site while looking for a reliable reading platform and it exceeded my expectations. The interface is clean and I can easily track my progress without any hassle. It has quickly become my daily escape. nammabook365

  227. I have been rolling with this platform for months and it keeps impressing me in the best ways. The betting markets are deep and the live streaming makes every match feel like front row seats. It acts as a dedicated companion for serious enthusiasts. 1xbetloginkorea

  228. I have been riding this platform for a few months now and the vibes just keep getting better. It honestly feels like they built everything with real players in mind instead of just chasing numbers. The promotions are exciting without any hidden catch and the games run smoother than silk. If you want a place that respects your time and rewards your loyalty, this is it. dk4444bet

  229. As an English speaking player I was initially hesitant but the quality here blew me away. The game library is massive and I enjoy how the welcome package is structured to give me extra playtime. Customer service responded within minutes when I had a quick question and walked me through everything patiently. casinolatinka

  249. Found this site through a friend and I am glad I did. The customer support is very responsive and the winning streaks are real. Check out bdgv999 if you want a great experience.

  273. I’ve been playing on this app for a few weeks now and the interface is super smooth. The payouts are surprisingly fast too. Highly recommend j8jiliapp for anyone looking for a reliable spot.

  274. The variety of games available here is impressive. I spent the whole weekend exploring different tables and everything works perfectly. Highly recommended for PH players. Explore phjili98

  279. Honestly, this is one of the smoothest platforms I have used lately. The interface is clean and the payouts are surprisingly fast. Highly recommend phrubyph for anyone looking for a reliable spot.

  283. I was looking for something stable and secure and this place delivered. Everything works exactly as it should and the connection is solid. Big thumbs up for vnpj888.

  297. I’ve been trying a few different sites lately and this one really stands out. The interface is smooth and the payouts are fair. Definitely giving kcwin33 a go for my nightly sessions.

  304. The bonuses they offer for new members are actually legit. Had a great run last weekend and the customer support was super helpful. Check out vnzi88 for some quality action.

  310. I’ve tried a few apps lately but this one is definitely the smoothest. The interface is super easy to navigate and the payouts are quick. Highly recommend phgperyaapp for anyone looking for some real excitement.

  320. Honestly I was skeptical about new gaming platforms but this one completely won me over with its transparent terms and lightning fast payout system. I love how they rotate weekly promotions so there is always something fresh to explore. Highly recommended for casual players and seasoned fans alike. bet168netlogin

  349. Really happy with the transparency of this site. No hidden fees and the registration process took me less than two minutes. vnnc88 is definitely becoming my go-to spot.

  365. I’ve tried a few sites lately but this one is definitely the smoothest. The login process is super quick and I didn’t hit any lags. Highly recommend kk44login for anyone looking for a reliable spot.

  492. I’ve tried a few sites recently but this one is surprisingly smooth. The load times are fast and everything just works. Definitely checking out pha45com more often!

  498. I’ve tried a few sites lately but this one feels much smoother. The loading speed is impressive and the interface is very intuitive. Definitely checking out bdnbajje more often!

Leave a Reply

Your email address will not be published. Required fields are marked *