Navigating Insurance Flood related Claims within Community Environments
In November and December 2021, George and other Garden Route towns were hit by severe storms and the ensuing downpours and flooding caused extensive damage to the town and surrounding communities.
One of the communities that did not escape the flooding was Kingswood Golf Estate, in the aftermath of the storm the HOA has had to deal with a myriad of issues surrounding the flood damage and claims.
In this webinar Estate Living, Kingswood Golf Estate CEO Willem Jacobs and Ashwin Ramjiawan Business Underwriting Manager at OUTsurance, discuss some of the challenges faced by the HOA and how they have navigated this arena.
Flood and water damage is a risk for most estates, this webinar is designed to discuss these risks and provide insight that could assist communities in their preparations.
The issues to be discussed included :
Emergency flood repairs due to security and/or access concerns;
Civil infrastructure damage, requiring a professional engineer to draft a damage report and itemised repair schedule;
Flood damage caused to areas not covered in the engineer report;
Flood damage caused to private property (Homeowners) due to surface water run-off from the Estate, mainly from roads and neighbouring property;
Interaction with assessors and quantity surveyors appointed by the insurance company and subsequent disputes and negotiations;
Interaction and negotiation with civil and other contractors appointed to repair the damage;
Revision and amendment, if required, of insured values, asset description and insured amounts following the settlement of claims.
00:00 Opening
00:30 Louise Martin | Estate Living - Welcome, Introductions & overview
03:22 Willem Jacobs | CEO, Kingswood Golf Estate & Ashwin Ramjiawan | Business Underwriting Manager, OUTsurance - Introduction
05:32 Willem Jacobs - Kingswood Golf Estate reaction to flooding and impact
15:18 Louise Martin & Willem Jacobs Q&A - Lessons learned on Insurance cover and wording
17:59 Louise Martin & Ashwin Ramjiawan Q&A - Putting in place sufficient policies
21:27 Louise Martin & Willem Jacobs Q&A - Replacement Value
25:29 Louise Martin & Ashwin Ramjiawan Q&A - Risk of changing brokers
27:20 Louise Martin & Willem Jacobs Q&A - Lessons learned
40:00 Louise Martin & Ashwin Ramjiawan Q&A - The processes and risk of creating a comprehensive policy
45:26 Louise Martin & Panel - Audience Q&A
01:01:34 Louise Martin & Panel - Commercial policies allowances
01:04:27 Louise Martin - Summary and thanks
01:05:06 Close
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