Sanctuary Insurance to activate “Average Condition” clause
Staff Writer
HARARE, Sanctuary Insurance Company says in an event of loss, in light of market changes, the company will activate the Average Condition” clause, where the sum insured does not match prevailing market value.
In this regard, the company is urging clients to consider constantly reviewing insured values to ensure one is adequately covered in event of loss.
“In the event of loss, we cannot avoid applying the ‘Average Condition’ where the sum insured does not match the prevailing market value,” the company said in a notice.
The company added that the average condition is a clause that is a component of all policy documentation and “We advise you to make reference to your police wording.”
Sanctuary Insurance is a wholly owned Zimbabwean company with international associations giving it direct access to the world market.
According to Ipec’s Q1, 2020 report, the company’s capital position was at $38,5 million, an increase from $6,09 million in 2019 same period comparable.
Sanctuary is among others companies comprising of Allied, Champions, Credsure, Evolution, ECGC, Hamilton, Quality, and Safel who account for 9,52% of the market share for short term insurers in terms of GWP and NWP.
