How the product works

Simple,

The Estate Agents Affairs Board Fidelity Fund Certificates only protects bodies corporate against fraud or dishonesty, which has been proven and after ALL OTHER AVENUES OF RECOVERY ARE EXHAUSTED.
Only money held by the Estate Agent held in trust is protected and the fraud or dishonesty must have been committed by the registered estate agent. Before any claim can be settled, the body corporate must for example, have sued the managing agent, its members etc and only after liquidation and sequestration (maybe 3 or 4 years down the line), be in a position to quantify such a claim.

This product provides the much needed wider and more efficient cover…….

Firstly on level one, The Managing Agents purchases its own policy (PIMA and FIDELITY) which protects the Managing Agent against fraud or dishonesty by its staff / employees in respect of its funds and/or funds for which it is responsible including the body corporate funds it manages.
Secondly, on level two, The Body Corporate purchases it’s own Fidelity Guarantee as it supposed to in terms of rule 29.2b. A FIDCURE Fidelity Guarantee is available to qualifying bodies corporate who are managed by managing agents covered on level one.

The concept is that premiums are drastically reduced for FIDCURE clients as the managing agent is at this stage, known to the underwriter to the extent that the managing agent has been underwritten, and the risk understood as far as the managing agent being part of the risk is concerned.

Together, Addsure (the intermediary and advisors) and PhoenixUM (Underwriting managers for the Insurers) will only accept applications from qualifying managing agents.

These are short term policies, which renew annually.

Links

ADDSURE : www.addsure.co.za  
ADDSURE NEWS : www.addsure.blogspot.com
PHOENIXUM : www.phoenixum.co.za
EAAB : www.EAAB.org.za
NAMASA : http://www.namasa.co.za