In 2018, CIB (Pty) Ltd (“CIB”) marked the release of its Commercial product. The key features of which, aimed at embodying an experience whereby ease of reference and plain English type form would allow you to access a Commercial product with embedded benefits that would enable you to experience insurance cover that understands your world.
Effective 1 September 2021, CIB is excited to bring you a world class product which continues to deliver on promise. Efficient Commercial Insurance focused on keeping your interests at heart and helping you to manage your risk – a targeted approach with definitive and enhanced benefits.
Some key elements of the changes in the enhanced CIB Commercial Product include a “one to rule them all” approach:
- One main Commercial Policy Wording otherwise known as the “Spine”, which is the foundation and underpinning of all our other speciality Commercial products available (this excludes the CIB Buildings, Personal Lines and Specialised Buildings products).
- The old speciality wordings and Annexure such as Agricultural, Fuel Station and Franchise will fall away and will be replaced with Product Addenda. These Product Addenda have been simplified and must be read in conjunction with the Commercial Spine and Annexure to the Schedule – all of which contain the product specific terms and conditions.
- Part Two of the Commercial Policy Wording contains the General Conditions, Exclusions and Provisions has also been clarified, for example, the Computer Losses and Cyber Exclusions have been merged into one with clear definition terms, the Infectious Epidemic Exclusion has been simplified and we draw your attention to those when you consider the comparison document.
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