Santam is the leading general insurer in South Africa with a market share of more than 22%. We provide a diverse range of general insurance products and services in southern Africa and internationally through a network of intermediaries and direct channels. We serve more than 1 million policyholders who range from individuals to commercial and specialist business owners and institutions.
Santam’s commitment to its policyholders and clients is captured in the brand promise, Insurance good and proper, which emphasises responsible and ethical insurance.
Santam Specialist focuses on the insurance of complex and niche market risks. Underwriting these classes requires skilled resources to assess and quantify the risk and exposure, and is evaluated through our underwriting managers and business units. Our strategic intent is to provide specialist products that are client-driven and supported by bespoke underwriting criteria to manage and quantify their risks.
Santam Specialist Real Estate
As a part of the Specialist business unit within Santam, we believe that real estate insurance solutions should be appropriately designed, simple to access, simple to understand and provide sustainable protection to our policyholders.
We offer innovative products and services to meet the needs of the collective property schemes industry (sectional title / home owners association / retirement villages), which cater for the residential and commercial real estate markets. We also offer specialised insurance solutions for the broader real estate industry, including property developers.
Our team has in-depth expertise, experience and understanding of the sectional title industry. We offer technical assistance to ensure that the sectional title scheme runs smoothly, is financially sound, and complies with the relevant regulations and legislations. We understand the importance of working in partnership with our intermediaries to provide the best possible insurance solutions for residential and commercial collective property schemes to manage risk associated with the real estate industry.
Real Estate Scheme Development Insurance
Our Real Estate Scheme Development Insurance product is designed to provide seamless cover for the insured from construction through to unit / owner occupation of the registered scheme.
- Single Policy with a single point of contact
- Eliminates any gaps in cover between the contract works insurance and handover of completed structures prior to occupation
- Packaged solution with 3 main areas of cover
- Construction: contract works; buildings; machinery breakdown
- Liability: public; employers; defamation; statutory legal defence costs; wrongful arrest
- Occupation: residential or commercial
The cover is combined in a packaged solution through 4 policy sections namely:
- Scheme occupation – by unit owners or tenants upon establishment of the controlling body of the registered scheme.
- General exceptions, conditions, provisions and special meaning of words and gives a range of unique benefits specifically designed for the real estate scheme developer.
Residential/Commercial Collective Property Schemes Insurance
Covers the scheme’s (residential and/or commercial) assets on an all risks basis
Provides integrated cover for the growing market of combined-use (‘mixed-use’) real estate developments. One policy with one point of contact
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< 1 min read Karl Bishop, Head of Santam Real Estate, and Louise Martin of Estate Living discuss Santam’s risk appetite within the property sector as it applies to property finance and development guarantees.
Real Estate Development Equity Guarantee
Guarantee for the equity contribution required (or a portion thereof) from the real estate developer and potentially facilitates access to a higher level of funding. Provides cover against delivery risk of the development and replaces or enhances the equity contribution needed by the bank from the developer.