Perils Plus will insure the clients' excesses/deductibles that are applicable to the non-motor section of a commercial insurance policy. The insured benefit is defined as “any first amount payable in respect of loss or damage of the insured item(s)” as defined in the schedule of insurance. This could be the cumulative sum of deductibles relating to any one loss, across those sections of the underlying insurance policy.

Selling Perils Plus is a simplistic and effective way for the retail broker to easily add more than 10% on their existing non-motor turnover without having to source new clients. The product enables the broker to promote sales by simply making the product part of the offering on monthly renewals.

Perils Plus is a stand-alone product which means the underlying policy can be placed with any insurer. The product is automatically renewable on a monthly basis. In the event of a claim, the cover in terms of this policy will follow the response of the underlying insurer. Upon receipt of an agreement of loss, claim form and the underlying premium schedule, valid claims will be settled within 24 hours.

The cost of Perils Plus is calculated as a percentage of the total monthly policy premium due to the underlying insurer. This product is exclusively available through FSP Solutions and commission of 20% is payable to you, the broker.

In addition, Omnicover offer value-added products (VAPS) to the motor sections of any policy such as excess buyback, credit shortfall, loss of revenue, etc.