Direct Clients – Disclosure Notice & Terms Of Service

Limited scope of broking service
It is important to note that the scope of service provided by Genlib to direct clients is limited.
Genlib provides a limited scope of services to clients who approach it directly with a single risk requirement.

Services not provided
Genlib’s services do not include any recommendations, guidance, or in any other way provide a proposal.
Genlib does not provide any express or implied recommendation, guidance or proposal that any particular transaction in respect of the product is appropriate to the investment objectives, financial situation or particular needs of a client.

Services provided
In accordance with definitions in the FAIS Act 2002, (1) and (3) (a), the FSP provides intermediary services and factual advice on:

• Quoting
• Policy administration
• Claims handling
• Procedures for entering into a transaction in respect of any financial product
• Description and information about a financial product
• Routine administrative queries

Client Acceptance of Terms of Service
By accepting a Quote or Renewal Terms from Genlib, the client:

1. Acknowledges that they have approached Genlib directly
2. Explicitly requests that Genlib only provide a single Quote for their purposes
3. Does not require or in any way expect any analysis, other than those described in the Services provided
4. Accepts the Limited scope of broking services, the Services not provided, and the Services provided

During the course of normal business relationships, Genlib may, from time to time, be entertained by, or may entertain product suppliers or intermediaries. Such entertainment is restricted in accordance with the FAIS Code of Conduct and the management of such entertainment is included in Genlib’s Code of Conduct. Genlib’s Conflict of Interest Policy can be obtained from the website here: https://www.genlib.co.za/fais-conflict-of-interest-policy/.

Genlib has the required Professional Indemnity Insurance Cover.

Should the client be dissatisfied with any aspect of the services received, the client should address its complaint in writing by completing the online form found on the website here: https://www.genlib.co.za/compliments-complaints/.

1. Contact Genlib for assistance with instituting the claim;
2. As soon as practicable after the event, or such further time as the insurer may in writing allow, submit a claim in writing by completing the appropriate claim form for the type of loss and provide such proof, information and sworn declarations that may reasonably be required, to your Broker;
3. Note that late notification can result in the rejection of the claim;
4. Provide particulars of any other insurance covering such events as are hereby insured;
5. Make no admission, statement, offer, promise, payment or indemnity without the Insurer’s prior consent in writing;
6. Report any event to the police as soon as is reasonably possible after the event if it involves malicious damage, damage to a vehicle, theft, death, injury or any other criminal act or suspected criminal act or loss of property;
7. If your property is lost or stolen, you must take all reasonably practical steps to discover the guilty party and recover the stolen or lost property; and,
8. Consult your Policy Wording and Schedule for further details on the claims procedure, notification requirements and your policy benefits. If you need advice on this, please contact your Broker for further assistance .

Genlib is paid a commission for our services which is received from the various insurers or underwriting managers with which we interact on the client’s. Commission is regulated by the Short-term Insurance Act and is stipulated as 12.5% of the premium for a motor policy and 20% for non-motor short-term policy.

The commission earned will be disclosed to clients on their invoices and/or policy schedules and will at no time exceed the maximum permitted in terms of applicable legislation.

In the event that services are rendered on a fee basis, the basis of such fees will be negotiated and agreed with the client prior to the commencement of services being rendered. These fees will not relate to a service for which Genlib is already being paid.

Genlib has written mandates to represent various Insurers and Underwriting Managers and earns fees from these services. Outsource Agreements to conduct the following services: Process and facilitate – policy issue, endorsements, cancellations, premium collection adjustments and allocations, maintain all records, facilitate quotations. Binder Agreements to conduct the following services: Enter into, vary or renew a policy, determine policy wordings, determine the value of policy benefits, facilitate claims handling.

More than 30% of Genlib’s business is derived from Western National Insurance Company Limited.

The Genlib contact person servicing you (whose details appear below) is mandated to render financial advice and/or intermediary services for the products and services as reflected below. This person fully complies with the fit and proper requirements of the Financial Advisory and Intermediate Services Act 2002.

Genlib accepts responsibility for the activities performed by its Representative in the ordinary course and scope of the representative’s duties in respect of the financial products listed below. Genlib will not be held liable in terms of any prejudice in respect of services provided by any representative which falls outside the scope of this authorisation.