Standard Bank Insurance: A Saga of Unjust Premium Hikes, Valuation Pressures, and Denied Claims – Seeking Ombud Intervention!

I was on the point of concluding my insurance quote with Hollard when I was contacted by Standard Bank Insurance. They convinced me that I should take the insurance with Standard Bank at an instalment of R590.50 at a discounted rate. This obviously caught my attention and I opted for the quote, but not before I made sure that the Victron 8kwv system was note with all the 20 solar panels and 3 solar geysers. This to me was of utmost importance as I knew that the Victron system is the Rolls Royce of Solar systems and it was one of the main reasons I purchased the property. I repeatedly asked the Standard Bank Insurance agent to please confirm that they will note it on the insurance and that this would be a condition of me opting for the Standard Bank Insurance. Nishalen, the insurance agent, assured me that it would be done and sent to me. I accepted the Standard Bank quote on email on the 14th of March 2023 with the condition of the Victron system as discussed telephonically (I also confirmed on every call that the calls were recorded for record purposes). I was then prompted to take a call to do the telephonic acceptance of the insurance on the 15th of March by Nishalen from Standard Bank Insurance. On this “contract call” I once again requested and informed that I am accepting this insurance subject to the Victron system, battery, solar panels and solar geysers be noted on the insurance and it be sent to me, which I have since not received. With the above information I would like to rase three key issues and the reasons for my complaint to the Ombud. 1. The instalment of the insurance has increased from the agreed R590,50 to R754.44 after only 3 instalments, August, September, October 2023. Without any prior knowledge or consultation with me and in breach of the rate that was accepted. Please take note: I have on numerous occasions informed both my private bank, Hayley Glenn, and the insurance department of Standard Bank of their error in the instalment.

2. This seems to have prompted Standard Bank Insurance to contact me on multiple occasions in 2024 January to arrange for a valuation of the property, and if I do not grant them access that this will be noted, and I will forfeit the insurance on the solar system. a. I app**** for finance with Standard Bank in February 2023. The property was valuated as a condition of finance. b. I have already accepted the insurance with Standard Bank Insurance in March of 2023 and they confirmed that the Victron solar system will be noted. Now it seems that they are trying to look for any way to avoid and change the policy and justify the increase in instalment. I made it very clear that the Victron solar system is a condition of my acceptance of the Standard Bank Insurance as supposed to Hollard to which Standard Bank Insurance agreed. The instalment increase was not warranted nor are the harassing calls and threats of exclusions on the condition of their offer. 3. After heavy rain on the 12th November 2023 that caused a massive 72 hour power outage, we experienced damage to the property. I loaded a claim with Standard Bank Insurance for the damages. They sent out their own listed suppliers to assess the damage and did not give me the opportunity to use suppliers that I trust. All claims were initially rejected. I was only informed later that Standard Bank Insurance would only cover the electric fence, this after it was initially rejected. a. One of their suppliers damaged the wall at our gate when entering the property. I sent the message through and informed Standard Bank insurance telephonically. The damage has still not been restored.

In conclusion, it appears that Standard Bank Insurance employed manipulative tactics to induce me into rejecting Hollard’s offer and accepting theirs. The unilateral increase of 25% in premiums, and lack of acknowledgement of the Victron solar system, and questionable claim assessment practices are unacceptable. Additionally, the unwarranted pressure for a property reassessment within a year of the previous valuation raises concerns about the integrity of their policies. Once again, the valuation was done on the application for finance and was accepted when I discussed the insurance conditions of me accepting the Standard Bank insurance.