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IconNICHE INSURANCE PRODUCTSIconGUARANTEES, SURETIES AND BONDS

Stilus Underwriting Managers (Pty) Ltd

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FSP No.: 45249
Tel: 021 948 3585
Fax: 021 948 4028
Address:
Corporate Place
Ground Floor
13 Mispel Road
Bellville
7530
Postbox:
Suite 88
Private Bag X22,
Tyger Valley,
7536
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Stilus Underwriting Managers is a niche UMA which introduced its levy guarantee policy into the sectional-title market in August 2010.  Its name is an acronym for “sectional title insurance levy underwriting security” and during the past 3 years it has assisted hundreds of bodies corporate throughout RSA.

The Sectional Titles Act provides the sectional-title industry with the basic structure in which Stilus operates.  However, despite the Act’s excellent intent the “achilles heel” of the industry is when members of bodies corporate fail to pay their monthly levies.  Without adequate funding bodies corporate cannot meet their commitments to pay for Municipal services and undertake essential property maintenance.  Bodies corporate may soon enter a “downward spiral”, which results in depreciated property values which are unpleasant for owners to occupy and even more difficult to lease to tenants.

Benefits of the Stilus policy include:

  • Cover includes all legally recoverable levies, including special levies, electricity and water charges from inception date of policy
  • Payments made to Bodies Corporate in settlement of claims are outright payments, which are subrogated to Stilus and are not loans to the Body Corporate.
  • Claims are settled within 7 working days of being registered
  • Stilus is sold as a stand-alone policy, and also as a VAP with selected insurers
  • No excess is deducted from the claims paid to the Body Corporate, i.e. claims are settled in full without deduction
  • Bodies Corporate levy cash flows are guaranteed
  • Common Property is maintained on a regular basis

Special Features:

  • The cover is substantial - up to 10% of the insured value of the unit
  • Cover includes levies, special levies, electricity and water
  • Complex becomes immediately financially stable
  • Attorneys costs and the Court delays have no impact on the body corporate

Key benefits of the Stilus Policy include:

  • No sudden unbudgeted legal expenses
  • No shortfall in collections or strain on the levy budget
  • The trustees will not have to be debt collectors against their neighbours and friends
  • The Bodies Corporate will not become insolvent
  • The complex will always have sufficient funds to ensure that budgeted items for maintenance and upgrades can continue unabated
  • Less stressful environment

For further information contact michael@stilus.co.za  Tel (021) 948 3585
Fax (021) 948 4028 or visit www.stilus.co.za

Stilus Underwriting Managers (Pty) Ltd is an authorized Financial Service Provider FSP 45249

 

Company Press Releases »

Icon Fidelity Guarantee Insurance for Bodies Corporate
16 Sep 14 | Read More »
By Charles Coetzee, CEO Stilus Underwriting Managers (Pty) Ltd What is Fidelity Guarantee? Fidelity Guarantee insurance is a policy that indemnifies the employer (body corporate) against any direct pecuniary loss the employer may sustain, by any act of fraud or dishonesty ...
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The debiting of a renewal premium at a rate of premium not yet agreed to by the agent or insured on the due date for policy renewal.
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