Marine Insurance Solutions to Cargo Owners be they small medium or mega corporates are provided via Eikos’ Navigate Product, however generally the larger importers and exporters have their own very specific risk financing requirements and Eikos certainly has the experience and the expertise to provide solutions to every type of business from all sectors for their marine insurance related requirements.

Navigate is a cargo protection facility that offers:

Very competitive pricing for risk conscious importers, exporters and domestic distributors
claims settlement within two working days from the date Eikos receives a fully documented claim
a policy wording that provides the widest scope of cover currently available in the South African cargo insurance industry
premium financing

Interested in the product?

In order for us to profile your risk, please contact Eikos Risk Applications (Pty) Limited at navigate@eikos.co.za or on our South African toll free number 0800 333 312 or by fax on +27 31 250 5115.

Eikos Risk Applications has recognized the chronic shortage of specialist skills within the insurance market needed to engineer relevant, comprehensive marine insurance cover at competitive costs for organisations that are involved in international trade and the import, export or domestic distribution of goods. Eikos has since its inception and contrary to industry trend been recruiting and training marine insurance expertise to close this skills gap and to enable us to provide clients with a comprehensive (wide) scope of cargo cover properly priced which enables prompt settlement of valid insurance claims and also facilitates financing for annual insurance premiums at competitive rates.

The success of the facility and the ability for participants in the facility to continue to enjoy below industry standard insurance rates is of course dependent on sound risk management practice. Eikos is in a position through it’s network of specialists to provide participants with the capability to achieve sound risk management practice by making available superior investigative physical risk management resources.

Navigate Policy Wording

The industry experts at Eikos have negotiated an extremely wide scope of cover for users of the facility. This cover is far superior to that which is normally available in the insurance market especially to the SME sector.

Back office support

Eikos have invested heavily in information technology in support of the facility. As expected, this investment has translated into improved efficiencies which positively impact the participants of Navigate.

Not only does this technology result in improved processing times which impact for example claims settlement , but the reduced processing costs resulting from the effective way Eikos uses its technology has also contributed to the lower cost of the facility to the participants.

Eikos recognises that some companies are placed under cash pressure when claims occur. For this reason, the Navigate facility has been carefully designed to focus on efficient and effective claim settlement turnaround times.

By participating in the Navigate facility, your company will enjoy the following:

The benefit of claim settlement within two working days from the date that Eikos receives a fully documented claim. Payment of a valid insurance claim will be made electronically and directly into your company's bank account. This additional benefit enables quick settlement of your claim and security of your cash.
The benefit of not having to submit supporting documentation, other than a fully completed claim form, should your claim fall below R2 500.00.
The benefit of no surveyor being appointed for claims under R20 000.00. This avoids the delays in claim payment due to outstanding surveyor reports.
The benefit of automatically including claim preparation costs, should they apply. These are calculated as either 20% of the insured value or R25 000 whichever is the higher.
The benefit of a "payment on account" facility that allows for a payment to your company on account of 80% of invoice value, provided that only the quantum of the claim is in question.
The benefit of staff with many year's experience in the industry. Eikos' claims experts focus on efficient and effective turnaround times on claim settlements and also on qualitative service delivery to customers.

All of the above are uniquely combined within Navigate to offer your company a claim settlement service that surpasses anything provided by our competitors in the industry.

Premium finance

Eikos Risk Applications recognises that small to medium businesses cannot always withstand the burden that a lump sum annual premium payment places on the cash resources of a company. However there are sometimes significant discounts to be obtained by paying an annual premium up front. For this reason, the Navigate facility has made available a premium financing option.

Simply stated, qualifying organisations can enjoy the discounting benefits of pating premium in advance while still being in a position to pay in installments of up to ten monthly repayments. Eikos has successfully negotiated competitive lending rates with a leading merchant banker and qualifying participants will automatically enjoy this additional benefit.