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Third Quarter 2022 – In Touch

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Investment news for you

jurgens third quarter

Some of our ladies prepared a delicious Spring Day breakfast for Jurgens Finance, which was thoroughly enjoyed by all!

Short Term News Update from Greg Brits

A message from Mark Jurgens

Welcome to the months of Spring! Despite the global turmoil endured by many; one must take a moment to appreciate the fresh signs of Spring and hope for a less volatile last quarter of 2022.

Having discussed behavioural finance in previous newsletters, I want to continue with an additional bias, being the Action Bias. The Action Bias describes our tendency to favour action over inaction, often to our benefit. However, there are times we feel compelled to act, even if there is no evidence that it will lead to a better outcome than doing nothing.

A recent appropriate example of this would be a study by Momentum. 2021 saw increased engagement between investors and their portfolios, driven by panic – causing many investors to lose money by switching their investments midway through the downfall. It was found that retirement investors performed more than double the volume of switches to their portfolios in 2021, amounting to over 50 000 switches. Putting it into perspective, these 50 000 plus switches in the retirement investment landscape resulted in nearly half a billion rands in value destroyed in 2020 and 2021 as retirees battled to overcome the market turbulence trap that may have lasting effects to their standard of living.

Momentum, being a medium sized asset management company holding only a portion of retirement investments, have only reported their figures. This means that taking into account all investment management companies, this loss would amount to billions of rands.

Factors such as panic, overconfidence, and a desire for control can lead us to make poor decisions when it comes to our investments. It can result in us over-trading or selling at low levels. These decisions result from the action bias, as we feel compelled to do something, instead of patiently working towards a future goal. In situations where the correct decision is unclear, our automatic response tends to be based in action; ignoring the potential benefits of inaction. As we have consistently advised you, our clients, more damage is done by making changes to portfolios and attempting to ‘time the market’, rather than taking no action and benefiting from ‘time in the market’.

If you have any concerns or questions, please never hesitate to contact our offices, as we are here to add value to both you and your investment portfolio.

Stay well and regards.

Mark Jurgens

'Wealth vs Getting Wealthier by Morgan Housel' from Alan Botha

Will Smith writes in his biography that:

• Becoming famous is amazing. The amount of fame almost does not matter.
• Being famous is a mixed bag. Same with money.
• Losing fame is miserable.

The amount of fame almost does not matter. It is the trajectory that people cling to.Same with money. I think for many people the process of becoming wealthier feels better than having wealth. If it’s wealth we were after, most of us would feel great, because most of us are unfathomably wealthier than we were a generation or two ago. Or ten years ago. Or five years ago. Or two years ago!

What feels great is being on an upward path. That is when dopamine takes over. That is when you can extrapolate it and assume it goes on forever, and compare yourself to where you were before, and feel like nothing can stop you. When that path declines – even if it happens when you have a level of wealth you could not fathoma few years ago – the whole sensation shatters.

U.S. household net worth is $80 trillion higher today than it was ten years ago, which is astounding. But it is about $700 billion lower than it was three months ago, which is honestly nothing. Yet one of those figures creates ten times the headlines, ten times the attention, ten times the emotions, ten times the introspection. It has nothing to do with the level of wealth and everythingto do with the trajectory.

The problem is that an occasional downward path is inevitable in investing. Outside of fraud, it is completely unavoidable. The reason markets can go up significantly in the long run is because they make you pay the cost of admissionof going down a lot in the short run.

When people are addicted to the act of becoming wealthier – the numbers going up more than just the numbers being big – and the numbers going down is an integral part of how investing works, of course you will find some shattered souls. Some broken egos. Some terrible decisions being made.

Same in business.
Same in careers.

When most people hear this, they respond with the classic line, “It’s the journey, not the destination, that matters!” OK, most of the time that’s good advice. But here it is backwards. An addiction to the process of making money is a version of never having enough and never being satiated. It is a game that cannot be won but offers the illusion of a finish line right around the corner.

That is OK for some people – if you genuinely enjoy the game, that’s great. But I think that’s two percent of investors, including professionals. My sense is many people suffer naively through the game expecting it to end, and they are frustrated when it never does. Or they think they like the game, but what they like is numbers going up, which is half the game. An indifference to the process – the path of the journey – and a focus on the outcome and goal is the best most people can do with money. Or an acceptance of the process, knowing it will be a constant chain of surprise, volatility, setback, and disappointment, but if you can stick around long enough the odds of eventual growth and success are in your favour. That is vastly different from enjoying the process, which can quickly turn into an addictionto needing more.

Money buys happiness in the same way drugs bring pleasure: Incredible if done right, dangerous if used to mask a weakness, and disastrous when no amount is ever enough.

Short term news update from Greg Brits :

Electrical/Gas/Geyser Compliance Certificates

It is important to note that many older homes, complexes, flats and commercial properties may have geysers still in operation which may not comply with the new regulation. When a geyser replacement is required, the plumberis responsiblefor the installation.

They also need to ensure that it is installed and complies with the new SANS regulation released end of July 2020 which requires a Compliance Certificate (also referred to as a COC). This may result in additionalcosts.

Current regulation also requires that when Electrical or Gas Installations are installed or changed that an updated COC is required.

It is therefore very important to use an Accredited Electrician / Plumber/Gas Installer.

If in the unfortunate event that you make use of a non-compliant electrician or plumber, you will then assume the full responsibility as the owner of the property, for the electrical and plumbing installation, which may result in a claims dispute or possible rejection.

Please remember to use your Insurer’s call centre where applicable, to ensure the process is handled correctly, and hence we urge all our loyal clients to contact our office should you require any additional information in this regard. We would also like to take this opportunity and thank our clients for theircontinued support.

Staff News

jurgens third quarter
Congratulations to Kim Boshoff on achieving her 15 Year Service Award – Presented by Greg Brits, Lorraine Else and Mark Jurgens. We wish Kim many more years as a valued member of the Jurgens Insurance team.

Quote of the day :

“Debt removes opƟons, savings add them.”

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We discuss market volatility

market volatility
market volatility
We understand the recent correction in share markets has raised concern and worry for many of our clients. In this video update, we address the current market volatility and discuss your best defence in these challenging times.

Our investment philosophy focuses on risk vs return ,focusing on the importance of long-term investments regardless of whether you are retired or building towards retirement. Your investment strategy is built to handle market dips and correctional cycles by having appropriate diversification across many asset classes. We expect corrections – we just don’t always know when they are coming. We also recognise that we have been here before as periodic sharp falls are regular occurrences in share markets. Over the last 50 years, even the worst market pullbacks rewarded investors for staying their course.

We expect to see many negative headlines during this time as the central banks globally try to keep inflation in check.  It is best to try to block this negative news flow out, as it only causes more harm than good and makes it harder to stick to your long-term investment strategy. Take advantage of cheaper markets if you can do so. When assets fall in value, they are cheaper and offer higher long-term return prospects; look for investment opportunities that these pullbacks provide.

Whilst the temptation can be there to chop and change your investment approach. History tells us this is often the worst thing to do. Making wholesale changes to your investment strategy gives you two chances to get it wrong. When to get out and when to get in. Hope is not a strategy – hoping you get this right is akin to gambling. The best defence is to have a robust strategy and stick to it.

We hope that this video and commentary provides you with some insight and reassurance during these difficult times.

In this short recording – under 10 minutes – we tackle the topics of:

• Why now is the time to remain invested.

• A quick investor-friendly overview of the events influencing markets.

• Previous market crashes and how we have been here before.

• Time in the market remains superior to timing the market.

• The long term is just a collection of short runs.

• Cash does not outperform in the long-term.
Please feel free to contact us if you need further clarity or would like to discuss your current portfolio positioning.
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Second Quarter 2022 – In Touch

5 year service award

Investment news for you

5 year service award

Congratulations to Lemeryn Olivier and Lynne Ricardo on achieving their 5 Year Service Award – presented by Alan Botha and Mark Jurgens. We wish Lemeryn and Lynne many more years as valued members of Jurgens Finance.

A message from Mark Jurgens:

I trust this finds you in a much healthier headspace than this time last year, and I am pleased to note that Covid is no longer everyone’s main topic of conversation. The latest wave is seen to have been a fraction of the past waves experienced, and global deaths have decreased dramatically.

Worldwide inflation continues to be the major concern in world markets. The possibility of a recession concerns global investors. Current volatility may continue, however, any un-calculated changes to our planning normally results in losses.

As mentioned in our previous newsletter, we are discussing Behavioural Finance flaws this year.

Overconfidence Bias is an emotional bias. It is the tendency to overestimate our abilities, skills, and talent. We believe that we are better than we actually are. The danger of an overconfidence bias is that it makes one prone to making mistakes in investing.

Confirmation bias is another behavioural finance obstacle. Most of us have a really bad habit of only paying attention to information that confirms our beliefs and ignore information that contradicts it. The tendency is to form views first and then look for information which makes our opinion look correct. This is disastrous for investment decision making. We should rather be looking for disconfirming information and evidence that opposes our personal views, this would allow for more robust decision making.

Behavioural finance teaches us to invest by preparing, planning and by making sure we pre-commit.

A quote from Warren Buffett: “Investing success doesn’t correlate with IQ after you’re above a score of 25. Once you have ordinary intelligence, then what you need is the temperament to control urges that get others into trouble.”

Overconfidence tends to make us less than appropriately cautious in our investment decisions. Many of these mistakes stem from an illusion of knowledge and/or an illusion of control. It is encouraged to focus on the process rather than just the possible outcomes, this leads to better decisions, as the process helps in reflective decision making.

Stay well and regards

Mark Jurgens

'Stay on these roads' from Alan Botha :

In the words of Peter Lynch two years after the March 2020 Covid crash – “More money has been lost in crises trying to predict what is going to happen than actually in them”. As with all things unknown and uncertain, it is human nature to speculate how things will pan out. Although we have no actual control over the outcome, being mentally prepared for a certain outcome brings comfort – especially when it comes to our investments.

Success in difficult markets looks more like survival – surviving our own behavioural mistakes, avoiding timing the market, and staying invested. Investors often hear that they should tune out the noise and not pay attention to market turbulence and panicked news headlines. This is much easier said than done when it comes to your hard-earned money.

As investors, we are intrinsically loss averse which, simply put, means we hate losses more than we love gains.The three most important words when it comes to predicting the future are most definitely “I don’t know.” Time in the market is superior to timing the market and even if you time getting out of the market and into cash perfectly, knowing when to get back in can be exceedingly difficult.

Let us consider a recent example: at the end of February 2020, we saw the beginning of a historic decline in the S&P 500, the market finally reached the pandemic low on 23 March 2020 and a bear market (a decline of more if 10% in the market) became a reality. Historically, it could take an average of about two years for the market to recover from such a sell-off – except, this time it happened in just 149 days. By the end of August 2020, the index had regained its strength and reached record highs. If history has taught us anything, it is that the best days do come after the worst.

In closing – what do you do when you do not know what to do?

1. Remember that cash has not (historically) managed to outperform equities and bonds over the long term.

2. The long term is just a collection of short runs and having a long setbacks in markets. term strategy does not exonerate investors from short-term setbacks in markets.

3. It is vital to separate emotion from an investment portfolio. Often timing the market. one expects them to, it really is about time in the market and not the most beleaguered investments turn out to be a fantastic opportunity for future returns, as investors can access these investments at a decent price.

4. Volatility creates opportunity and short-term under performance can translate into a solid, longer-term upside.The unwelcome news – markets are volatile right now and it is all being driven by interest rates, inflation, and the fear of a slowing economy. The good news is that very few investors are bullish, and good things tend to happen when most investors think they will not.

5. Volatility creates opportunity and short-term under performance investments at a decent price. can translate into a solid, longer-term upside.

The unwelcome news – markets are volatile right now and it is all being driven by interest rates, inflation, and the fear of a slowing economy. The good news is that very few investors are bullish, and good things tend to happen when most investors think they will not.

Staying the course does not necessarily mean sitting still. It means avoiding bad behaviour, remembering your goals, and ensuring your approach with discipline.If your goals have not changed, then your investment strategy should not either.

Short term news update from Greg Brits :

Maintenance or Wear and Tear

One of the most common maintenance issues in many homes, office parks, buildings, and body corporates, is rising damp.

At the time of construction, a damp-proof course is laid which prevents damp from the ground rising up the walls, which damages the property. Sadly, properties which have inadequate or inappropriate damp protection layers, may be affected by excess moisture rising from the ground. Similarly older buildings where damp course may have deteriorated over a period of time, may experience damp issues as well.

In most instances Insurers will unfortunately reject a claim, due to the loss being a maintenance related issue, and the fact that rising damp occurred over a period of time and is not a sudden event. When identifying the bubbling effect and discolouring of walls that damp causes, it’s an early warning sign that the buildings damp course has failed, and it is time to call in the experts. Unless something proactive is done the discolouring and wetness will continue to spread both vertically and horizontally in the walls, exasperating the problem which ultimately means a much higher cost of repair.

The source of rising damp is usually from the foundations or exterior walls. In terms of the Sectional Title Act, maintaining common property is the responsibility of the body corporate, even though the damage presents itself on an interior wall.

Material changes to your financial status

When applying for a short-term insurance policy, Insurance companies will automatically request an ITC report from the credit bureau. This is standard practice and assists in risk mitigation, which is an important factor when insuring an individual or business.

It is important to understand that any material change during the life span of your policy be communicated to your Insurer, which includes your financial soundness. Blacklisting incorporates, Judgements, Payment Defaults, Insolvency and Debt Review, to mention a few, are to be noted. This does not necessarily mean that an insurer will cancel your policy, they may consider reviewing the terms thereof. In many cases a simple motivation of your circumstances to your Insurer will suffice if payment arrangements have been made with the Creditors.

Staff News

New staff
Richard Jordaan joined the Jurgens Group in 2021 as a Financial Advisor and Paraplanner. He has a BCom Investment Management degree from Stellenbosch University and has completed a Higher Diploma in Financial Planning. He is also a qualified CFP and is busy studying towards his CFA designation.

Richard’s career has been spent in the Wealth Management industry. He is passionate about Financial Planning and assisting clients in finding the optimal financial plan for their future. He adopts a hands-on approach and loves interacting with his clients and building honest, trusting, and long-lasting relationships.

He enjoys spending time with his family and friends and is an avid sportsman and a loyal Manchester United fan.

Quote of the day :

'The best way to deal with uncertainty without hiding in a bunker is to save like a pessimist and invest like an op mist.'

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First Quarter 2022 – In Touch

jurgens group

Investment news for you

JURGENS GROUP

The Jurgens Group thoroughly enjoyed attending our Annual Conference, something we sorely missed after the last two years of COVID.

A message from Mark Jurgens:

2022 has certainly started more intensely than any of us expected. Expectations of a Covid free life were replaced with the Russian/Ukraine unrest.

In response to many concerns being voiced recently, I thought it opportune to begin with the benefits of managing behavioural finance. Emotions, moods, relationships, and personalities affect us all. Sometimes for positive reasons, and sometimes to our detriment.

Part of an advisor’s job is to help you plan for your future. This involves finances, residences, employment, family, and retirement, amongst other individual requirements.

This year, our newsletter will carry a four-part series in which I will be discussing “Behavioural Finance.” Clients often forget about why certain plans have been initiated and begin discussing new ideas. In most instances, moving away from structured plans results in the long-term objectives not being achieved. Once plans have been actioned, they need to remain enforced.

Advisors are there to remind investors of the implemented plans and why they were agreed upon. Volatility (market crashes, war, cool unrest, pandemics, calamities) create anxiety and fear of loss. History has shown that making sudden changes in volatile times normally result in additional losses.

An advisor is there to assist in creating a stable environment, avoiding knee jerk reactions and to discuss and ensure the correct decisions are maintained. March 2020 is a good example, whereby investors panicked only to see the markets fully recover (with additional profits) over a period of eight to nine months.

We all make better decisions when discussing, debating, and sharing them with a trusted person.

“Herd Investing” is a common behavioural finance flaw. It relates to investors believing a large group of people in a certain product must have done the necessary research and this therefore proves the environment must be ethical and profitable. Bernie Madoff, the US hedge fund manager, created embarrassing experiences for many so-called professional investors due to a herding approach.

One could say that trusted financial advisors should be considered “a partner who ensures I make the correct decisions and avoid impulsive, un-calculated decisions.” “Herd Investing” is a common behavioural finance flaw. It relates to investors believing a large group of people in a certain product must have done the necessary research and this therefore proves the environment must be ethical and profitable. Bernie Madoff, the US hedge fund manager, created embarrassing experiences for many so-called professional investors due to a herding approach. An advisor is there to assist in creating a stable environment, avoiding knee jerk reactions and to discuss and ensure the correct decisions are maintained. March 2020 is a good example, whereby investors panicked only to see the markets fully recover (with additional profits) over a period of eight to nine months. I believe it takes time and experience to be in a position to apply the above qualities. Although these points are infrequently discussed, they are probably the most important skills required in a financial advisor.

I have personally assisted investors over the last six weeks with regards to appropriate behaviour during the current unstable climate. Do not ever feel any financial uncertainty is too small to discuss.

Stay well and regards,

Mark Jurgens

Mark Jurgens

‘Addressing current market volatility', from Alan Botha

When events like the war in Ukraine, the rand weakening, oil rising to more than $120 a barrel, unusually high inflation and market volatility dominate the news, it is natural for investors to question and second guess their investment strategy.

To say that the start of 2022 has been volatile would be somewhat of an understatement. In recent weeks, markets have been tossed back and forth by speculative headlines regarding the potential for Russia to invade Ukraine. The potential invasion has become a reality with Russia launching their troops into pro-Russian regions in Ukraine. This has led to the S&P 500 falling into a correction for the first time in two years, joining the Nasdaq Composite. (A correction is defined as a drop of more than 10% but not more than 20%.) Events like these may not be new, however, the volatility and uncertainty it causes does not make it any easier for investors to deal with. How should investors best attempt to manage geopolitical risks in portfolios?

• The first is predicting and gambling, where investors try to predict the outcome of the event and then guess the impact it will have on the market. If done correctly it could make them seem like a market master, but often investors, and most market participants, get it terribly wrong.

• The second is the flight instinct, when faced with market volatility heading.” Well, that is nice. Now comes the test. Given the recent risks would have on the intrinsic value of investment markets which requires a rational framework and immense discipline. and panic, some investors prefer to sit out and wait, i.e., move to cash or what is deemed safe-haven assets (like gold). The problem is that the opportunity cost of not being invested in the market could be large

• The third is remembering valuation and the impact that geopolitical risks would have on the intrinsic value of investment markets which requires a rational framework and immense discipline.

• The fourth and most important is holding tight and focussing on the long term. Most of us know long term is the right strategy when it comes to careers, relationships – or anything that compounds. But saying “I’m in it for the long run” is a bit like standing at the base of Mount Everest, pointing to the top, and saying, “That’s where I’m heading.” Well, that is nice. Now comes the test. Given the recent and expected continuation of market volatility throughout 2022, what lesson can we remember when we are trying to think and act long term?

The long run is just a collection of short runs you must put up with. Long-term thinking can, to some extent, be a deceptive safety blanket that investors assume allows them to bypass the painful and unpredictable short run. Unfortunately, this is very rarely the case, it might be quite the opposite – the reality is that part of long-term investing is dealing with short term pain, and you will need to embrace downturns throughout your investing journey. Annual return and drawdown data of the S&P 500 show that – although over the last 42 years we only ended up with an annual negative performance in nine out of the 42 years – every single year (in the 42 years) had a drawdown or temporary setback in the market, and each of those for vastly different reasons.

As we move through this latest period of market volatility, we continue with our investment partner Morningstar Investment Management’s 90-strong investment team to continue to prioritise research by not overreacting to current events. Our managed portfolios are well diversified across multiple asset classes and different sectors of the market and portfolios will be protected from the extreme volatility in many parts, while exploring any opportunities which may emerge.

Alongside this, the portfolio managers are continually evaluating the portfolios by simulating different scenarios to ensure that they remain robust to a broad range of potential economic outcomes rather than simply those that dominate the headlines today.We encourage our clients to take the approach of navigating this unknown territory, by focusing on the longer term, knowing that ”this too shall pass”.
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Fourth Quarter 2021

Fourth Quarter Jurgens 2021
Fourth Quarter Jurgens 2021

Congratulations to Lynette Govender on achieving her
20 Year Service Award – presented to her by Mark Jurgens and Alan Botha.
We wish Lynette many more years as a valued member of the Jurgens Finance team.

A message from Mark Jurgens

A client of ours recently asked me how we had managed to achieve such competitive investment returns in the last twelve months. Good question.
I would like to explain a little more about our relationship with Morningstar, as I believe their involvement in Jurgens finance is not clearly understood by all our clients.

Morningstar is a AAA rated global financial services organisation. They have analysts in countries around the globe. They are involved in a tremendous amount of research to provide valuable information in selecting the top fund managers and assisting in asset allocation decisions.

Morningstar’s research, expertise and analysis are trusted amongst the largest investment firms in the world, and this same insight has been made available to selected financial advisory businesses within South Africa.

When I started in this industry there was a selection of twenty unit trust funds in South Africa, today there are close to 1500 funds. At Jurgens Finance we endeavour to achieve the best investment returns for our clients, but the massive task of monitoring the performance of over a thousand funds would put us in a situation where we would have no time to see you, our client.

Morningstar provides all the technical information and assists in analysing the better performing unit trust funds, which are monitored regularly. With International Investments being highly sought after, this is another reason we make use of Morningstar and their global capabilities and expertise.

Our team at Jurgens Finance are zealous about your investments and are actively involved with Morningstar, in terms of ensuring our input is also utilised in the creation of these model portfolios. Meetings are held twice a month, in so doing, ensuring we remain in the top quartiles of investment returns.

We are extremely mindful of the many difficulties faced this year, and we want to take this opportunity to thank you for your ongoing support and loyalty.
We are hopeful that 2022 brings about more personal encounters while maintaining the highest level of safety.

Wishing you and your loved ones a happy, safe and peaceful festive season.

Stay well and regards

Mark

'Long term investing is never easy' from Alan Botha

(Extracts from Morgan Housel)

Most people know it is the right strategy in investing, careers, relationships – anything that compounds. But saying “I’m in it for the long term” is a bit like standing at the base of Mt. Everest, pointing to the top, and saying, “That’s where I’m heading.” Well, that’s nice. Now comes the test.

Long term is harder than most people imagine, which is why it is more lucrative than many people assume. Everything worthwhile has a price, and the prices are not always obvious. The actual price of long term – the skills required, the mentality needed – is easy to minimize, often summarized with simple phrases like “be more patient,” as if that explains why so many people cannot.

To do long term effectively you have to come to terms with four factors.

1. The long run is just a collection of short runs you must put up with.

Saying you have a 10-year time horizon does not exempt you from all the nonsense that happens during the next 10 years. Everyone must experience the recessions, the bear markets, the meltdowns, the surprises, and the memes at the same time.
So rather than assuming long-term thinkers do not have to deal with nonsense, the question becomes how you endure a never-ending parade of nonsense.

Long-term thinking can be a deceptive safety blanket that people assume lets them bypass the painful and unpredictable short run. But it never does. It might be the opposite: The longer your time horizon the more calamities and disasters you will experience. Baseball player Dan Quisenberry once said, “The future is much like the present, only longer.”

Dealing with that reality requires a certain kind of alignment that is easy to overlook.

2. Patience is often stubbornness in disguise.

Things happen daily now that would have been inconceivable just a decade ago (budget deficits, interest rates, meme-stock valuations, retail investor participation, pandemics etc.). The world changes, which makes changing your mind not just helpful but crucial.
But changing your mind is hard because fooling yourself into believing a falsehood is so much easier than admitting a mistake.

Doing long-term thinking well, requires identifying when you are being patient or just stubborn. Not an easy thing to do. The only solution is knowing the very few things in your industry that will never change and putting everything else in a bucket that’s in constant need of updating and adapting.

3. It is hard to know how you will react to decline.

If I say, “How would you feel if markets fall 30%?” you probably picture a world where everything is the same as it is today except stock prices are 30% lower.
And in that world, it is easy to say, “That would be fine, I’d even see it as an opportunity.”
But the reason markets fall 30% is because there is a terrorist attack, or the banking system is about to collapse, or there is a pandemic that might kill your whole family.

In that context, you might feel different. You might switch from an opportunistic mindset to a survival mindset. You might not have the endurance you once imagined.

4. Long term is less about time horizon and more about flexibility.

If it is 2010 and you say, “I have a 10-year time horizon,” your target date is 2020. Which is when the world fell to pieces. If you were a business or an investor It was a terrible time to assume the world was ready to hand you the reward you had been patiently awaiting.
A long-term horizon with a firm end date can be as reliant on chance as a short time horizon. Far superior is just flexibility.

Time is compounding’s magic whose importance cannot be minimized. But the odds of success fall deepest in your favour when you mix a long-time horizon with a flexible end date – or an indefinite horizon.
Ben Graham said, “The purpose of the margin of safety is to render the forecast unnecessary.” The more flexibility you have the less you need to know what happens next.

Short Term News Update - Greg Brits

There has been a recent surge in claims where an employee’s foreign driver’s license has been found to be fraudulent. Insurers do require a procedure to be put in place to check and ensure that your drivers hold a valid license. The following points will assist you in terms of what to check for. This will also be beneficial to your business, and in certain circumstances, protect you from a potential rejection at claims stage.

    • A clear copy of the driver’s license stating country of origin.

      • A letter (on an official letterhead) from the Embassy or Consulate from the relevantcountry concerned, must be stamped authenticating the individuals’ driver’s license is valid in that country,and that the license has not been cancelled or suspended.

        • The letter must include the date of issue, code of license (what he/she is permitted to drive) and the date the license expires.

          • The letter must be in English, stamped and signed with the person’s contact details who is validating the license to confirm that the information is true and correct.

            • A clear copy of their Passport must also be present.

              • If the holder of the foreign driver’s license is a RSA citizen or already has permanent residency, that person has a period of 1 year to convert his/her foreign license to a South African license. 

                With the rainy season upon us, maintenance to your home or business premises is vitally important. We believe the below pointers may prove to be very valuable to avoid disappointment at claims stage.

                • Property owners should take extra care and inspect roof tops for cracks and other maintenance related issues.

                  • Clean your drains and down pipes. Drainage systems and gutters must be cleaned out regularly to avoid any blockage from dry leaves and debris to prevent water accumulation and, ultimately, damage to roofs, fixtures and your home or business contents.

                    • Waterproofing to roofs, either flat or pitched, must be carried out by an accredited and professional repairer who guarantee their workmanship.

                       
                      From the Jurgens Insurance Brokers Team, we would like to thank all our clients for their loyal support and wish you and your families a blessed Christmas and prosperous 2022.
                     
happy holidays

Wishing you the joy of family, the gift of friends and the best of everything for the new year!

Quote of the Day

“The best and most beauful things in the world cannot be seen or even touched. They must be felt with the heart. Wishing you happiness.”

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