TiB Insurance Brokers was awarded the top accolade of being the “BEST SERVICE PROVIDER OF THE YEAR 2018’’ at the ZBCA Annual General Conference which was successfully held in Victoria Falls at the Majestic Elephant Hills Resort Hotels from the 10th to the 12th of October 2018. Commenting upon receiving the Award, the Managing Director of the TiB Insurance Brokers, Mr Charles Mulele said, “We thank God for having been given the opportunity to serve the Construction Industry and indeed having lived to our Vision of being, The Preferred Insurance Broking Firm providing Insurance Broking and Risk management solutions to Businesses. We are truly grateful that the Stakeholders of ZBCA have recognised and awarded our efforts to unlock value to Contractors by providing them access to the Bank guarantees, particularly Bank Bid Bonds without the need for cash cover that has been locking their operational cash flows with Banks for periods of up to 3 months and in some instances 4 months.’’
BACKGROUND TO BANK GUARANTEES PRODUCT In the last quarter of 2017, TiB Insurance Brokers realised that most Employers under Construction contracts had started insisting on provision by Contractors, Bonds & Guarantees that are issued by Banking Institutions as opposed to Insurance Institutions. In response to this demand by Employers, TiB Insurance Brokers arranged several facilities within Banks and are now issuing required Bank Bonds and Guarantees to Contractors, with the Contractor only paying the premium and
THUS ELIMINATING THE CASH COVER COLLATERAL REQUIREMENT. For instance, in a tender requiring a Bank Guarantee of $2 000, a Contractor through TIB will only pay a premium of $300 to get a Bank Bond and not the $2 000 plus establishment fees as is the case with a cash cover facility through a Bank. “We are excited that in 2019, as we are celebrating Our 20 years of service to Business, more Banks are coming on board and this will increase our facility lines to service more members of the Zimbabwe Building Contractors Association at the stroke of an enquiry’’ said Mr Mulele. The following Bank or Insurance issued Bonds & Guarantees are on offer: – – Bid Bonds – Performance Bonds – Advance Payment Bonds – Retention or Maintenance Bonds – Contractors All Risks Insurance – Plant All Risks Insurance – Credit Risk Insurance
BANK BONDS & GUARANTEES TEAM Charles Mulele (A.C.I.I) (A.I.I.S.A), Managing Director: Charles has been in the Insurance Industry for twenty-five years. He is an Associate of both the Insurance Institute of South Africa and London by examination and is a Chartered Insurance Practitioner. He is the past President of the Insurance Institute of Bulawayo. Xolani Ndiweni (F.I.I.S.A), Divisional Director: Xolani has over twenty years working experience, ten of which have been at management level. He is a fellow of the Insurance Institute of South Africa and holds a Post Graduate Diploma in Risk Management.
Currently he is studying towards a Masters Degree in Risk Management. Seth Chimeri (B Com Risk Management and Insurance) (NUST), Operations Manager: Seth has nine years’ experience in the local Insurance. He is a holder of a Bachelor of Commerce Honours Degree in Risk Management and Insurance and is currently studying for professional stage C.I.I. He is also the past Treasurer of the Insurance Institute of Bulawayo OUR OFFICES Harare Office is situated at the following address: – Ericom Communication Complex 1 Boshoff drive, Graniteside,
HARARE Telephone: +263 4 748294-6
Fax: +263 4 773116
Charles Mulele – Managing Director
Mobile: +263 777 057 386
Email: charlesm@tib.co.zw
Seth Chimeri – Operations Manager
Mobile: +263 772 494 967
Email: sethc@tib.co.zw
Bulawayo Office is situated at the following address: –
Third Floor- Charter House Cnr Fort Street/ Leopold Takawira Avenue P.O Box 546,
BULAWAYO Telephone: +263 9 75789/ 72606
Fax: +263 9 72658
Xolani Ndiweni – Divisional Director
Mobile: +263 712 607 050
Email: xolanin@tib.co.zw
Belinda Shayamano – Broker
Mobile: +263 779 104 059
Email: belindas@tib.co.zw
