FREQUENTLY ASKED QUESTIONS

Can iMoola assist Contractors that is on ITC?

Yes, through our unique model, we assist Contractors that passed our application process to complete their projects successful and repay other creditors through the profits that they generate out of their projects.

What is the interest rate?

Through our risk analysis on the project we determine our Management Fee rate that is communicated to the Contractor. We do not charge interest.

What is the turnaround time?

It is determined by the Contractor and some dynamics not controlled by iMoola. Once all of the documentation has been submitted within the timeframe, we aim to give an answer within 7 working days.

When do I get my portion of the revenue?

As soon as the progress payment or purchase order is paid into the nominated bank account by the relevant Department.

What fall outside of the iMoola funding scope?

Private projects, Commodities, Imported products, Long Term Funding (repayments after 45days), Personal Loans, Land acquisition, etc.

Does iMoola pay a fee Intermediaries, Agents or Consultants?

No, iMoola does not pay any fees to any intermediaries. Any fees due for rendering an intermediate service is negotiated between the Contractor and the Intermediary.

Who needs credit life insurance?

Anyone who enters into a loan or funding agreement.

Credit Life Insurance takes care of any outstanding insured debt the policyholder may leave behind.

As long as the premiums are paid - credit life insurance:

Will, in the event of death, pay out the outstanding capital on a short or long term debt to your credit provider.

Is a fluctuating sum assured product which means that the pay-out amount fluctuates in direct correlation to the outstanding amount on your loan.

Is valid for the whole contract period or in the event of disability, death or dread disease claim is made and paid out in accordance with your insurance policy.

Who needs contractors all risk insurance?

Everyone who is involved in Construction, Maintenance, Installation, Repair Services or any Infrastructure Development.

Why should you take out Contractors All Risk Insurance?

We live in a country rife with crime, changing weather conditions & less robust equipment.

Add to this the growing trend to be held accountable for damages you cause to third parties, and the need for Contractors All Risk Insurance become obvious. Insurance costs a fraction of the price of replacing your projects if these are damaged, or your materials if these are stolen, or redoing the work or reimbursing the losses you caused to your client or third parties.

Taking out Contractors All Risk Insurance is a prudent way to ensure that your business will survive through all the trials and tribulations it will face, during the project period.

Typical claims incurred on Contractors All Risk Insurance Policies.

The most common claims on Contractors All Risk Insurance Policies involve theft of materials, materials being damaged whilst en route to site, surrounding property being damaged whilst the project is being completed, or a part of the project failing causing other parts of the project to be destroyed. The most expensive claims tend to be caused by fires, rain falling on exposed parts of existing structures, lightning damage & violent storms. Contractors also have the potential to create huge liability claims when their work affects third parties.

What other Insurance should be considered along with the Contractors All Risk Insurance?

Most principals insist on Liability cover being in place on all projects. Contractors All Risk Insurance will automatically include cover for a sight Public Liability and the Surrounding Property. We can also assist you if your principal requires a performance bond, employers’ liability insurance or general works insurance. We can also insure tools, plant, vehicles or any other assets utilized in the scope of your projects.

Who needs a performance guarantee?

A Performance Guarantee is a surety issued by an insurance company to guarantee satisfactory completion of a project by a contractor.

For Example:

A Contractor may cause a performance guarantee to be issued in favour of a client for whom the constructing a building. If the contractor fails to construct the building according to the specifications laid out by the contract (most often due to bankruptcy) the client is guaranteed compensation for any monetary loss to the amount of the Performance Guarantee.

Performance Guarantees are commonly used in the construction and development of property, where an owner or investor may require the developer to assure that contractors or project managers to procure such a guarantee in order to guarantee that the value of the work will not lost in the case of an unfortunate event (such as insolvency). In other cases, a Performance Guarantee may be requested on large contracts besides civil construction projects.

It is more cost effective to issue a Performance Guarantee than to place an amount as collateral or a deposit of “Good Faith Money”