SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Apply technical knowledge and understanding of insurance in the event of machinery breakdown 
SAQA US ID UNIT STANDARD TITLE
120108  Apply technical knowledge and understanding of insurance in the event of machinery breakdown 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners in Short Term commercial lines and agricultural insurance.

The qualifying learner is capable of:
  • Explaining machinery breakdown insurance.
  • Explaining the bases of valuating machinery.
  • Analysing a policy wording to determine the cover.
  • Comparing business interruption and machinery breakdown insurance. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at Level 3 and the Unit Standard, Apply knowledge of business interruption insurance. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is all commercial and agricultural insurance including harvesters and the like. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain machinery breakdown insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of accidental breakdown is explained with reference to a specific insurer. 

    ASSESSMENT CRITERION 2 
    The insurance needs of an entity are analysed to determine the need for machinery breakdown insurance. 

    SPECIFIC OUTCOME 2 
    Explain the bases of valuating machinery. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The difference between new replacement value and market value is explained with examples. 

    ASSESSMENT CRITERION 2 
    The impact of the exchange rate on the value of a machine is explained with reference to loss of profits. 

    SPECIFIC OUTCOME 3 
    Analyse a policy wording to determine cover. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    A policy wording is analysed to determine terms and conditions and cover. 

    ASSESSMENT CRITERION 2 
    Exclusions to the policy are explained in terms of wear and tear and the business interruption policy. 

    SPECIFIC OUTCOME 4 
    Compare business interruption insurance and machinery breakdown insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concepts of profit in business interruption and profit in machinery breakdown insurance are explained with examples. 

    ASSESSMENT CRITERION 2 
    The perils covered under business interruption insurance and machinery breakdown insurance are compared and an indication is given of events that would activate each policy. 

    ASSESSMENT CRITERION 3 
    The concept of subrogation is explained with examples. 

    ASSESSMENT CRITERION 4 
    Reasons why machinery breakdown claims require a technical report are explained with reference to subrogation. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    The learner can collect, organise and evaluate information in analysing the needs of an entity to determine the need for machinery breakdown insurance. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner can communicate effectively when comparing the cover under machinery breakdown and business interruption insurance. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  66610   Further Education and Training Certificate: Short Term Insurance  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Alcari Learning Centre (Pty) Ltd 
    2. CKP Development Agency (Pty) Ltd. 
    3. De Vries Management & Training Services cc 
    4. EJW Financial Services (Pty) Ltd 
    5. Faisit (Pty) Ltd 
    6. Intelligo Solutions Pty (Ltd) 
    7. Invuya Institute of Learning (Pty) Ltd 
    8. License to Skill cc 
    9. Masifunde Training Centre (Pty) Ltd 
    10. Octomate (Pty) Ltd 
    11. Outsurance Insurance Company Ltd 
    12. Ripple Effect 4 (Pty) Ltd 
    13. RJM Educational Consulting (Pty) Ltd 
    14. Santam Limited 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.