PART A
Longworth & Faul is a construction company that builds high quality buildings throughout the private and public sector of the Western Cape. The Company was established as a sole Trading company in 1966 by Johaan Louw and in 1973 became a Partnership when Robert Longworth joined the company as a director. Longworth & Faul ever since has maintained being a two member partnership company. In 1976 Gert Faul joined the company and became a director in 1978 when Johaan Louw left. In 1990 Gert Faul left and Albert Klopper became a director and has been a director for 25 years. David Longworth then joined the company in 1998 and in 2001 became a director. Robert Longworth left the company after 46 years in 2006.
The company is directed by David …show more content…
• Life Insurance and Workmen’s Compensation insurance takes the responsibility of covering injured workers who needs medical attention, finance, health cover etc... And not leaving it as an added responsibility financially for the company to have to take on. Therefore it provides medical support for a company like L&F that has the risk of dangerous events happening to workers on site.
• Insurance allows Longworth & Faul to buy machinery, vehicles, equipment and containers, that it may never have been able to buy without the reliability of insurance from the bank. As it may have been too expensive to cover all of it independently, and the bank would not have been too supportive on giving loans to the company if an insurance policy was thus not in place.
• It is cheaper to pay for insurance for certain events such as the events that need for Worker Compensation and Public liability insurance, especially the risks within the construction business and unpredictable occurrences within buildings, rather than paying the expense if the event had to take place and then the company was responsible for complete …show more content…
It is a much slower process when doing it independently, as there is also lack of motivation to do intuit provides financial support and reduces the amount of uncertainty, by protection and safety. Construction is on a time-budget , meaning that they project has a time-line and that any additional time is an extra expense to the company therefore the faster a problem is resolved the quicker production continues, which is essential for a company like L&F.
• There is also now such a thing as bonuses, where if the company doesn’t claim often money is paid out in cash. Therefore it is not an out-dated idea, as there is return if the premium payment doesn’t end up being used or being worth
Longworth & Faul is a construction company that builds high quality buildings throughout the private and public sector of the Western Cape. The Company was established as a sole Trading company in 1966 by Johaan Louw and in 1973 became a Partnership when Robert Longworth joined the company as a director. Longworth & Faul ever since has maintained being a two member partnership company. In 1976 Gert Faul joined the company and became a director in 1978 when Johaan Louw left. In 1990 Gert Faul left and Albert Klopper became a director and has been a director for 25 years. David Longworth then joined the company in 1998 and in 2001 became a director. Robert Longworth left the company after 46 years in 2006.
The company is directed by David …show more content…
• Life Insurance and Workmen’s Compensation insurance takes the responsibility of covering injured workers who needs medical attention, finance, health cover etc... And not leaving it as an added responsibility financially for the company to have to take on. Therefore it provides medical support for a company like L&F that has the risk of dangerous events happening to workers on site.
• Insurance allows Longworth & Faul to buy machinery, vehicles, equipment and containers, that it may never have been able to buy without the reliability of insurance from the bank. As it may have been too expensive to cover all of it independently, and the bank would not have been too supportive on giving loans to the company if an insurance policy was thus not in place.
• It is cheaper to pay for insurance for certain events such as the events that need for Worker Compensation and Public liability insurance, especially the risks within the construction business and unpredictable occurrences within buildings, rather than paying the expense if the event had to take place and then the company was responsible for complete …show more content…
It is a much slower process when doing it independently, as there is also lack of motivation to do intuit provides financial support and reduces the amount of uncertainty, by protection and safety. Construction is on a time-budget , meaning that they project has a time-line and that any additional time is an extra expense to the company therefore the faster a problem is resolved the quicker production continues, which is essential for a company like L&F.
• There is also now such a thing as bonuses, where if the company doesn’t claim often money is paid out in cash. Therefore it is not an out-dated idea, as there is return if the premium payment doesn’t end up being used or being worth