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SASRIA Insurance
SASRIA stands for the South African Special Risks Insurance Association.
It was formed in 1976 to provide an additional adjunct to the existing insurance
industry in South Africa, specifically at the time to cover the risks involved
by companies facing possible political riot, and to address the difficulties and
risks that insurance companies would face in covering such eventualities. Today
it has a wider ambit, covering wide range of risks in the country. Specific
risks are non-political riot and strike, due to the withdrawal of non-political
cover by reinsurers in 1987. War risk however is specifically excluded. In
short, SASRIA cover is designed to augment the insurance that is offered by
insurers, but that is excluded on the basis of it being caused by extraordinary
circumstances that the insurance companies are not prepared to assume risk for.
SASRIA offers the following broad forms of insurance cover. There are
several main types of cover provided by SASRIA. Firstly there is insurance
against material damage. This includes anything that isn`t covered by the other
categories, thus functioning as a catch-all category. There is contract works
and construction plant cover, which is obviously specific to the engineering
industry. The category of consequential loss is an additional cover in the area
of business interruption insurance. The motor policy category covers all types
of motor vehicles, and the marine and inland transit category involves more
specific arrangements that can be made with SASRIA, given that marine insurance
normally does offer cover for strike, riot and civil commotion loss.
SASRIA requires that the customer first has an underlying insurance policy in
the areas that it operates in. Additional insurance is provided by SASRIA in the
form of coupons that are issued in respect of the add-on to the cover. SASRIA
claims are submitted to the primary insurer, which then passes them on to SASRIA.
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| | 2012/07/27 07:47:00 AM |
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