Damage to Stor-Age Waterfall claimed from Sasria - R83 million plus VAT

Jan

Who's the Boss?
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Devastating financial damage caused by storage unit looting revealed

Stor-Age announced in a trading update on Tuesday that approximately 60% of the total 15,100m² of storage space at its facility in Hillcrest suffered significant structural damage.

"These buildings require full demolition and rebuild. A claim for damages to the value of R83 million plus VAT has been submitted to Sasria," Stor-Age said.
 

PaulMurkin

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Good luck to getting paid... I think I read somewhere that just a few claims alone are enough to completely bankrupt SASRIA
 

Thor

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Very interested to see if SASRIA has the money. I do not believe they do.

Black Swan and all that
 

GhostSixFour

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So then let's say SASRIA can't cover this or most of the rioting damages, what then? Government to help or does the companies involved eat the damages and either go about their business or go bankrupt?
 

Gazg

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Once again..........and still the original instigators have not been rooted out and arrested.
 

Creag

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Good luck to getting paid... I think I read somewhere that just a few claims alone are enough to completely bankrupt SASRIA
I'd say your information source got this wrong. They do have the capital to pay this. Like every other insurance company, they will have reinsured themselves for catastrophe events. They would not be trading if that wasn't the case.
 

Gordon_R

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I'd say your information source got this wrong. They do have the capital to pay this. Like every other insurance company, they will have reinsured themselves for catastrophe events. They would not be trading if that wasn't the case.

The whole point of SASRIA is that the risks are uninsurable. The taxpayer will have to make up the difference.
 

eg2505

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take the money (if you even get it) and run, run as quickly as your little legs will carry you.

wait for EWC and other ANC genius ideas to surface, and all private property will get eaten up by such things.
look at Zim, when did any of those farmers who lost everything get compensated? never.

they trying now, but its all just a bit pathetic really, nobody will go back to where their property isn't safe and can be taken from them by force.
by a misguided and corrupt, incompetent leadership.
 

Rayne

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One of my clients had his hardware store ransacked and burned down. He submitted a 5m claim. They offered him a 1m settlement.
 

Rayne

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I'd say your information source got this wrong. They do have the capital to pay this. Like every other insurance company, they will have reinsured themselves for catastrophe events. They would not be trading if that wasn't the case.
Lol no.
 

Skankhunt

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The guy who we bought our solar panel system from had his warehouse there.

Our set of batteries stopped performing a few months after we bought it, so we sent it back as it's still under warranty.
They did testing and confirmed it's faulty. They were meant to be heading to the main supplier in JHB the following week and then this happened and of course our faulty batteries disappeared.

Company said they take no responsibility for it and we should try claim from our personal insurance.... but our lawyer disagrees and reckons it's a small claims court case.
 

Johnatan56

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The guy who we bought our solar panel system from had his warehouse there.

Our set of batteries stopped performing a few months after we bought it, so we sent it back as it's still under warranty.
They did testing and confirmed it's faulty. They were meant to be heading to the main supplier in JHB the following week and then this happened and of course our faulty batteries disappeared.

Company said they take no responsibility for it and we should try claim from our personal insurance.... but our lawyer disagrees and reckons it's a small claims court case.
That company needs to claim from insurers, not you, they probably don't have insurance if small company.
 

krycor

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One of my clients had his hardware store ransacked and burned down. He submitted a 5m claim. They offered him a 1m settlement.

From what I heard they doing an initial partial to get businesses going.. either that or what I heard on radio discussing this is wrong or his situation is different.
 

surface

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You mean the US solution to everything.
Totally different scenario though. US can keep on doing it without much consequence (compared to SA doing it) as long as euros & pounds keep on printing. Also printing money term is a misused at times. I will try to find article.
 
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