Will your insurance cover current events?

[Other Pineapple Smurf]

65 trillion gazillion billion rands?

They had R9 billion in assets alone for 2020 of which half was cash and cash equivelants. State-owned so underwritten by SARS and our tax money.

 

[MaisonP]

SASRIA will give the money to the insurers but the Insurer will pay you.

The contract is between YOU and the INSURER. Not YOU and SASRIA.

Most cases SASRIA dont even know that you are on their books

 

[Kosmik]

SASRIA is mandatory to my knowledge.

 

[Pineapple Smurf]

They had R9 billion in assets alone for 2020 of which half was cash and cash equivelants. State-owned so underwritten by SARS and our tax money.

Im surprised Zuma didnt know about all of this just sitting there

 

[MaisonP]

SASRIA is mandatory to my knowledge.

yes indeed now, not on older policies.

 

[Adenoid Hynkel]

 

[Izzit]

So wonder why that policy is in there that I am not covered?

I also have a Santam policy which also shows the screen shot you posted, however further down in the policy there is this page. It looks like its covered by another insurance body.

 

[RedViking]

I also have a Santam policy which also shows the screen shot you posted, however further down in the policy there is this page. It looks like its covered by another insurance body.
View attachment 1106904

Let me phone my broker and check as well. Although I trust the information provided so far is correct

 

[Other Pineapple Smurf]

Im surprised Zuma fifnt know about all of this just sitting there

Too big a number for him to read.

 

[RedViking]

As what has already been said above, phoned my broker, said Santam doesn't cover it but the sasria fee will cover it. You will lodge with your insurance and they will lodge with Sasria. Not sure what the time frame is compared to when insurance pays out directly. But yes, there is cover against riots.

 

[Other Pineapple Smurf]

I see this on our business insurance, each bucket has a SASRIA line item as well

 

[maxxis]

10 Claims for Sasria

We will not compensate you for loss of or damage caused by:
• war and warlike activities, for example invasion, acts of foreign enemies and civil war;
• any events for which a fund is established under the War Damage Insurance and Compensation Act, No. 85 of 1976;
• terrorism, including the use of violence or threat of violence for political, religious, personal or ideological reasons;
• activities intended to overthrow the government or any local or tribal authority;
• military might (for example martial law, mutiny, military uprising, revolution, including protests, rebellion, civil disobedience and inciting fear in the public);
• civil disturbances [for example riots, strikes, lockouts (whether legal or not)]; or
• the acts of any lawfully established authority in controlling, preventing, suppressing or in any other way dealing with any activities referred to in the general exclusions above.

These claims will be covered in terms of the Sasria policy attached to this policy.

Claims that arise as a result of the above will be referred to Sasria SOC Limited in terms of the Sasria coupon attached to your policy schedule.

Good news.

Sasria SOC Ltd – South African Special Risks Insurance Association

Sasria SOC Limited compensates you for loss of or damage to your insured property in the Republic of South Africa caused by anyone taking part in a riot, strike, lock-out, civil commotion or committing an act which has a political, social or economic aim. A portion of your premium is automatically paid towards Sasria SOC Limited. A copy of the Sasria SOC Limited policy is attached to your policy schedule.

That is good too.

Then....

3.2.4.14 We reserve the right to suspend, curtail or limit our services in any country or part of a country which falls within the territorial limits as specified, in the event of rebellion, riot, military uprising, war, labour disturbance and strikes, nuclear accidents, acts of God, refusal by any government authorities to permit us to provide our services or any other event prohibiting service. We will endeavour to provide services where possible.

Does this mean the insurer suspends your cover but Sasria still covers you?

 

[Other Pineapple Smurf]

And our insurance explains SASRIA cover:


NOW this policy declares subject to the terms, exceptions and
condition contained herein that SASRIA will indemnify the
insured against loss of or damage to the property described in
the schedule directly related to or caused by:

(i) any act (whether on behalf of any organisation, body,
person, or group of persons) calculated or directed to
overthrow or influence any State or government, or any
provincial, local or tribal authority with force, or by means
of fear, terrorism or violence.

(ii) any act which is calculated or directed to bring about loss
or damage in order to further any political aim, objective or
cause, or to bring about any social or economic change, or

in protest against any State or government, or any provincial, local or tribal authority, or for the purpose of inspiring fear in the public, or any section thereof.

(iii) any riot, strike or public disorder, or any act of activity
which is calculated or directed to bring about a riot, strike
or public disorder.

(iv) any attempt to perform any act referred to in clause (i), (ii)
or (iii) above.

(v) the act of any lawfully established authority in controlling,
preventing, suppressing or in any other way dealing with
any occurrence referred to in clause (i), (ii), (iii) or (iv)
above.


Note:-
In this policy, the term "public disorder" shall be deemed to
include civil commotion, labour disturbances or lockouts.

 

[RedViking]

@Jan @rpm @Hanno Labuschagne maybe do an article on insurance and riots?

 

[Pineapple Smurf]

Great idea
Let's get our international award-winning local journalist on the floor covering how one goes about claiming insurance due to riots now. Thank you @Jan

 

[L-Dog]

Sasria is cheap as chip and usually cover pretty well, no brainer to take it

 

[powermzii]

eish, you should change your broker then. He useless.

Just checked and we actually do have SASRIA cover both for cars and contents so we should be ok

 

[WollieVerstege]

SASRIA is probably also reinsured with one of the big international Reinsurance companies. Don't see why they would not be.

 

[mjzar]

Cyril used to be on the board of Sasria back in the day iirc

 

[SauRoNZA]

Isn’t Sasria mandatory? Or maybe just all brokers always enforce it.