SASRIA (Riots and Strikes)
The SASRIA website contains a useful summary of the intent of the cover:
“During the 1976 Soweto uprisings, the Short-Term Insurance Industry decided that it could no longer underwrite losses arising from politically motivated acts of civil disobedience and unrest of the time as the risk was too high and it was difficult, if not impossible, to purchase reinsurance cover.
This resulted in the incorporation of the South African Special Risk Insurance Association (SASRIA) as a Section 21 Company under the old Companies Act (No. 61 of 1973).
Sasria SOC Ltd is the only short-term insurer that provides special risk cover to all individuals and businesses that own assets in South Africa, as well as government entities.
This is unique cover against risks such as civil commotion, public disorder, strikes, riots and terrorism, making South Africa one of the few countries in the world that provide this insurance, particularly at affordable premiums.
By enabling businesses to restore their liquidity or operations quickly and efficiently after experiencing loss or damage due to special risk events, Sasria SOC Ltd plays a significant role in preventing job losses, maintaining livelihoods, restoring pride and dignity and facilitating economic stability.”
SASRIA generally follows the underlying policy covers fir the following sections:
Material Damage, Business Interruption, Money, Goods in Transit and Motor. SASRIA does not cover or offer all the extensions of the underlying policy sections, like the Business Interruption section for example.
Chadwicks views most SASRIA sections as a catastrophe financial risk, which should always be transferred to an insurance policy. Please contact us should you require advice on SASRIA.