Cover that Starts Where Other Cover Ends – SASRIA | Legal Articles


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Cover that Starts Where Other Cover Ends – SASRIA

Most insurance products are designed in such a way that whilst they provide cover for loss, the insurance company itself remains viable as a business. To attain this balance, most insurance products have a list of strict requirements and exclusions which are consulted whenever a claim is processed.

A claim will only be paid out where no exclusion applies, subject to the requirements being met. Some of these exclusions relate to events that cause massive loss such that if allowed or covered by the insurer, they may threaten its liquidity as a business.

The resulting effect is that not everything is covered by insurance products in South Africa, or anywhere else in the world for that matter. Had it been the case not many people would afford insurance.

business insurance

The Purpose of SASRIA – Special Risk Insurance Reviews

The South African Special Risks Insurance Association (SASRIA SOC) is a state-owned company under the National Treasury, listed under 3B of the Public Finance Management Act 1 of 1999, as a non-life insurance company.  

It provides cover to individuals, businesses and government entities that have assets in South Africa against loss due to special risks that are not normally covered by private insurance companies. These risks include public disorder, strikes, riots, terrorism, civil commotion etc.

The underlying aim of SASRIA is to ensure economic stability and activity against the backdrop of the risks as mentioned above. These risks become imminent in volatile times especially such as during economic pressures the world is currently undergoing due to the pandemic.

In recent weeks in South Africa, we have seen widespread looting of malls and shops in Gauteng and KwaZulu Natal due to political reasons. In situations like these the traditional private insurers may have little or no provisions to cover such incidents, thereby having a crippling impact on businesses forcing others to close shop.

Further, there have been riots and resistance to lockdown restrictions in some parts of the world and at the centre of all this, businesses are always at risk due to vandalism and theft of goods.

It is important for the insured to ascertain that their insurance policies have SASRIA cover extensions, so that one can have peace of mind knowing they are fully covered in the event of loss due to events that are not normally covered by their private insurers.

Van Deventer & Van Deventer Incorporated – Attorneys in Johannesburg and Cape Town

At Van Deventer and Van Deventer Attorneys we assist with various aspects of Insurance law from appeals of rejected claims, claims process facilitation to advising on the implications of insurance cover.

Insurance is a complex field and one can definitely benefit from our specialised service in this area of law. We also assist in various other areas of law as provided for on our website.

Make contact with us for comprehensive assistance.


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