Sas­ria cov­ers you against riot-re­lated losses

Saturday Star - - FILM -

NOT A day seems to go by without news of a vi­o­lent protest erupt­ing some­where in South Africa – re­ports of vi­o­lence, loot­ing, burn­ing and de­struc­tion have be­come reg­u­lar oc­cur­rences, with many busi­nesses and in­di­vid­u­als left with the fi­nan­cial losses.

Aon South Africa says it is cru­cial for busi­ness own­ers and in­di­vid­u­als to re­view their as­sets in­surance poli­cies and en­sure they have Sas­ria cover in­cluded for spe­cial risks.

“Without Sas­ria cover, busi­nesses and pri­vate in­di­vid­u­als caught in the crosshairs of vi­o­lent protests and ri­ots run the risk of sig­nif­i­cant losses. Stan­dard in­surance poli­cies avail­able through pri­vate sec­tor in­sur­ers do not pro­vide cover for dam­age to as­sets as a re­sult of th­ese types of events, as they are pre­cluded from un­der­writ­ing th­ese risks. Cover is avail­able only through Sas­ria,” says Hus­sain Bhikhoo, the client man­ager at Aon South Africa.

Ac­cord­ing to Sas­ria, in the year to the end of March 2017, it paid net claims with a to­tal value of R766 mil­lion, up by 30.8% on the pre­vi­ous year. The num­ber of claims in­creased by 22% and the sever­ity in­creased by 29%.

“In most cases, home and busi­ness prop­er­ties and ve­hi­cles are bank-fi­nanced. If the prop­erty or ve­hi­cle is burnt or de­mol­ished dur­ing a strike and you don’t have Sas­ria cover, you will still be li­able for your loan re­pay­ments in ad­di­tion to the cost of the dam­ages,” says Bhikhoo.

“Sas­ria cover is par­tic­u­larly im­por­tant for peo­ple who own prop­erty, live, work or com­mute in ar­eas that have a high propen­sity for protest and strike ac­tion. Their rates are reg­u­lated, and for busi­nesses the pre­mium is not af­fected by the type of in­dus­try or the risks the busi­ness is ex­posed to, with the ex­cep­tion of cer­tain min­ing risks. Sas­ria also has a num­ber of dis­count op­tions, and you should speak to your bro­ker about some of the op­tions for your busi­ness,” says Bhikhoo. – Staff Re­porter

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