Sasria ‘ to cover insured trucks against riots’

Nobody pays short term insurance premiums with a smile, but there are a few truck owners who are glad that they were insured when their trucks were attacked and burned recently.

This kind of damage is usually not covered by short term insurers, but adding Sasria insurance to short term insurance can insure your possessions from damage during civil unrest, public disorder, strikes, riots and terrorism.

Sasria insurance is owned by the government and is available to any individual, business, government institution or corporate entity with assets in South Africa. Over the past five years, Sasria received over 16 000 claims valued over R4.6 billion.

“Over the past five years we have paid out an average of R1 billion a year and received a record number of claims totalling over R1.5 billion for the year ending 31 March 2019. This was an increase from R662 million in the previous financial year,” said Sasria managing director Cedric Masondo.

“The causes were mainly service delivery protests which accounted for 80% of the claims, while labour strikes made up the balance.”

Sasria was started in 1997 to offer special risk insurance to individuals, government and businesses. Entrepreneurs can have their assets protected against strikes, riots, protests, public disorder and terrorism up to R2 million.

With the burning of trucks in the news lately, Masondo sa id goods in transit are also covered by Sasria goods-in-transit cover, which covers all goods in transit on South African soil, whether on land, in the air or on the sea, such as marine cargo, marine hulls and inland water vessels.

The motor cover covers business vehicles against damage or loss, including cars, light delivery vehicles, commercial vehicles, fleet vehicles, motor traders, mobile plants, buses and trailers in an event of damage during strikes or riots.

Business interruption cover then also covers the loss of business.

Material damage cover covers the assets against losses or damage to domestic and commercial property, equipment, containers and aviation hulls, as well as harvests and livestock on farms caused by riots, strikes, public disorder, civil unrest and terrorism.

Sasria cover also insures the cash and cheques of businesses handling money when they experience a loss or damage due to a strike, riot or protest.

Construction risk is also covered for loss or damage to a construction site, plant and tools due to strikes, riots, public disorder and terrorism.

The cover cannot be taken out on its own and has to be added to your existing insurance policies, but Masondo said the policyholder has to make sure that it is added. Premiums are low, with the cost of insuring a single car only about R4 per month.