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What is the relationship between Sasria Loss limits and the Companies aCT 1973?
explain the relationship between the sasria loss limit and the companies act 1973
What is the relationship between the SASRIA loss limit and the Companies Act, 1973?
explain the relationship between the sasria loss limit and the companies act 1973
What is the concept of malicious damage to property as used in terms of sasria and as used in terms of conventional non-sasria respectively?
things that are not covered at all in property cover
Changes to sasria cover since 1979?
sasria was formed on the 25th JAN 1979 and was registered under section 21 of the companies Act as an association incorporated not for gain. The objective of sasria was set out to make provision for insurance for protection of assets against defined perils. The perils include politically motivated acts, acts of terrorism and political riots. The theory behind this is that the insurance should be coverd for every insurable eventuality, so that in the event of claim, either the sasria policy or the underlying policy would respond thus limiting most gaps in the cover.
What are the territorial limits of SASRIA and is it offered in any other country?
SASRIA (South African Special Risks Insurance Association) provides coverage exclusively within South Africa for specific risks such as civil commotion, public disorder, and terrorism. Its territorial limits are confined to the borders of South Africa, and it is not offered in other countries. While other nations may have similar coverage for civil unrest or terrorism, they operate under different insurance frameworks and are not directly comparable to SASRIA.
Explain the application of discounts on SASRIA premiums and give an example?
.sasria.co.za/wp-content/uploads/2020/02/20009-Discount-Section.pdf
How the sasria loss limit is applied on any one insured entity?
The Sasria loss limit is applied to any one insured entity by capping the total amount that can be claimed under the Sasria cover for a specific event. This limit ensures that the insurer manages its risk exposure while providing coverage against civil commotion, public disorder, and related events. When a claim is made, the payout will not exceed this specified limit, regardless of the total loss incurred by the insured entity. This mechanism is designed to maintain sustainability within the insurance framework while protecting both the insurer and the insured.
