Insuring – do you need SASRIA?
South African politics has been through a turbulent few years, with angry citizens taking to the streets in protests that have sometimes turned violent.
It may seem unlikely that your property would be affected by a rioting mob, but with an increasing number of protests taking place in the Cape Town CBD, the risk is very real.
For commercial property owners, being complacent about public violence property insurance is simply a luxury that nobody can afford. These days, many insurance customers are turning to SASRIA for a solution.
What is SASRIA cover?
Sasria is South Africa’s only short-term insurer that provides cover against damage caused in the course of rioting.
This government-backed insurance agency was founded in 1979 in response to the property damage that occurred during the 1976 uprisings which were the beginning of the end of Apartheid.
Sasria provides two types of special risk (riot) insurance. The standard policy covers businesses for claims up to R500 million. Special insurance for up to R1 billion in cover is available for corporate clients.
What does Sasria cover include?
The basic policy offered by Sasria covers businesses against the following damage:
- Material damage to premises
- Theft or destruction of cash held on the premises
- Damage or theft of goods in transit
- Business interruption due to rioting
- Motor and construction risk
Sasria’s property insurance offering covers a broad range of risks, making it ideal for commercial property owners – provided that the premium is affordably priced.
How much does Sasria cover cost?
While the actual cost of Sasria cover would depend on the building being insured as well as the owner’s existing insurance, the monthly minimum costs are extremely competitive.
- Standard cover (up to R500 million) has a monthly minimum cost of between R3 and R30
- Cover up to R1 billion will cost between R5 and R50 a month at minimum
What is the procedure for signing up?
Sasria cover is an add-on insurance – in other words, it’s not available as a stand-alone policy.
To cover your building against damage from rioting, you’ll need to contact your insurance company and ask them to add Sasria cover to your existing policy. You may find that you already have Sasria cover and if you don’t, it should be simple to add on.
For more information on commercial property investments in the Cape Town area, contact us today.
