Most people are unaware of what SASRIA cover is, why it appears at the bottom of their insurance schedule or what cover it affords them.
SASRIA is a state-owned enterprise which resembles elements of short-term insurance for government entities, individuals and businesses owning assets in South Africa. The cover it provides, insures against special risk (risk not covered by private insurance companies) like riots, strikes, civil commotion and/or terrorism, it has been designed as an enhancement in conjunction with regular insurance cover. Importantly, standard insurance policies, do not cover damages related to these perils, if SASRIA has not been taken up on the policy.
SASRIA cover is however not automatically included in all insurance policies, is not legally required and is taken up at the discretion of the policyholder. The premium payable for SASRIA cover on your short-term insurance policy is a small percentage of the premium paid to the short-term insurance company.
As violent riots unfold across South Africa this type of cover is going to prove essential to insured parties across the country. In these uncertain times, it is essential to ensure that your cover remain in-tact and in good standing as this cover may be the difference between a financial safety net and financial disaster.
The above is only a summary of SASRIA and its benefits, hence it is strongly advised that you check in with your financial advisor regularly, ensuring that you are appropriately covered and that any major risks are dealt with effectively.
Spectre Wealth and it’s representatives remain diligent, committed and at the ready to provide advice with regards to all your risk mitigation requirements.
For more details on SASRIA and the protection it provide, you may visit the SASRIA website on https://www.sasria.co.za/