SA Violence: Limitations on insurance claims

Risk-prone property insurance policies protect business assets against physical loss or damage from certain accidents and financial loss to the business. However, these policies do not cover damage caused by vandalism, riots, public riots and riots. Nor do they cover damages caused by legal attempts to control, suppress or prevent such acts. Insurers simply don’t write off these ‘special risks’.

South Africa is one of the few countries in the world that provides coverage for damage caused by specific perils. Presented by Sasria.

With Sasria cover, depending on the extent of cover, your business can be protected against the risk of damage or loss to its tangible assets, goods in transit, cash, vehicles, construction works and construction plant and equipment. A business interruption loss with a different effect.

If you have Sasria cover and intend to make a claim under your policy, here are two important things you should know:

Time is of the essence.

Your insurance broker should be notified of your claim as soon as possible, if not immediately, so he or she can notify your insurer. Your broker must then notify Sasria within 30 days.

Start collecting the evidence now

The fact that the entire country has been affected by this disaster, riots, riots and civil unrest does not mean that you can take your claim and loss as a matter of course. You must verify your claim and whether it falls within the coverage provided by your Sasria policy. Photographic and video evidence of the accidents should be available and kept. Video footage from CCTV cameras is rarely stored for more than a few days so it is important to get it now.

While some of the losses from these events, such as bruises and loss of confidence, are unavoidable, it is important for businesses to get back on their feet as quickly as possible for the sake of their employees and suppliers.