Page 18 - Personal Underwriting Mandates & Guidelines - Binder - Version 3

General
Sasria
Sasria SOC Ltd, previously known as the South African Special Risks Insurance Association, is the only non-life insurer that provides special risk cover to all individuals and businesses that own assets in South Africa.
Note:
○ Although Sasria cover is not compulsory, cover may not be cancelled or refused by an insurer or binder holder. Clients may continue with Sasria cover, even if the underlying policy is cancelled by the insurer
○ Clients may apply for Sasria cover on its own, without an underlying policy
○ There are no waiting periods that apply to Sasria cover
○ Clients may request Sasria cover for once-off events – should this be a requirement, the request must be referred to the Hollard underwriting manager to liaise with the Sasria department
○ Underlying policy extensions are not imported by Sasria – e.g. clients will not get car hire in the event of a total loss Motor claim under Sasria
○ Sasria now offers a ‘Security Cost’ extension (at an additional premium), where material damage is not a requirement. Cover is limited to R10 million.
○ Sasria require that risks/properties owned by government must be rated at commercial rates
○ In the event of a claim, Sasria would require the following:
– claim advice (This does not need to be on a claim form – they just need information about the reported loss)
– Sasria coupon
– proof of premium payment (The client will need to provide proof that their premium was paid over to
the insurer)
– quantum documents (Loss adjusters need to be appointed for losses over R50 000)
– other additional documents
– claim form
○ Sasria premium should be reflected per section in the policy documents. Should a client require Sasria cover on two or three vehicles, for example, this must be clearly indicated on the schedule in a manner that Sasria are able to determine which vehicles had the cover.
Sasria regulations must be adhered to at all times. Refer to www.sasria.co.za for more information.
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