Mr. Jones arrived at work in his brand new BMW and proudly parked it in his designated parking bay. During the course of the day, a dispute broke out at work, and before he was aware of the risks, the workers began to destroy the premises. All the vehicles, including Mr. Jones’ new car, were set alight.
After the incident, Mr Jones queried the incident with his insurance company. To his dismay, the insurers informed him that he was not able to lay a claim due to the fact that no insurance policy covered damage caused by any person or group taking part in a riot, strike, lock-out or civil commotion.
Such damage was only covered by SASRIA. This was the first time that Mr. Jones had ever heard of the organisation.
Fortunately for Mr. Jones, his policy had included this endorsement from SASRIA. It is important to note that not every company adds this endorsement, and had Mr. Jones belonged to one of the other insurers, no claim would have been met.
During the six months ending September 2015, roughly 1,211 claims were processed by SASRIA. These originated from events such as service delivery protests, xenophobic attacks, as well as the actions of disgruntled commuters and taxi industry violence. Damage related to the recent student protests is yet to be assessed, but the tally is estimated as well into the millions.
To protect assets and prevent further loss in the event of damages, businesses should have two kinds of special events cover:
- Standard insurance to cover their assets, such as buildings, machinery and vehicles.
- Special insurance, through SASRIA.