Standard Insurance Cover in Terms of SASRIA | Online Course for risk protection and claims
This Standard Insurance Cover in Terms of SASRIA online course introduces learners to special risk insurance as provided by the South African Special Risk Insurance Association (SASRIA). You will learn how this unique cover applies to incidents such as civil unrest, strikes, terrorism and related events. The course focuses on understanding the scope of SASRIA cover, how it differs from conventional insurance and how claims are processed. It equips learners with the knowledge to identify events that qualify under SASRIA, interpret policy documents and support claims management in both personal and commercial contexts.
What is SASRIA Cover?
SASRIA is a state-owned insurer that provides affordable, government-backed insurance for damage caused by politically or socially motivated events. It acts as an extension of your existing short-term insurance policy but specifically covers risks that are excluded under standard policies.
Why take the Standard Insurance Cover in Terms of SASRIA Course
- This course is valuable for anyone working with or studying insurance and risk management in South Africa. SASRIA plays a crucial role in protecting assets from risks not typically covered by private insurers. Learners benefit from knowing how to apply SASRIA regulations, assist clients during civil disturbances and ensure compliance within the finance and accounting services sector training and authority.
What You Will Learn
- Scope and purpose of SASRIA and its role in insurance
- Events and risks covered by SASRIA policies
- How to apply SASRIA in underwriting and claims
- Claims processes and required documentation
- Differences between SASRIA and standard insurers
Who Should Enrol
- Learners entering the insurance or risk management industry
- Professionals needing knowledge of SASRIA for compliance
- Claims administrators and policy underwriters
- Staff in finance, accounting, or asset protection roles
This unit standard will be useful for learners in short-term insurance, intermediaries, insurers, reinsurers, underwriters and underwriting agents, claims assessors, attorneys and learners in the Ministry of Finance who give advice, arrange insurance, analyse risk exposure and settle claims. It deals with optional insurance cover that can be added to short-term insurance policies to cover riots, labour disturbances, lockouts, public disorder and acts of terrorism or violence. The qualifying learner is capable of explaining the origin of SASRIA insurance. Analysing the cover provided by SASRIA against the general exceptions in short-term insurance policies. Identifying SASRIA’s territorial limits. Describing the terms and conditions of the SASRIA coupons/policies. Applying SASRIA rates to short-term insurance policies.
Course Content
- The historical basis for SASRIA is explained with reference to the 1976 Soweto riots and the role of insurance and government at the time
- The changes to SASRIA cover since 1979 are explained with reference standing charges or working expenses and non-political riots
- The effect of legislation on SASRIA is explained with reference to the formation of SASRIA Ltd
- An international application of the SASRIA model of insurance is researched and an indication is given of the establishment of terrorism insurance in another country
- The standard South African Insurance Association (SAIA) general exceptions in a short term policy are analysed in terms of excluded events
- The concept of malicious damage to property in terms of SASRIA is compared to conventional non-SASRIA malicious damage to property
- Five different SASRIA coupons/policies are analysed to ascertain the cover and exclusions
- The difference between a SASRIA Ltd. coupon and a SASRIA Ltd. policy is explained with reference to terms and conditions
- The area covered by SASRIA as described in the Reinsurance of Material Damage and Losses Act 56 of 1989, as amended, is identified on a map of Southern Africa
- The territorial limits on SASRIA in the SADC and other countries is explained and an indication is given of how SASRIA is applied in Namibia
- The application of territorial limits is explained in terms of reciprocal arrangements
- The loss limit on any one insured entity is explained with examples
- The relationship between the SASRIA loss limit and the Companies Act, 1973, as amended, is explained graphically for three case studies
- The SASRIA construction site loss limit is explained with examples
- The effect of the Marine Institute Clauses on premium in transportation insurance is analysed for three examples
- .Reasons why cover that includes Marine Institute Clauses is charged at a lower rate for SASRIA cover are explained with reference to a claim
- The relationship between a material damage policy, SASRIA coupon and SASRIA consequential loss policy is explained graphically
- The SASRIA rating table is used to determine the rate on a personal lines policy for two examples
- The SASRIA rating table is used to determine the rate on a motor insurance policy for two examples
- The SASRIA rating table is used to determine the rate on a commercial and industrial insurance policy for two examples.
- The SASRIA rating table is used to determine the rate on a transportation insurance policy for two examples
- The application of discounts on SASRIA premiums is explained with examples
- Annual adjustments to the premium that are required are explained with examples
- Non-accredited: Short course only
- Duration: 1h 30m
- Delivery: Classroom/Online/Blended
- Access Period: 12 Months
