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Riot insurance
Sunday, July 1, 2007
Striking a deal

Damage caused by the current strikes could be widespread.

“Strikers may not only cause physical damage to your property but business may be lost as a result of that damage. Moreover, there can be a loss where there is a mere disruption to your business rather than actual physical damage.
“The solution, of course, is to insure against such risks with Sasria.” says Rod Pearson, technical director of Glenrand MIB Risk Services division.  Short for the SA Special Risks Insurance Association, Sasria covers malicious damage to property and business interruption (such as caused by strikes), is available from your broker as addition cover to your normal insurance policy contract.
The rates are so reasonable that price is never an issue. “For instance, commercial property cover is available at 1,2 cents per R100 of property value and personal cover at 0,3 cents. However, personal policies may include this cover automatically. Not bad for this type of risk and considering the ambit of cover which includes terrorism.
“Sasria also offers cover for the impact on your business of down time following damage to your premises, but not for loss of net profits or loss due to inability of your suppliers to supply, as examples.  This cover is available from overseas markets and specialised insurers locally.
“You may also be impacted by loss from inability of businesses to supply, even where there is no damage to the property of either you or your suppliers. This cover is also available, again from specialised insurers.

Copyright © Insurance Times and Investments® Vol:20.6 1st July, 2007
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