Analysing the cover provided by SASRIA involves assessing its protection against general exceptions in short-term insurance policies. Identifying SASRIA’s territorial limits, describing the terms and conditions of SASRIA coupons/policies, and applying SASRIA rates to short-term insurance policies are essential steps in understanding and effectively utilising SASRIA insurance in the context of risk management.

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 
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