Official source
Source domain: sasria.co.za
Collected on 13 July 2026
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Salvage Sale Requirement During Indemnity Period
Insured businesses are required to conduct a salvage sale during the indemnity period, which modifies the reduction-in-turnover calculation by excluding turnover earned during the salvage sale and deducting any standing charges actually earned during that time.
Salvage Sale Clause: requires salvage sale during indemnity period; modifies reduction-in-turnover calculation by excluding turnover during salvage sale and deducting standing charges actually earned during salvage sale
Reference
https://sasria.co.za/wp-content/uploads/2025/04/Annexure-10-Specification-attaching-to-the-Standing-Charges-wording.pdf
Amounts
R 1 000
Consequential Loss Insurance Cover for Insured Standing Charges
Businesses can obtain insurance coverage through SASRIA's Consequential Loss Policy for losses arising from reduction in turnover or increase in cost of working due to damage at their premises. Coverage is limited to 'Insured Standing Charges' as defined in the Schedule. The policy provides indemnity based on the rate payable applied to the shortfall in turnover or the amount of reduction avoided through additional expenditure.
The Insurance hereby is limited to loss in respect of INSURED STANDING CHARGES due to (a) REDUCTION IN TURNOVER and (b) INCREASE IN COST OF WORKING
Rebate on Premium if Sum Insured Exceeds R1,000,000
If the sum insured exceeds R1,000,000, businesses may receive a rebate on their premium if the auditor-certified declaration shows actual turnover is less than the sum insured, capped at 50% of the excess premium.
return of premium capped at 50% if declaration is less than sum insured
Claim Indemnity for Increase in Cost of Working
Businesses may claim reimbursement for additional expenditure incurred to avoid or reduce turnover loss during the indemnity period, provided it was necessary and reasonable and does not exceed the amount of reduction avoided, adjusted by the rate payable.
(b) IN RESPECT OF INCREASE IN COST OF WORKING - The additional expenditure (subject to the provisions of the Uninsured Standing Charges Clause) necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the reduction in TURNOVER which but for that expenditure would have taken place during the INDEMNITY PERIOD in consequence of the Damage, but not exceeding the sum produced by applying the RATE PAYABLE to the amount of the reduction thereby avoided;
Departmental Claim Application for Separate Trading Results
Businesses with departments that have separate and ascertainable trading results may apply for individual claims per department, with proportional reduction in indemnity if the sum insured is insufficient.
Departmental Clause: separate application per department with ascertainable trading results
Claim Indemnity for Reduction in Turnover
Businesses affected by damage may claim indemnity for the shortfall in turnover during the indemnity period compared to the standard turnover, calculated by applying the rate payable to the difference. This requires documentation of actual and expected turnover and submission of evidence to SASRIA.
(a) IN RESPECT OF REDUCTION IN TURNOVER - The sum produced by applying the RATE PAYABLE to the amount by which the TURNOVER during the INDEMNITY PERIOD shall, in consequence of the Damage fall short of the STANDARD TURNOVER;
