DocumentOngoingOther

20009 Premium Adjustment Condition

SOUTH AFRICAN SPECIAL RISKS INSURANCE ASSOCIATION (Sasria Soc Ltd)Ref: UND/PAYMENT OF 50

Official source

Source domain: sasria.co.za

Collected on 13 July 2026

Always confirm details on the official source before acting.

What this means

This document is a “Premium Adjustment Endorsement” (Endorsement 363 B) that attaches to and forms part of a motor insurance policy under a “Premium Adjustment Clause.” It cancels and replaces Special Condition 3 to specify when a condition of average applies, including how it applies separately to each insured item. It also cancels and replaces Special Condition 4, requiring the insured to declare property values at inception and at expiry, with premium-rate application to both valuations and a refund/payment of 50% of any premium difference to Sasria. The endorsement is signed on behalf of Sasria SOC Limited and is subject to the coupon’s terms, conditions and exceptions.

What this document offers

Read out of this document by Govermate's AI, in its own words. Each one quotes the line it came from — confirm on the official source before acting.

premium adjustment processOngoing

Premium Adjustment under Endorsement 363 B

Insured parties can adjust their motor insurance premiums based on declared property values at the start and end of the policy period. The premium rate from the initial valuation is applied to the final valuation, and 50% of any difference is refunded or paid to Sasria.

Who it is for: insured persons under motor insurance policies covered by this endorsement
How to act on it: Declare the total value of insured property at inception using official records; declare the value again at expiry using the same basis; allow Sasria to calculate and process the 50% refund or payment of the premium difference

Show the line this came from

At the inception of the Period of Insurance the Insured agrees to declare the total value of the property insured hereby based on the official records of the Insured to represent as far as practicable the full and true amounts.

Facts

Reference

UND/PAYMENT OF 50

Key Takeaways

Endorsement number: 363 B
Document title: Premium Adjustment Endorsement
Attaches to motor policy number: (not provided)
Cancels and replaces Special Condition 3
Condition of average: applies to nominated insurer’s policy if applicable; otherwise Special Condition 3 applies at inception of the coupon (not at commencement of destruction/damage)
Condition of average applies separately to every insured item
Cancels and replaces Special Condition 4
Inception: insured declares total property value based on official records
Expiry: insured declares total property value to Sasria on same basis
Premium rate at inception values applied to expiry valuation values
50% of difference in calculated premiums refunded by or paid to Sasria
No other premium adjustment clause/provision applies
Signed on behalf of Sasria SOC Limited
Sasria contact details and address included
Sasria SOC Limited
Nominated Insurer
Insured
Executive Manager
Agent/UMA