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For open marine policies requiring monthly declarations, a separate Transit Coupon must be issued for each declaration. The monthly declaration must be copied and attached to the Transit Coupon. This process applies regardless of the 30-day period rule.
This document provides a scheduled insurance coupon for material damage, attaching coverage only to the specific property listed in the schedule. It excludes all other property not explicitly described in the listing, even if part of the underlying policy.
This document provides a net profit insurance coupon that covers loss of net profit due to reduction in turnover or increase in cost of working following damage to premises. It is issued to insured businesses under a material damage policy and allows for claims based on defined financial losses.
Insured businesses can claim VAT input deductions if they possess this policy document along with proof of premium payment, such as a bank statement, as recognized by SARS under the VAT Act.
Policyholders can pay their annual premium in monthly instalments using a debit order. Payments must be made before the beginning of each month to maintain active cover.
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.
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.
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.
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.
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.
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.
You can obtain Sasria non-life insurance cover for special risks, but Sasria cover only attaches to the basic cover of an underlying policy that must be in force first (or a pro forma underlying policy issued by an authorised Sasria Agent if you only take out Sasria cover). Sasria indemnifies the insured for loss or damage directly caused by defined events during the period of insurance, subject to the policy terms and payment of the required premium.
