Responding to losses from unrest and political rioting: NNAC
Durban - In a statement addressed to policyholders, and signed off by the Managing Director, Kalim Rajab, and its non-executive director M. S. Paruk, New National Assurance Company has stated that as the dust settles on KwaZulu Natal and parts of Gauteng following the unprecedented level of civil unrest, thoughts have now turned to how we recover and heal as a society.
The company executives said all of us, in some shape or form, have been left traumatized by the events of July 9 - July 19th 2021. “Many have suffered deep trauma to your businesses and assets. For those of you who have, this letter is to help detail how we are moving forward to assist you. We have had detailed sessions with our Sasria SOC partners over the past few days. Their commitment to ensuring that your claims are dealt with efficiently and effectively remain, and we will work closely with them, as well as your broker and underwriting intermediary, in this process.
“NNAC has negotiated a mandate to settle claims up to a value of R1m including VAT. For claims above R1m including VAT these will be handled by Sasria, although we have the ability to make interim payments to policyholders to help with stock purchases and to get businesses operational again. We will handle all your Material Damage, Stock and Motor Vehicle claims. Sasria will manage all Business Interruption claims directly.”
The company advised its policyholders of items to do as a matter of priority if they had suffered a loss:
- Claims need to be registered as soon as possible, along with a completed claim form. Please consult with your broker and trusted underwriting intermediary on this. We have set up a dedicated email SasriaClaims@nnac.co.za for documents to be sent to us.
- Complete and return the full documentation which needs to accompany completed claims forms. For Material Damage claims, the documents required are:
Claim from / detailed description of loss (with date, time and location)
- Policy schedule
- Proof of premiums
- Supporting quantum documentation
- Proof of ownership (where necessary)
Stock claims must be proven with the utilisation of the following records (but not limited to):
- Financial Statements
- Accounting records
- Management Records
- Stock Take records
- VAT Returns
- Banks statements
- Physical Feasibility
The company further advised that Sasria will only settle what one is able to prove. New National Assurance Company is a member of the South African Insurance Association (SAIA), a non-life insurance association made up of 58 non-life insurance companies, which has also been at the forefront of ensuring that synergies exist among its members, as well as the National Treasury, and the financial regulators to ensure speedy processing of claims.