SRCC & TC
Strike, Riot, Civil Commotion and Terrorist activities within the geographical limits of Sri Lanka
To Whom:This is most applicable to the insurance policyholders who are exposed to risks arise due to Strike, Riot, Civil Commotion and Terrorist activities which could be obtained as an extension to the basic insurance policies issued by the 17 insurance companies presently operating in Sri Lanka and which are members of SRCC & T fund.   It is agreed and understood that otherwise, subject to the terms, exclusions, provisions and conditions contained in the policy or endorsed thereon and subjected to the insured having paid the extra premium as per rates decided by the NITF.
Benefits:This policy shall be extended to cover loss or damage due to strike, riot and civil commotion which for the purpose of this endorsement shall mean loss of or damage to the property insured directly caused by:
- The act of any person taking part together with others(more than 5 persons) in any disturbances of the public peace.
- The action of any lawfully constituted authority in suppressing or attempting to suppress any such disturbance or in minimizing the consequences of such disturbance.
- The willful act of any striker or locked - out worker done in furtherance of a strike or in resistance to lock-out.
- The action of any lawfully constituted authority in preventing or attempting to prevent any such act or in minimizing the consequences of any such act.
Cover all loss or damage which occur within the geographical limits of Sri Lanka.
- All claims will have to be referred to working committee meeting and they have authorities to approve below Rs.500,000/- calims.
- Other cliams (over Rs.500,000/-) will have to be referred to technical advisory committee meeting which is chaired by the NITF chairman.
- All claims will have to be referred to NITF board for information and approval.
- However any Insurer is free to make payment, but recovery from the fund will only take place after the NITF's board approval.
- With regards to motor claims, according to the Motor XL arrangements, the claim reimbursement will be in excess of Rs.2.5M for a single claim with the annual aggregate being Rs.10M.
- In respect of motor or non motor salvage, the Insurer is allowed to retain 2.5% of the value of salvage realized as their service charge and the balance to be remitted to the Fund before any recovery is made from the Fund.
PROCUREMENT OF REINSURANCE COVER FOR STRIKE,RIOT, CIVIL COMMOTION AND TERRORISM FUND FOR THE PERIOD FROM 01.01.2018 TO 31.12.2018Download the Document
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More Information:Feel free to contact us regarding the General Insurance Underwriting.
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