SRCC & TC Insurance

The SRCC & T Fund was established in 1988 by a cabinet decision on 18th November 1987 titled “Insurance Claims Resulting from Losses due to Terrorist Activities, Riots and Strikes.”

The functions coming under the purview of the SRCC & T Fund have been absorbed into the National Insurance Trust Fund in terms of section 18(C) of the National Insurance Trust Fund (NITF) Act No. 28 of 2006.

The Extra Ordinary Gazette No. 1542/11 issued on 25th March 2008 has specified how to deal with Strikes, Riots, and Civil Commotions and Terrorism situations within the country. According to the above Extra Ordinary Gazette, all sums received as insurance premiums in respect of SRCC & T are utilized for meeting the just requirements of the insurance industry and for strengthening the national economy, all insurance covers issued by Insurance Companies in respect of the above mentioned matter, shall be obtained from NITF.

To Whom

This is most applicable to the insurance policyholders who are exposed to risks that arise due to Strike, Riot, Civil Commotion and Terrorism activities which could be obtained as an extension to the basic insurance policies issued by all General Insurance Companies 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 the Limits & Rates Schedule of the Fund.

CLAIM PROCEDURE

• Insured should inform the loss to the respective General Insurance Company immediately.
• The Insurer decides whether the claim falls within the SRCC & T Endorsements. If so, the claim has to be intimated to the SRCC & T Fund of NITF with the loss estimate immediately.
• After checking all the required documents are in order, these claims will be placed before the Working Committee and the Technical Advisory Committee of the SRCC & T Fund for their approval and settlement of claims.
• The above committees consist of the technical and professional members of the General Insurance Companies and the Management of NITF.