Special Risks Insurance Consortium

SRIC

risk-box

The Consortium was set up to provide insurance cover, collectively and not individually, for special risks as determined by it, which shall include all types of insurance cover, as determined and agreed upon by the Committee on behalf of Council members. The Consortium has its own constitution (under the umbrella of ICZ) and is managed by a committee elected by the participating members.

The pool provides insurance cover for risks that ICZ members are unable (or do not want to) underwrite individually. It has a capacity of US$2,500,000 for any one risk.  The capacity is subject to change by agreement by members. Risks requiring higher capacity are underwritten under arranged Excess of Loss reinsurance facilities.

Subscribing members of the Consortium participate at a pre agreed percentage of the capacity in each underwriting year.

 

The pool underwrites the following risks:

 

Professional Indemnity for Security companies 

The scope of cover to be provided, the proposal form and its interpretation, the policy wordings to be used and the rating structure are laid down by the managing committee.

 

Professional Indemnity for Insurance Brokers/Assessors

The scope of cover to be provided, the proposal form and its interpretation, the policy wordings to be used and the rating structure are laid down by the managing committee.

 

Passenger Personal Accident (PPA) for Public Service Vehicles (PSV)

In terms of the Road Traffic Act all PSV’s are required to take out insurance to provide no-fault personal accident cover for passengers. The scope of cover to be provided, the proposal form and its interpretation, the policy wordings to be used and the rating structure are laid down by the managing committee. Policies are issued by member insurers on behalf of the Consortium. All premium collected (less commission) is paid to the Pool.

 

Other risks

The management committee, at its discretion, may agree to cover other risks. In these cases the management committee will provide rates and policy wordings to be used.  The SRIC is also an insurer to the “Negative Market Slip”. This Consortium may accept a proportion of a risk where the market capacity is exhausted or no individual insurer wishes to participate.