Nasria rates drop

IN a time when the cost of goods and services seems to be escalating, the National Special Risks Insurance Association (Nasria) has slashed its business interruption, domestic and commercial premium rates as from the beginning of August.

Business and household rates will drop by 20 per cent, while business interruption rates will be cut by 22,2 per cent, Nasria’s chief executive officer, Ndjoura Tjozongoro, said at a media briefing on Tuesday.Nasria’s annual minimum premium is N$30, with a monthly minimum of N$ 2,50.It is the only insurer in Namibia which provides cover against damage to property and consequential loss caused by riots or civil commotions, strikes, lockouts and labour disturbances. Tjozongoro also announced that the company will increase its claim benefit limit from N$25 million to N$140 million. Tjozongoro urged the business community to add Nasria to all their personal line policies.’Although we cannot make this compulsory, we want to urge you to add Nasria as an automatic option on your policy schedules,’ he said.This might result in some system changes and Nasria would gladly assist in the costs incurred in implementing those changes, he said. Established in 1987, Nasria covers damages due to acts to overthrow or influence any state or government or any local authority with force or by means of fear, terrorism or violence. The insurer covers acts with a political objective that are meant to bring about social or economic change, or acts that are in protest against authority or for the purpose of inspiring fear in any section of the public.Damage caused by lawful authority in controlling, preventing or suppressing any such acts of civil disobedience is also covered. – Nampa

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