BONDING* SCHEME INFORMATION
INSURER: Guardrisk Insurance Company Limited
POLICY NO: GR13 / 40920/ 671/ 01
INSURED: Southern Africa Tourism Services Association (SATSA Members)
The SATSA Bond* is administered by the SATSA Lost Advances Fund Committee** to cater for difficulties experienced through the loss of deposits paid to a member for the provision of services or products by that member who subsequently is placed in involuntary liquidation .
The fund is restricted to R150,000 in all i.r.o. any one incident – should this amount be exceeded due to there being a number of claimants the maximum amount of R150,000 will be disributed on a fair proportional basis as determined by the SATSA Lost Advances Fund Committee, with whom sole discretion rests for the adjudication and payment of claims.
The maximum amount available during the period 1/3/2013 – 28/2/2014 is said R150,000 per any one member's involuntary insolvency and R930,000 in all.
*The term 'Bond' or 'Bonded' refers to the SATSA Lost Advances Fund**
** The SATSA Lost Advances Fund Rules can be viewed HERE.
Any claim against the SATSA Bond* must be emailed to the SATSA Chief Operating Officer - firstname.lastname@example.org.