May 26, Colombo: In response to requests from the travel and insurance industries following the Easter Sunday attacks on churches and high end hotels, Sri Lanka state-owned reinsurer, the National Insurance Trust Fund (NITF) has decided to extend the Personal Accident (PA) cover of the Strike, Riot, Civil Commotion and Terrorism Fund (SRCC & T Fund) to riot and terrorism risks for inbound tourists.
The SRCC and terrorism cover, which will be available up to Rs. 100 million per person under currently applicable premium rates, will provide cover in the event of death or total permanent disability as a consequence of a riot or terrorism act during their stay in Sri Lanka.
The National Insurance Trust Fund (NITF) Board Chairman Manjula de Silva said the cover can be obtained from any licensed general insurance company as an extension to any other travel, medical or PA policy that is purchased from the said insurance company.
The demand for SRCC & T insurance in the country has surged after the April 21 bombings that killed over 250 people, according to the NITF Chairman.
According to the Insurance sector representatives there has been a rapid increase in requests for 'add-ons' for SRCC & T insurance cover especially from the corporate sector.
SRCC and T Fund is managed by the state-owned National Insurance Trust Fund (NITF) in collaboration with the insurance industry. The premium will depend on the insured value and the period of stay subject to a minimum premium of Rs. 1,500.