All Government Agencies and Statutory Authorities are required to take out insurance with SAicorp unless exempted by the Treasurer.

The Agency Agreement outlines the comprehensive insurance cover provided to Government Agencies and Statutory Authorities.  The Agency Agreement contains details of the cover provided and any exclusions, either general or specific, to each insured, as well as the deductible and premium payable. SAicorp manages all claims reported by Government Agencies and Statutory Authorities for losses incurred on risks insured under their Agency Agreements.

The Agency Agreement is reviewed and reissued on an annual basis. It provides a broad level of coverage under the following categories:

  • Civil Liability
  • Property Damage
  • Business Interruption
  • Fidelity Cover
  • Volunteers
  • Network Security and Privacy (Cyber)

Claims reported under the Agency Agreement are subject to the deductible applicable to the agreement.  A deductible is the first part of each and every loss that must be paid/borne by an insured party before the insurer begins to cover the expenses associated with the loss.

The deductible applicable under the Agency Agreement  is agreed between SAicorp and each Government Agency or Statutory Authority and takes into consideration the size of the insured entity, and it's appetite for self-insuring its risks. Deductibles range from $1,000 to $1 million.

The premiums charged for the insurance cover provided under the Agency Agreement are calculated on an annual basis.  The premium calculation takes into account the following factors:

  • the activities, assets and values declared by the Government Agency or Statutory Authority
  • the deductible the Government Agency or Statutory Authority has chosen
  • the types of insurance cover included in the Agency Agreement
  • the number and value of claims made for each type of cover in previous years.

SAicorp collects the information it uses to underwrite the Agency Agreement through the annual SAicorp Insurance Questionnaire (Questionnaire).  The Questionnaire is released to Government Agencies and Statutory Authorities through SAicorp’s insurance management platform, RiskConsole.  The responses are submitted electronically and must be signed by the Chief Executive Officer or authorised delegate of the Government Agency or Statutory Authority completing the Questionnaire.

For frequently asked questions about the insurance cover provided by SAicorp and how to complete the Questionnaire, refer to the Questionnaire section.