Rand Mutual Assurance Reviewed
Rand Mutual Assurance is a company that was established way back in 1894 as a result of three mining companies on the Witwatersrand coming together. The company’s initial mandate was to be a nonprofit mutual assurance company for dealing with workers’ compensation in the mining industry.
The company remains a mutual association which basically means that the policy holders of the company are also its shareholders. On an annual basis, the company adjusts its shareholding in terms of arrears that are based on the premiums paid by its shareholders or policy holders.
Since the company’s inception in 1894, it has kept pace with changes in the industry and policies of the nation, which in turn has resulted in considerable growth for it.
While the company started with providing workers’ compensation schemes, it now offers a lot more. There are a series of products on offer from Rand Mutual Assurance and here is a list.
1. Workers’ compensation or employees’ policy:
Workers’ compensation or employees’ policy is primarily a statutory workers’ insurance product. This insurance product mainly covers accidental injury or death at work along with a series of occupation related diseases. This insurance product provides monetary support to employees and their dependant and is the foremost offering from Rand Mutual Assurance.
2. Augmentation policy:
The augmentation policy is a way for a policy holder to enhance the features of his policy. This insurance product is open to people working for companies that are a part of the insurance schemes of Rand Mutual Assurance.
3. Commuting journeys policy:
The commuting journeys policy, as the name suggests, is a policy that is designed to protect the employee while he is traveling to or from work and also while he is commuting for work related events. This insurance product covers accidents or death during a commute.
4. Riots and mines auxiliary forces policy:
This insurance product from Rand Mutual Assurance aims to provide cover for situations such as accidental injury or death resulting from a riot, strike or even some kind of a faction.
Rand Mutual Assurance is a company that has a rich history in which it has proven its mettle a thousand times over.