A Basic Introduction to Road Accident Fund Claims
In South Africa, if someone has been seriously or fatally injured in a car accident on our roads, there is the potential that they could claim from the Road Accident Fund (RAF). This is not always the case, however, and the matter can get rather complicated and drawn out without the correct information, advice and expert assistance. Grid Forensic Accounting, in particular, specialises in the compilation and testimony of Loss of Income or Loss of Support Reports when a claimant or deceased is, or was, a business owner.
As an approved vendor for the RAF, we have experience representing both panel and plaintiff clients. Our reports are clear and concise, enabling effective litigation for our clients. The combination of the expertise of forensic accountants and actuaries has enabled us to highlight the individual factors of a claim against the background of analytical and forensic research. We represent all the factors in an easy-to-understand reporting style, ensuring that all parties have clarity on how these have been balanced to arrive at the loss of income or support.
As we have extensive experience in representing both panel and plaintiff clients, we often serve as joint experts, which ensures a smoother, faster and more cost-effective litigation process.
What process does Grid Forensic Accounting follow for RAF Claim reports?
We follow the process below for RAF Claim reports:
STEP 1: Obligation-free Consultation. We meet with the client to discuss their requirements and establish how we can help them meet their goals.
STEP 2: Review & Resource Planning. We review the client’s requirements and the way forward along with a timeline for completion.
STEP 3: Sign the Engagement Letter. The Engagement letter sets out our mandate, the scope of work, our Fee Estimate and our Terms and Conditions.
STEP 4: Pay the Deposit. The client pays the deposit and sends proof of payment confirming the transaction to us.
STEP 5: Commence Our Services. We carry out our mandate and provide the services as per the scope of work.
STEP 6: Settlement of Account. We provide the client with a final invoice to settle the account.
STEP 7: Delivery of Report. Once proof of payment has been received, reflecting the settlement of the account, the final report is delivered to the client.
The Cost of a RAF Claim Report
An hourly rate is charged depending on the nature of the work being performed. There are 3 different types of rates:
• Admin Rate: Administration related to the request of, processing and capture of documentation and case information.
• Forensic Accounting Rate: Low- level investigation and financial analysis; preparation of the assessment/ report.
• Head Forensic Accounting Rate: High-level investigation and financial analysis, compiling, reviewing and finalising the assessment and finalising and signing off the report. The Head Forensic Accountant is regarded as the expert on the matter and will provide testimony in court if requested.
Fees may vary depending on the following factors:
• The complexity of the matter.
• The volume of documentation to be assessed and taken into account.
• The extent of our investigations into the matter.
Due to the diversified nature of each matter, an exact costing for an assessment or a report is not possible. We are able to review the information at hand and provide an estimated cost, on request. Should our services not be utilised, no charge will be made for the review.
Should you require additional information, please visit our FAQ page.