Santam defends its stance on business interruption claim settlements Paying three-month claims while inviting engagements on longer periods pending court challenge 13 January 2021 - 07:13 Santam s decision to limit its payment of business interruption claims to just three months of losses as a full and final settlement of claims has been labelled unconscionable by the CEO of Insurance Claims Africa. File image Image: REUTERS/MIKE HUTCHINGS
Santam has come under fire for limiting its payment of business interruption claims to just three months of losses as a “full and final settlement” of claims.
Ryan Woolley, CEO of specialist public loss adjuster Insurance Claims Africa (ICA) - which represents scores of hotels and restaurants which had contagious diseases specified in their business interruption policies - called Santam’s decision “unconscionable”, given that many policyholders had indemnity periods of six, 12 and 18 months stipulat
Santam to start processing business interruption claims in wake of court rulings
6 January 2021 8:31 PM
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Santam finally accepts it s liable for contingent business interruption claims. Wendy Knowler on the pandemic s insurance sagas.
Insurance companies refusal to pay business interruption claims related to the Covid-19 pandemic has seen a slew of cases taken to court.
According to the argument put forward by some insurers it s the lockdown and not the pandemic itself that led to clients business interruption.
The only short-term insurer which initially paid out claims with no quibble. was OUTsurance. They admittedly did have a very small slice of that particular pie, but they got a lot of kudos for doing that.