Short-term insurer Santam has opted to hold on to its interim dividend as it continues a legal battle over business disruption claims following the Covid-19 lockdown.
Santam has appealed an application brought against it in the high court in Cape Town by Cape-based hotel group Ma-Afrika Hotels, and is awaiting a ruling. Should the courts ultimately rule in Santam’s favour and determine that the lockdown is not an insured peril, then the amount paid will still be considered relief payments in respect of registered claims to policyholders and will not be recovered from policyholders, the group said.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WATCH: Covid-19 business interruption precedent awaitedMichael Avery talks to a panel about the ongoing legal battle for business interruption insurance payouts
Source: BDliveSA - 🏆 12. / 63 Read more »
Denny mushrooms owner Libstar holds on to cash as earnings dropCompany is unsure if high spending by consumers in the six months to end-June will continue
Source: BDliveSA - 🏆 12. / 63 Read more »