It will cover a total base of Santam's 4,000 commercial clients who have claimed interruption to their business due to the lockdown, said Santam in a statement to the stock exchange.
“Santam made the decision to include the claims from all commercial policies with CBI extensions after further analysis and consideration of recent court judgments,” it said. CBI is contingent business interruption and related to businesses that were shut down during the lockdown. Insurers in the country had refused to honour claims by companies that were shuttered due to the national lockdown as they argued that these claims were not covered under their business interruption policies.
Shame on Santam for delaying tactics through legal gymnastics costing livelihoods. SantamInsurance jobssavelives NotSoGoodAndProperAfterAll InsurersFailTourism SantamInsurance