In a ruling that brings legal certainty on an issue that hurt the reputation of short-term insurers and soured relationships with clients, Santam has lost its appeal against a decision that it must pay businesses affected by the pandemic and lockdowns in full.
The decision by the high court means that Santam must pay out contingent business interruption claims to Ma-Afrika Hotels and Stellenbosch Kitchen for the full 18-month period covered in their policies...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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BREAKING NEWS: Santam loses appeal against Ma-Afrika Covid-19 business interruption rulingSCA dismisses Santam’s appeal with costs and orders it to pay Ma-Afrika Hotels and Stellenbosch Kitchen for the full 18-month indemnity period Weird how these insurance companies want your money but when its time for them to do what they supposed to their clam up... show us SANTAM not SANLAM please. So the visual is of sanlam not santam. But does anyone care?
Source: BDliveSA - 🏆 12. / 63 Read more »
Santam must pay 18 months (not three) in Covid-19 business interruption claimsInsurance Claims Africa CEO Ryan Woolley slammed insurers’ handling of their clients’ valid business interruption claims, accusing them of abandoning their customers in their “darkest hour of need”.
Source: TimesLIVE - 🏆 28. / 59 Read more »