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