Ina Opperman
Business Journalist
3 minute read
13 Jan 2021
5:34 pm

Santam’s offer of three months for business interruption claims ‘unconscionable’

Ina Opperman

Santam has said that each policyholder will need to take it to court individually if they want more than the three month's settlement, in a move that is being criticised as showing a lack of respect for their customers, the judiciary and the FSCA.

Picture: iStock

Santam’s full and final settlement offer, to pay out three months of business interruption insurance when policyholders are covered for longer periods, is unconscionable, says specialist public loss adjuster, Insurance Claims Africa (ICA). According to ICA, it is not surprised, but disappointed by Santam’s decision to limit its full and final settlement offers to three months, while there is an appeal pending at the SCA regarding the indemnity period, which is the period of time policy holders can claim for. However, a spokesperson for the insurer said it is Santam’s view that the indemnity period for the contingent business interruption...