consumerwatch: Santam maintains there is no uncertainty around its policy wording for contingent business interruption cover, writes GeorginaCrouth.
Santam maintains there is no uncertainty around its policy wording for contingent business interruption cover, although it admits the nature of the policy is where the “bulk of the confusion and disconnect” stems from.
These clients had been sold commercial policies with extensions to cover perils such as contagious or infectious disease, murder, suicide and even shark attacks. The policies differ from standard business interruption insurance, which only covers direct physical damage to a property such as fire, flood or theft.
Insurers have now endorsed their policies to exclude Covid-19. Santam sais this was done to clear up any confusion and provide certainty to the market. The council’s chief executive Tshifhiwa Tshivhengwa was joined by Ryan Woolley, the chief executive of Insurance Claims Africa, a specialist public loss adjustment firm representing over 500 tourism and hospitality claimants against large insurers, as well as Meg Fargher, owner of Budmarsh in Magaliesburg, and William van der Riet, owner of the Cathedral Peak Hotel in the Drakensberg.
Santam argued businesses must be able to prove direct, localised causation due to the outbreak and said it cannot insure against economic losses suffered due to Covid-19. Coutts said one of the extensions, covering shark attacks, was sold as part of a “bucket” of other contingencies and kicks in when coastal businesses are shut due to beach closures.
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