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 .
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. “After almost seven months of legal wrangling, constant delays and Santam’s dogged refusal to pay its customers’ business interruption claims, Santam has conceded it is liable and that it will commence the process of assessing claims.
“The problem for Santam is that they have a judgment against them in the Ma-Afrika matter, which orders the insurer to pay for the full indemnity period of 18 months. This should not be ignored. The only way for them to treat their customers fairly is to offer an interim payment of three months and leave the balance to be dealt with after the SCA appeal.”
What more could go wrong for SantamInsurance policy holders. Shameful to delay honoring claims despite instructions from Regulator FSCA_ZA and Courts and now haggling over the quantum. NotSoGoodAndProperAfterAll InsurersFailTourism SantamInsurance
lets expise these companies
😭😤
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