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Despite Monday’s announcement that he will now reevaluate the business interruption claims that he previously rejected, Santam said he still believed there were valid reasons to appeal the Western Cape Superior Court ruling in the Ma-Afrika case, with respect to the period compensation.
“[We] therefore, it will continue with our request for authorization to appeal Ma-Afrika’s judgment in the SCA, specifically regarding the indemnity period ”.
Meanwhile, affected Santam policyholders must now provide Santam with audited financial statements and other documentation to support their claims.
“[We have] previously advised intermediaries on these requirements and will continue to do so for the next several weeks, “said Santam.
“Clients are encouraged to work closely with their intermediaries to ensure that the requirements for processing claims are met.”
Santam has already paid more than 1 billion rand in interim relief to nearly 2,500 small and medium-sized businesses in the hospitality, leisure and non-essential retail services industries that have CBI coverage in policies. Those payments will be offset against valid claims arising from the evaluation process.
“Santam respects the decision of the courts and believes that the recent judgments are sufficient to provide legal certainty as to the immediate cause of the business interruption losses for policies with the same conditions, characteristics and circumstances as the Ma-Afrika and Chameleon coffee, ”said the insurer.
TimesLIVE
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