JSE-listed Santam believes that the Western Cape High Court’s Ma-Afrika business interruption insurance judgment, handed down in November and linked to the Covid-19 pandemic, does not set a legal precedent for the indemnity period for all other such policies.
However, the court ruled that, for the Ma-Afrika policy, the indemnity period is 18 months,” Santam pointed out in its statement. “Businesses generally have an insurance policy that covers property damage by fires, floods and other perils causing physical damage to the insured premises. “The indemnity period in respect of this extended cover is clearly stated as three months in the relevant Santam policies,” the group explains.
santam pay the money
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