Santam recently announced that they have paid just over R1 billion in interim relief to policyholders in the hospitality, leisure and non-essential retail services industries, who have the Contingent Business Interruption (CBI) extension in their policy cover with the company.
|●||In total 2 469 policyholders in the small and medium-sized business sectors received a total of R1.01 billion in relief payments, with payments to policyholders ranging from a minimum of R25 000 to a maximum of R1.5 million.|
|●||The R1 billion payments will not be recovered from policyholders even if Courts rule in favour of Santam and determine that the national lockdown is not an insured peril.|
In addition to the R1 billion allocated in relief payments since the first week of August, Santam has responded rapidly to the changing circumstances caused by the global coronavirus pandemic and the consequent lockdown.
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