Santam introduces power surge excesses and exclusions as claims jump
What policyholders should know about the general exclusion for damage caused by electricity grid failure or interruption.
The decision addresses the recovery of VAT on payments made under loan cover provided free of charge.
Read moreWhat policyholders should know about the general exclusion for damage caused by electricity grid failure or interruption.
The intention of the grid failure exclusion is not to cancel power surge cover, the insurer says.
Advice from a qualified intermediary on how to interpret an insurer’s policy wording is essential.
No doubt, other insurers will soon follow suit.
In a recent article, I quoted from a review conducted by Allianz Global Corporate & Specialty (AGCS) that examined developments in corporate insurance claims and highlighted the top causes of loss for companies, […]
Old Mutual Insure has followed South Africa’s largest short-term insurer, Santam, in excluding certain types of non-physical damage from its business interruption cover, because it can no longer reinsure these events. Read: Santam […]