Clients finding no joy in bid to make COVID-19 insurance claims
Many of the country's tourism businesses, which have been hit particularly hard by the COVID-19 pandemic, decided that they ought to claim from their insurance companies, using the specialist business interruption insurance facility contained in their policies but IOL says several Santam customers - hospitality and tourism operators - are having no joy.
The company has been accused of refusing to pay out for the interruptions but according to the_IOL _article, Santam denies this.
Consumer journalist Georgina Crouth explains how many insurers have blamed government regulations for the losses, saying their policies were never written to cover pandemics.
These clients have been under the impression that if there is a contagious or infectious disease within a specific radius or within a premises, that they would actually be paid out but now when it comes to claiming during the COVID lockdown, the insurers are saying 'we never wrote these policies so that you could claim for a pandemic and if we had to pay out for all these claims, our businesses would actually be crippled'. So it has created a lot of unhappiness the world over.Georgina Crouth, Consumer journalist
Insurers are hiding behind the policy wording and saying no, you don't quite qualify for this, the outbreak should not have been declared by the national government. They hiding behind all sorts of terms and conditions.Georgina Crouth, Consumer journalist
Our FSCA [Financial Sector Conduct Authority] has actually asked the various insurers to share their policy wording and it has found six general categories saying that in three of those categories it believes that the insurer should actually pay out.Georgina Crouth, Consumer journalist
Click on the link below to hear more...
Director of insurance law unit at the University of Pretoria Professor Birgit Kuschke shares her take on the matter.
We have to balance the importance of the industry and the fact that insurance companies need to survive to the greater benefit of society, and then we have to balance that against the interests of the individual at the moment who is in dire straits and who is losing income.Professor Birgit Kuschke
Click on the link below to hear what she has had to say....
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