Some of the largest insurance companies (Santam and Hollard) in South Africa have agreed to provide interim relief to clients with business interruption insurance which includes the cover for contagious diseases.
This bought some light and a bit of hope for thousands of restaurant and hotel owners who are facing a financial crisis due to the lockdown restrictions in both the industries of hotels and restaurants as a result of the Corona Virus pandemic .
Insurance Claims Africa that the R1 billion will not be enough as this will not make much of a difference but it will definitely help though it is just a drop in the ocean. Insurance Claims Africa have been battling on behalf of 600 hospitality firms to get insurance companies to pay out business interruption cover during the Covid-19 pandemic.
CEO of Insurance Claims Africa, Ryan Woolley said the settlement won't make a major difference "What we now have is pretty much an interim measure, that's non refundable which is a way for them to try and repute some of their reputation damage that they have suffered. But they are still not paying these claims in full...this will definitely help providing some relief to those who really need it but for the large majority this is a drop in the ocean"
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