"We remain confident in our interpretation of our policy wording as it pertains to the CBI extension in our cover. However, we also realize that our clients need financial support urgently and that the ongoing court cases on the interpretation of the policy wording may be lengthy," said Lize Lambrechts, CEO of Santam, in a statement.
Virus-hit businesses in South Africa will receive some relief now that three insurers have agreed to pay policyholders for losses related to COVID-19 shutdowns, Bloomberg reported.
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Heather A. Turner
Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].
