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Santam increases cover during strike

Feb 17 2011 10:55 I-Net Bridge

Company Data

Santam Limited [JSE:SNT]

Last traded 198.50
Change -1.38
% Change -0.01
Cumulative volume 10
Market cap 23.69bn

Last Updated: 01/08/2014 at 09:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Short-term insurer Santam [JSE:SNT] is increasing cover by 50% for cash held on client premises during the nationwide truck drivers' strike.

Lourens Joubert, head of commercial underwriting at Santam, said the company has decided to increase the limit of cover it offers clients because the situation makes it impossible for businesses to adhere to conditions of cover while the strike endures.

There will be no extra cost to clients for the additional cover.

"Policies are clear. Cash is covered only if clients use approved transport service providers to take it to the bank. It's difficult, if not impossible, for our clients to adhere to this condition during the strike, so we have decided to increase their cover for cash held on the premises during the strike."

Augmented cover will apply to cash held on site only and will be valid until February 23. Cash-in-transit cover remains unchanged.

"Santam understands that the transport strike has created a difficult situation for many clients. We hope that this extension of cover during the strike will reassure and help them," Joubert said.
santam  |  freight  |  strikes
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