Insurance companies pay out over R1 million in disaster claims |17 January 2005

The State Assurance Corporation of Seychelles (Sacos) said it has up to now recorded over 100 claims and has already paid out a total of R1 million to 20 clients who have submitted the relevant documents. But with more claims coming in, the company has projected to pay out over R10 million to policy holders.

The managing director of H. Savy Insurance, Mr Lambert Woodcock, said the company has issued a total of R200,000 to cover minor losses for 6 clients, but that it has yet to process major claims for more serious damages, especially to businesses. He also said that the company processes claims as and when they come in.

Sacos' general manager of Property and Casualty, Mrs Jacqueline Chetty, has confirmed that except for vehicle owners, the company was entertaining all clients whose insurance cover damages to houses, properties, boats and businesses.

Mrs Chetty said Sacos' insurance policies cover claims in cases linked to natural disaster. Damage to houses, furniture and business premises are covered under fire and special perils insurance while Marine insurance provides coverage for boats and machinery against perils of the sea.  Motor insurance on the other hand covers cases of accidents and thefts, but not damage caused by natural disaster.

H. Savy Insurance has told Business Nation that his company is however looking into its clients' motor claims.

Mrs Chetty explained that just after the tidal surges and flooding, Sacos deployed its staff to visit affected clients and a damage declaration form was also handed out to them.

Among the documents required from a client making claims for damaged personal property are a quotation if their house is damaged, a list of damaged furniture and a document certified by an electrician for damaged electrical appliances.

In cases where the damage to houses is very serious, the company seeks the advice of other professionals such as quantity surveyors to quantify losses and engineers to identify possible structural damages that are beyond repair.

Once all the necessary information are submitted, payment can be made immediately, Mrs Chetty affirmed.

"We are calling on clients who have not brought in their documents to do so as soon as possible so that we can effect payment. We have been on site, we have seen their situation and we are doing our best to ensure that their lives get back to normal as soon as possible," Mrs Chetty stated.

The same procedure applies to commercial claims. But in high risk cases, where the business infrastructure is severely damaged, as was the case with certain hotels and restaurants, Sacos has enlisted the assistance of a loss adjustor, in this case Crawford Insurance Company from South Africa. Mrs Chetty said Sacos has already received a preliminary report from the company and representatives are expected to come for a visit during the course of this week.

Mrs Chetty said it is important when taking up a policy for clients to insure their property for the value it is worth. She said there are cases where clients have insured their property for less than they are worth, but as a result of damages are now seeking higher claims.

The company, she said, could only cover for the amount insured. There are also cases, she said, where clients' furniture have been damaged, but unfortunately they have taken insurance cover for the house only and not the furniture.