Standard Insurance Limited will pay out R11.2m for Orkney earthquake claims

Standard Insurance Limited has registered 531 claims with a value of about R 11.20m since the 5.5 magnitude earthquake, with an epicentre near Orkney in North West Province, shook the country on 5 August.

“Over the last couple of weeks, the bank has instituted its ‘catastrophe plan’ to assess and assist customers who suffered damage to homes and businesses which varied from structural cracks in buildings, through to broken windows and collapsed ceilings,” says Mr Johan van Greuning, Head of Standard Insurance Limited.

“In addition to initiating the emergency plan, which is designed to cope with a large inflow of simultaneous claims, because the earthquake was induced through ‘natural’ events, the excess payable was pegged at R750 on all claims.”

“In accordance with our policy, smaller claims and minor structural damage were settled as quickly as possible to minimise customer inconvenience. Where it appeared that damage was more serious, assessors were sent to personally assist customers.” All claims have been paid in accordance with the normal terms of Standard Insurance Limited policies, which does cover customers for earthquake damage, regardless of whether the event is of geological or natural causes or even triggered by mining activity.

“We are confident that, bar a few exceptions where damage may have been severe, all claims to date have been attended to.
Assessing and assisting our customers as quickly as possible has been a key priority from Standard Bank over the past few weeks.

We encourage our customers to please contact us should they have any queries or claims that still need to be settled,” concludes Mr van Greuning.