Santam launches VUM taxi policy
Santam officially launched its new taxi insurance product via Vulindlela Underwriting Managers (Pty) LTD or 'VUM', after identifying the limited availability of this specific nature of insurance within a growing market segment.
Mpumi Tyikwe, Executive Head of Corporate and Specialist Distribution says, "The product is aimed at the midi-and mini-bus taxi industry and provides full comprehensive cover, which includes personal accident cover, to the value of R10 000 per passenger, and R20 000 per driver to cover funeral costs and other expenses.
"In addition, the product provides passenger liability cover with a choice of various limits and fixed expenses cover to pay for operating costs while the taxi is being repaired or replaced after an accident."
VUM has been mandated by Santam, SA's largest short-term insurer to underwrite a portion of its taxi industry business, being a specialist within this niche sector.
"Through this new offering Santam aim to provide affordable and sustainable insurance to taxi owners by understanding the unique needs of the industry and the community they serve", says Tyikwe.
