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Motor Insurance
Monday, December 1, 2008

Vulindlela Underwriting Managers (Pty) Ltd says it has just paid out its first cash-back benefits. Owned by Santam the company provides specialist insurance cover to the taxi industry.
Known as ‘Zuzumali’ the benefit is available to all its taxi clients who have not made any claims over a period of two years.
Managing director Dave Gould SAYS the company was launched BY Santam on 1ST October 2006 in answer to the limited availability of taxi insurance.   VUM insures all types of taxis, from sedans to metered cabs, and those up to 35-seater midi buses.  The specialist product provides comprehensive cover, which includes personal accident 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 of up to R20 million.
Gould says the company has 1 800 policyholders currently, with 2 950 taxis under cover. He believes thatthe  Zuzumali cash-back offer is partly responsible for the success of the offering to date. The benefit works at the risk item level, not at policy level. Supposing a taxi owner operates five taxis and he has one insurance claim on one of the taxis during the relevant two-year period. He will still receive the cash back benefit on the other four taxis.

Copyright © Insurance Times and Investments® Vol:21.11 1st December, 2008
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