Specialist transport insurance underwriting company, CTU, has announced measures to help alleviate the financial burden that the coronavirus (Covid-19) pandemic is placing upon the commuter transport industry.
Following the announcement of the lockdown, CTU has announced that for April and potentially May, all active CTU policyholders’ insurance will be reduced by 35 percent. In addition, no inflationary will be processed for April and May, but will be deferred to June.
These measures are in place to help ease the financial burden that Covid-19 has placed on its policyholders, while still providing cover − including theft and fire − for when vehicles may not be operating.
Bipin Bhagwan, head of sales and marketing at CTU says: “We have already seen the visible impact on the commuter numbers in taxis and buses. We understand the hardships that our industry is facing with the prospect of reduced numbers of commuters.
“We are also very conscious of the vital role of taxis, buses and their drivers in enabling South Africa’s essential goods and services workforce to travel to and from work, as well as enabling the consumer who needs transport in order to acquire essential goods and services.
“CTU remains committed to the long-term sustainability of the taxi and bus industry and wants to do its part in lightening the load on our policyholders during these challenging times.”