Olea Insurance Solutions Africa

Poor Claim Responses and 2 Years to finalise a claim

We have eight yellow metal machines insured with Olea, who is underwritten by Consort who is under written by Lombard. We had one excavator (valued at approximately R2.3 million) which had sunk at the time of working. This incident happened somewhere in September 2024 - now almost 2 years later. The matter had then, in September/October 2024 been referred to a loss adjustor, who had began his investigation. The machine was fully insured at the time, the machine operator was also fully compliant at the time - it was just a matter of the loss adjustor doing what he does to investigate the incident. Every correspondence made, was initiated by our side, the clients, and never by the team at Lombard, Consort or Olea. They have been dragging their feet for two years, where we have been paying installments on the machine, also insurance on the machine for the past two years, insurance for a machine that has never moved since. The recovery of the machine landed us around R500 000.00, with no reimbur*****t from the insurance company in question. We have also lost revenue on a machine which goes out on hire for approximately R5500.00 per DAY - we have passed almost 520 working days, equating to a loss of around R2 860 000.00 of revenue. This company is the worst, they drag their feet and pass the buck from person to person and to this date, have not given us a final report nor have they given us an answer as to when the claim is going to be finalised and paid.