Business claim that was not handled correctly

I am lodging a complaint with regard to service my company received from Standard Bank Insurance.

Brief Background: My company operates in the forestry and timber processing sector, based in the lowveld of Mpumalanga. The company normally sends assets into the forest for the harvesting of timber, which is then brought to the sawmill plant for further processing into various products for its market. The incident happened when one of the assets insured was used in one of the plantations where we sourced our timber.

The Incident: The fire incident took place on 13/08/2021 at Kaapsehoop plantation where the Bell was used, it caught fire and it was completely burned. The Supervisor Mr Justice Jama was called at around 18h00 on Friday of 13 August 2021, by the security guard on duty, who reported that the machine (Hin-Tech Boom Logger) had caught fire. All other workers had already left. The cause of the fire on that evening was not established. The case was then referred to the South African Police for investigation. Standard Bank Insurance Broker (Pty) Ltd was informed and Insurance claim lodged on the 16 August 2021 value (R632,200). My company was paying R12,152.60 to standard bank insurance. Standard informed us that the claim was declined and gave us notice of cancellation and their reason was that the occupation was not covered, although it was communicated from the inception that the company does harvesting and sawmill. Standard bank then paid R3934.92 to my business account, the amount was paid on the 4th of Jan 2022. No further explanation was given and they decided for me as their customer to cancel my policy. According to my knowledge, I have covered all the assets in my business and was never told of any clause that if the assets is outside the business premises, it will not be covered. I am really disappointed with standard bank insurance and as to this far my business or assets are not insured because standard bank insurance made me realise there is no point in having an insurance.

I demand for Standard bank insurance to review my case again before I take further actions.

Thank you