Following the legal certainty it sought on business interruption claims, it is to be hoped that the FSCA will follow the example of the UK regulator in quickly setting guidelines and principles for insurers to ensure fair treatment of clients. The UK judgment on business interruption insurance resolved several key contractual uncertainties and issues surrounding […]
Whilst the UK Supreme Court will deliver its judgment on the FCA test case on Business Interruption Insurance policy wordings tomorrow morning, South African insurer Santam commenced with a process for settling Covid-19 business interruption claims. Earlier this month the FSCA announced that it expects the non-life insurance industry to honour its CBI cover obligations […]
Guardrisk and Santam found themselves at the wrong end of the outcomes in two Cape High Court cases last week. On Tuesday, a full bench of the court ruled that Santam was liable to settle the claims submitted by Ma-Afrika Hotels and Stellenbosch Kitchen. On Friday, the same court ruled against Guardrisk for the second […]
On 17 November, the Cape High Court delivered a rather damning blow to the insurance giant’s hope of escaping liability under the business interruption clause, specifically as it relates to losses resulting from Covid-19 and the national lockdown. As in the case of Guardrisk, the court found that there was a direct causal link between […]
