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Change in risk cover – OSTI case study illustrates importance of regular reassessments

The importance of evaluating and reassessing a client’s risk, including changes in insurance risks under the COVID-19 lockdown period was one of the topics discussed at the OSTI’s virtual Consumer Webinar. “Elements and circumstances of risks change throughout one’s life. Depending on the stage of your life and the circumstances, there might be times when […]

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Consequential loss – OSTI case study highlights importance of policy wording

“Consequential loss” has always been a grey area in the short-term insurance industry. The South African Insurance Association (SAIA) defines “consequential loss” as “a loss not directly caused by the insured event, but an indirect result of the event. “ An example is when a person’s geyser bursts and their ceiling and carpets are damaged. […]

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