BUSINESS MAVERICK: Business interruption insurance is becoming a huge issue – but there may be a compromise

Santam, one of the largest insurance companies in South Africa, has agreed to expedite court processes in a bid to get legal certainty on the vexed subject of business interruption insurance.

The claimants, the smaller hotels, lodges and restaurants which make up the rump of South Africa’s tourism sector, believe they are insured under their business interruption insurance, which makes specific provision for closures forced by pandemics.“Our policy wording is very specific,” says. “We cover businesses for interruptions as a result of the outbreak of a disease at a local level.

Insurance company Outsurance, which is a much smaller player in the business interruption market, has adopted a different stance and is paying out claims. Insurance company Outsurance, which is a much smaller player in the business interruption market, has adopted a different stance and is paying out claims.

A large number of insurers , and even the brokerage market, are taking the position that these policies do not respond to Covid-19 related claims because “it was never the intention of the extension to provide cover for a pandemic event affecting the whole of South Africa; because the cover is only provided for business interruption loss resulting directly and solely as a result of the presence of Covid-19 discovered at the insured’s premises”.

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