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”.

México Últimas Noticias, México Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Business Maverick: Steinhoff Likely Near to Settling $11 Billion in Legal ClaimsSteinhoff International Holdings NV is close to reaching a potential deal on 10 billion euros ($11 billion) of legal claims lodged against the global retailer following an accounting scandal that almost wiped out the company, according to two people with knowledge of the matter.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »

Business Maverick: Africa’s Biggest Investment Takes Shape Under Islamist ThreatDozens of soldiers clutching AK-47s and grenade launchers watch over roaring bulldozers on the white sand beach that meets a tropical turquoise sea. They’re guarding Africa’s biggest investment: a $23 billion project to export Mozambique’s natural gas from an area increasingly besieged by an Islamist insurgency.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »

Solidarity rejects SAA business rescue planUnions have rejected SAA’s business rescue plan, saying it would only lead to another liquidation or business rescue in the future.
Fuente: eNCA - 🏆 49. / 51 Leer más »

Business becomes pleasure at this luxurious nirvana in the CederbergBobby Jordan has a legit reason to pack up his family and head off to a chalet at Cederberg Park — where he steals a moment of leisure, too
Fuente: SundayTimesZA - 🏆 47. / 51 Leer más »

BUSINESS MAVERICK: Old Mutual makes acting CEO Williamson permanent, but Moyo’s possible fightback hangs over the appointmentAfter two court victories against Peter Moyo that blocked him from getting back his old job and office in Old Mutual’s swanky Johannesburg headquarters, the company has appointed Iain Williamson as the permanent CEO. But Moyo has said the battle to be reinstated is not over.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »