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Billions at stake for insurers after Guardrisk business interruption ruling

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Guardrisk had argued that its policy agreement with Café Chameleon did not cover government’s response to Covid-19

In a landmark decision, the Supreme Court of Appeal dismissed with costs Guardrisk Insurance’s appeal against a prior ruling that it must compensate Cape Town restaurant Café Chameleon for business interruption losses stemming from Covid-19 and the ensuing lockdown.

The ruling sets a legal precedent that could potentially put insurers on the hook for billions of rand in business interruption payouts. This follows a string of court losses by insurers that refused to pay claims for losses related to Covid-19 and the subsequent lockdown...

 

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