Tuesday, 06 July 2021 by Insuralex
In instances where someone fails to pay an insurance premium and it amounts to a repudiation of an insurance contract, the insurer need not provide an extension for the payment of a premium (grace period) regardless of the wording of the policy. This was held in the recent decision of the Supreme Court of Appeal
Monday, 19 April 2021 by Insuralex
COVID-19, in and amongst all its other ramifications, has been a catalyst for digital evolution. In this context, it is important to note that the threats and vulnerabilities of the digital world are not new but have become more frequent. The Federal Bureau of Investigation (FBI) reported a 300% increase in cybercrimes in April 2020.
Thursday, 05 November 2020 by Insuralex
Economies across the globe, specifically small businesses, have taken a pounding from the effects of the pandemic. Practicing lawyers have not been immune to the adverse effect of it. This discussion is centered more directly on the impact of COVID-19 on Professional indemnity and the impact it may have on South African lawyers and law
Thursday, 01 October 2020 by Insuralex
It is well known that insurance contracts need not be reduced to writing to be rendered enforceable, however, given that insurance is, by and large, a risk transferring enterprise it is commonplace to find the terms of the contract reduced to a written agreement (policy). This obviates the need for either party to prove the
Friday, 17 July 2020 by Insuralex
Businesses across most landscapes have suffered immensely due to the impact of COVID-19 (Coronavirus). Business insurance appears to be no exception. In a ground-breaking decision, the Western Cape High Court in the case of Café Chameleon v Guardrisk Insurance Company Ltd (WCHC, Case no. 5736/2020, 26 June 2020) ruled against an insurer for payment of
Thursday, 18 June 2020 by Insuralex
The enforceability of extension clauses relating to contagious or infectious diseases contained in certain business interruption insurance policies has raised legal and policy considerations, with different opinions being advanced from within legal circles. The South African Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA) (collectively, the Authorities) have released Joint Communication 5 of 2020.
The COVID-19 pandemic has undoubtedly led every business to assess their existing insurance cover in the hope that they have business interruption cover in place. Many would have been excited at the inclusion of a section titled “Business Interruption” in their policy wording, but in the insurance world, that blanket term does not guarantee cover
Friday, 10 April 2020 by Insuralex
The concept of an insurable interest forms part of the foundation of a contract of insurance. In South African insurance law, without an insurable interest a contract of insurance will be invalid. Usually, a person is said to have an insurable interest where he or she faces financial harm on the loss or destruction of