Tag: indemnity

An insurance concept that often gets misunderstood, despite underpinning every policy, is insurable interest. While it might sound technical, the principle is quite simple. Simply put, you can only insure something if its loss or damage would cause you a financial setback. If you do not stand to suffer financial loss directly from the loss of or damage to an insured item, insurance will not cover that loss.

Among the greatest threats facing infrastructure development today is climate change. To mitigate the associated risks for all sector stakeholders, we urgently need to make better use of modern technologies. We also need to establish contractual frameworks that are appropriately structured from the outset.

Any business relying on machinery and equipment for its operations is exposed to the probability of significant financial losses due to a breakdown of a key piece of machinery that isn’t quickly or easily replaced or repaired.

The nature of guarantees has once again been dealt with decisively by the Supreme Court of Appeal (SCA) this time in the matter between Bonifacio and another vs Lombard (Bonifacio). A guarantee is an obligation to make payment upon the occurrence of an event.