Tag: liability insurance

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.

Our 5th Global Transaction Solutions Claims Study uncovers emerging trends in insurance claims. The report focuses on Representation and Warranties (R&W), Warranty and Indemnity (W&I) and tax insurance. The study examines claim size, frequency and severity in North America (NA), Europe (including the UK), the Middle East and Africa (EMEA) and Asia and Pacific (APAC).

Recently, the Johannesburg High Court dismissed a personal injury case against an institution. The court found no evidence of negligence or wrongdoing on its part. In recent years, South Africa has witnessed a growing trend of litigation.

The mining industry faces a precarious balancing act. Mining companies must balance economic growth and environmental responsibility. The industry supplies critical minerals for renewable energy and climate technologies. However, increased mining activity significantly harms the environment.

Can a professional services firm rely on a client’s assurance to avoid notifying its claims-made liability insurer of a claim? This question holds significant importance in claims-made professional liability insurance. The insured must disclose potential claims upon first becoming aware of an error or omission.

When a liability insurance policyholder is being sued, they refer that legal case to their insurer. If a claim in question falls within the four corners of a policy, the insurer handles the claim on behalf of the policyholder. If the matter goes to court, the court papers cite the policyholder (not the insurer) as the litigant.

This Supreme Court of Appeal judgment, Churchill v Premier, Mpumalanga (889/2019) [2021] ZASCA 16 (4 March 2021), dealt with the case of the plaintiff who was mistreated and injured in the course of a protest by trade union members on premises where she was employed.

The implementation of digital technologies is driving massive positive changes for customers and providers in both the short- and long-term insurance industries. The recently released South African Insurance Industry Survey for 2021 has highlighted the role of disruption and innovation, with the majority of CEOs surveyed stating that they are looking to get on the front foot with regard to these twin challenges.

As economic recovery slowly picks up, and the industry waits to see whether government’s ambitious infrastructure-led recovery materialises, it’s never been more important for contractors to ensure they are fighting fit and best positioned to take advantage of every opportunity that comes their way.

The insurance industry needs to get ready for ‘Insurance 3.0’ – the next stage of evolution for the industry to accommodate the changes brought on by our current pandemic. But wait, aren't we still trying to reach level 2.0? Yes and no.