Major court decisions underway in South Africa, Australia, and the United Kingdom Business Interruption is a section in a commercial policy (either standard commercial, assets, hospitality, or agriculture policies) that covers loss of profits or increased cost of working for a company as a result of an interruption caused to their business. Normally the interruption […]
Commercial and legal risks that businesses are likely to face during this period
Pandemic redefines the commercial and legal risk landscape We are more than 60 days into the national lockdown and the number of infections in South Africa now exceeds 24 000. And we have only just transitioned from a situation where only essential service providers were permitted to operate, to a slightly softer lockdown under level […]
Covid-19 and its impact on Insurance Policies
The pandemic of COVID-19 has impacted the world probably more than any other event since the second world war. Not since 1945 have we literally seen the entire world affected and disrupted as it is now. More than half the world’s population is in some kind of lockdown and are restricted in their economic and […]
Outsourcing- How to make sure it does not end in disaster
With careful due diligence outsourcing is still a very effective way of providing quality service to customers There are many reasons for Insurers, if and when they decide to outsource functions that are integral to the various insurance products that they sell. Circumstances have changed a lot over the years from the time when Insurers […]
Changing Dynamics of Ship Finance
It is possible to mitigate against the risks inherent in the industry The ship finance landscape has changed fundamentally over the past decade since the turmoil in the global financial markets and the beginning of the shipping crisis. Several then-industry leading banks have exited or significantly scaled down their shipping activities amid soaring losses. Historically […]
South Africa introduces new Policyholder Protection Rules
Policyholder requests for information must be given Failure to carry out a client’s instructions: Where a client has signed the necessary authority for another broker to obtain sufficient information on his policies to provide another quote, you may not refuse to provide ALL information requested by the other and this includes replacement advise as well […]
Reinsurers and jurisdiction- interesting case
South African court dismisses claim A new judgment has just been released in South Africa concerning which courts would have jurisdiction in a matter where the primary insurer (fronting for an overseas reinsurer) rejects a claim and is based in Mozambique and the client who wishes to sue as a result of the rejection chooses […]
New IMO sulphur emission regulation just around the corner
and the maritime industry is heading full sail towards it… Gas emissions discharged from commercial cargo vessels have become one of the major global environmental concerns within the maritime industry. These harmful gases are produced through the burning of the bunker fuel used to power most large vessels around the globe, with ships typically using […]
Shipping Investment Risk
What are the current issues facing the industry? The international shipping industry accounts for the carriage of 90% of world trade. The c.50,000 merchant ships in operation registered in over 150 countries provide the vital transportation network that fuels the global economy. So why is such an economically essential industry viewed as such a risky […]
Treating customers fairly?
What constitutes a decent needs analysis? When the “Treating Customers Fairly (TCF)” outcomes framework were first released in many insurance jurisdictions including the UK and South Arica, outcome four stood out the most, as it appeared to change the current status quo within our intermediated environment. Obligations under the Financial and Intermediary Financial Services legislation […]