South African insurance companies are adding an explicit exclusion for total grid collapse to policies

[Jan]

South African insurance companies add exclusion for total Eskom grid collapse

Several big South African insurance companies won't cover their customers for certain damages related to the failure of Eskom's power grid.

Moneyweb first reported on the development after seeing an email that Hollard Insurance sent to clients notifying them of a new "Electricity Grid Failure" exclusion added to their policies.

 

[Enzo Matrix]

Fokon lol. Welcome to africa. Does it come with a lowered price also?

 

[3WA]

That's fine. If the grid fails, I'll just come get what I need from your offices.

 

[Grubscrew]

Unilateral changes on contract? How does that work?

 

[Bliksis]

Oh nice, what is the point of a signature on a contract then?

 

[Grubscrew]

Oh nice, what is the point of a signature on a contract then?

I am assuming that you can change your premium amount as you see fit. I mean this is total farce.

 

[Cranjus McBasketball]

Well that's a fun development.

 

[Bliksis]

I am assuming that you can change your premium amount as you see fit. I mean this is total farce.

Yes, I'm looking for the email I got from my insurer where they claimed that my premium isn't coming down because parts for older cars are harder do find.

I laughed when I heard that.

 

[Pegging]

Unilateral changes on contract? How does that work?

Google broken?

 

[Pak Fa Fui]

I see they dont mention looting of business in the case of grid failure

 

[Bliksis]

Google broken?

As for me, it never even occurred that I would have to Google such a thing. I have no expertise in that field, and because of that, it should not be surprising that I have the same question.

 

[stefan9]

What a surprise that the insurance industry acts like total bastards...

 

[lkswan747]

Escum and guvmunt should be held accountable!

 

[WollieVerstege]

Unilateral changes on contract? How does that work?

Check the fine print in your contract, they are permitted to do this under certain circumstances.

 

[My_King]

Lol, not like people would have claimed anyhow. Might lose their no claim bonus

 

[Iamn0tageek]

die kak kom nog

julle lag nou

kom ons sien wie lag wanneer die thieving naaiers julle kak wil steal in the blackness

civil war imminent I think

 

[NarrowBandFtw]

Santam learned the hard way what happens when you deny cover based on an unforeseen event ... like lockdown fahking countless businesses into the ground

wanna follow in their footsteps or learn from their mistakes?

 

[grok]

Hollard spokesperson Warwick Bloom said that although a total grid failure remained unlikely, it was now a “possibility"

No, we're were told, that's why we have level 8 and above, total blackout cannot happen..

How now brown cow?

 

[Bliksis]

Check the fine print in your contract, they are permitted to do this under certain circumstances.

Who determines those circumstances?

 

[Bliksis]

Santam learned the hard way what happens when you deny cover based on an unforeseen event ... like lockdown fahking countless businesses into the ground

wanna follow in their footsteps or learn from their mistakes?

What happened with Santam?