The prescribed rate of interest changed with effect from 1 September 2022 to 9.0% per annum. The previous rate was 8.25%.
According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus 3.5%. The prescribed rate of interest applies to all debts unless
Occurrence clauses are commonly used to effect the application of deductibles on limits by aggregating claims.
They may operate in favour of the insured as to the amount of the deductible because it avoids deductibles being separately applied for each separate claim. And may operate in favour of the insurer in regard to limits because
A Georgia US court found that the insurer did not have to defend a sleep study company from a negligent suit by the family of a deceased patient because a professional services exclusion applied to the claims in the underlying action.
The company conducted sleep studies for its patients and sought an indemnity from the
A creamery was sued by shareholders who allege that the company’s share price declined because the executives breached their fiduciary duty by continuing to allow the company to produce and distribute ice cream when knowing that some products tested positive for listeria. The policy did not cover a shareholder lawsuit claiming financial harm but only
The Information Regulator published Guidelines on 12 August 2022 regarding security compromise notifications in terms of the Protection of Personal Information Act, 2013 (POPIA).
POPIA governs data breaches by ‘responsible parties’ who, alone or in conjunction with others, collect and process personal information for purposes and by means determined by them. They
This blog was co-authored by Felix Le Roux, candidate attorney
On 22 August 2022, the Constitutional Court (CC) upheld an appeal by the National Union of Metal Workers of South Africa (NUMSA) on behalf of 41 employees who were dismissed for acting in common purpose of assault during a strike, and found that their dismissal
The doctrine of peremption requires a party which has lost a case to make up its mind.
It cannot equivocate and acquiesce in a judgment or arbitration award and later seek to appeal.
In South African law, if the conduct of an unsuccessful litigant is such as to point indubitably and necessarily to the conclusion
Cybercrime held to be a social engineering loss not computer fraud under policy
The insured was defrauded when a bad actor tricked the company CEO into wiring nearly $600 000 into the bad actor’s bank account. It was held that the loss was covered under the social-engineering-fraud cover with a limit of $100 000 and
In this judgment, the South African appellate court, in referencing co-insurance clauses (which was in content a follow-the-lead clause), said:
“In order to determine the proper meaning of the co-insurance clause, it is necessary to have regard to its purpose.
In my view, the object of this clause was to protect the insured so
In the San Evans Maritime case, the English court described follow-the-lead clauses as follows:
“11. Follow clauses come in different forms. Some oblige the following underwriter to follow the lead underwriter in relation to a large number of matters including alterations to the terms of the policy, surveys and settlement of claims (as in Roar