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Battle Royale as insurers refuse to pay for business interruption. MUST LISTEN
Ryan Woolley, CEO of Insurance Claims Africa, says insurers are refusing to pay Covid-19 stricken companies for valid business interruption claims.
South African insurance companies are refusing to pay many hospitality businesses that took out business interruption insurance and have been hit hard by Covid-19. Hotels, bed and breakfasts and other hospitality providers were among the first to feel the effects as the pandemic erupted in Asia and spread quickly across the world. In this interview CEO of Insurance Claims Africa Ryan Woolley, an expert on complex insurance claims, shares with BizNews founder Alec Hogg the details of the legal games insurers have been playing with smaller companies to get out of their liabilities. This includes a war of prescription, a delay tactic that makes it difficult and costly for a business to fight back if a claim is rejected. Many companies can't afford the delays and are closing, says Woolley. Meanwhile, the Federated Hospitality Association of Southern Africa has called on the government to force insurers to pay up their dues. – Jackie Cameron
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