Deadline looms for business interruption claims

File: You now have just 90 days to hand in your business interruption claim, depending on the contract.

File: A closed sign seen on a door. Pexels/Miguel Montejano

JOHANNESBURG - If you want to force your insurer to pay for losses suffered by your business during the lockdown, you'd better hurry up and make your claim now.

That's because the Financial Sector Conduct Authority has reversed its decision to scrap time-barring periods.

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You now have just 90 days to hand in your business interruption claim, depending on the contract.

Last month, the FSCA announced that insurers had agreed to waive their time-barring periods for business interruption claims.

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But that's since changed.

Insurers now say reinsurance contracts will not allow this.

Source
eNCA

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