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General liability cover does not cover own faulty work

13 May 2016 | General

A Michigan US appeals court found that the insurer had no duty to defend or indemnify a solar power company in a lawsuit over its allegedly shoddy installation of solar panels because the general liability policy did not provide cover where only the policyholder’s own work was damaged. Damage to their own work on the solar array that the insured was paid to construct does not constitute an accidental “occurrence.”

Failure to respond to complaint lodged against FSP

12 May 2016 | General

The January 2016 determination of the Ombud for Financial Service Providers in Johannes William van Breda v Alesio Mogentale & Another is a good reminder of the powers of the Ombud where an FSP fails to respond to a complaint made against it.

Gross negligence and reasonable precautions

11 May 2016 | General

Subject to the provisions of the policy, the fact that a loss or occurrence insured against is caused by the insured’s negligence is irrelevant. This applies to all negligent acts, even those that are grossly negligent. It also holds true for so-called reckless conduct, if the recklessness involved is nothing other than gross negligence.

The duty of financial service providers

10 May 2016 | General

The December 2015 determination of the Ombud for Financial Service Providers in De Hoop Steenwerwe v Finmar Makelaars reminds us of the duties imposed on FSPs by the FAIS Act and the FAIS General Code.

quick poll

Question

If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?

Answer

2026, as promised 2027 looks more likely Impossible to say More consultation needed

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