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At the end of 2019, Richard Green, national director of the South African Motor Body Repairers’ Association (SAMBRA), a proud association of the Retail Motor Industry Organisation (RMI), was lobbying hard for the inclusion of qualifying accredited MBR businesses onto OEM approval programmes as well as insurer supplier listings.
South African companies particularly those in the manufacture of consumables are fast warming up to the need for comprehensive cover as potential recall of products from the shelves can send a business into serious financial distress, says Catia Folgore, senior underwriter at specialist niche insurer iTOO Special Risks.
When Covid-19 hit, many businesses had to move staff out of their offices and implement work from home strategies. While this safety precaution was necessary, prolonged periods of ‘empty offices’ come with some unintended consequences, especially where one’s insurance is concerned. Right now, every business owner needs to be a risk manager – prevention is always better than the cure.
Businesses in South Africa experienced major losses in July from physical damage, business interruption, and loss of revenue, looting, vandalism caused by civil commotion, protests and riots which resulted in about $3.4 billion in lost output and placed 150,000 jobs at risk.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?