Several big South African insurance companies won’t cover their customers for certain damages related to the failure of Eskom’s power grid.
Moneyweb first reported on the development after seeing an email that Hollard Insurance sent to clients notifying them of a new “Electricity Grid Failure” exclusion added to their policies.
Hollard spokesperson Warwick Bloom said that although a total grid failure remained unlikely, it was now a “possibility”.
Bloom said reinsurers — the firms that provide financial protection to insurance companies — have indicated they would not offer reinsurance cover in the event of a grid failure.
Read the full article here: https://mybroadband.co.za/news/energy/479309-south-african-insurance-companies-add-exclusion-for-total-eskom-grid-collapse.html
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