Discovery fails in bid to appeal against R25m award to former stockbroker
Court rules insurer’s arguments stand no prospect of success on appeal
16 May 2023 - 07:28
Financial services group Discovery has lost its bid for leave to appeal against a judgment that ordered it to pay R25m to a former stockbroker who had to quit his job after the death of his girlfriend.
The man, whose identity has been hidden by the court which only refers to him as PR, had an insurance policy with Discovery which would pay out in case of him being permanently incapacitated to work. One of the clauses in the policy was a “capital disability benefit” that promised a payout of R25m in the event PR is permanently incapable of working as a stockbroker..
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