Fourways Mall owners take on insurers over business interruption claims
Azrapart and Accelerate Property are seeking at least R584m from AIG, Old Mutual Insure, Bryte Insurance Company and Guardrisk for loss of rental income due to lockdown restrictions
The joint owners of Fourways Mall, SA’s largest shopping centre, are taking their main insurer AIG South Africa and three others to court, seeking at least R584m for loss of rental income due to lockdown restrictions.
This is the first time the property sector has challenged insurers over Covid-induced losses, and comes after claimants from the leisure and restaurant sectors fought several high-profile cases against short-term insurers last year over business interruption claims. ..