Latest news with #Prospecton
SowetanLIVE
19 hours ago
- Automotive
- SowetanLIVE
Toyota clears the air on insurer's lawsuit over 2022 Durban floods
Toyota South Africa Motors (TSAM) says it has nothing to do with a lawsuit brought by its insurer against several government bodies in connection with the devastating floods that ravaged KwaZulu-Natal in 2022. The case has been filed by Tokio Marine & Nichido Fire Insurance Co Ltd, the company that covered Toyota's losses after flooding shut down its Prospecton manufacturing plant near Durban in April 2022. The insurer is now going after the eThekwini municipality, the department of transport and Transnet in an effort to recover the payout it made. This kind of legal move is known as subrogation — when one party steps into the legal rights of another party, typically to pursue a claim or recover losses. The process often involves an insurance company taking over a policyholder's right to sue a responsible third party after paying out a claim. Toyota, however, has made it clear it's not behind the lawsuit, not funding it and won't see a cent if the insurer wins the case. 'We became aware of the legal proceedings and, with Tokio Marine's approval, reached out to the parties involved to let them know what was coming,' said TSAM in a statement. With the matter now officially before the courts, TSAM says it won't be commenting any further. Questions about the case, it added, should be directed to Tokio Marine. The 2022 floods caused widespread damage across the province and forced a temporary shutdown of the Prospecton plant, which is a key production hub for models such as the Hilux, Fortuner, Hiace, Corolla Cross and Corolla Quest. The disaster also dealt a blow to the local supply chain and export schedules.
TimesLIVE
a day ago
- Automotive
- TimesLIVE
Toyota clears the air on insurer's lawsuit over 2022 Durban floods
Toyota South Africa Motors (TSAM) says it has nothing to do with a lawsuit brought by its insurer against several government bodies in connection with the devastating floods that ravaged KwaZulu-Natal in 2022. The case has been filed by Tokio Marine & Nichido Fire Insurance Co Ltd, the company that covered Toyota's losses after flooding shut down its Prospecton manufacturing plant near Durban in April 2022. The insurer is now going after the eThekwini municipality, the department of transport and Transnet in an effort to recover the payout it made. This kind of legal move is known as subrogation — when one party steps into the legal rights of another party, typically to pursue a claim or recover losses. The process often involves an insurance company taking over a policyholder's right to sue a responsible third party after paying out a claim. Toyota, however, has made it clear it's not behind the lawsuit, not funding it and won't see a cent if the insurer wins the case. 'We became aware of the legal proceedings and, with Tokio Marine's approval, reached out to the parties involved to let them know what was coming,' said TSAM in a statement. With the matter now officially before the courts, TSAM says it won't be commenting any further. Questions about the case, it added, should be directed to Tokio Marine. The 2022 floods caused widespread damage across the province and forced a temporary shutdown of the Prospecton plant, which is a key production hub for models such as the Hilux, Fortuner, Hiace, Corolla Cross and Corolla Quest.
