It should never be taken for granted that negligence, errors or omissions will always be covered under a PI policy. Each incident will be assessed on its own merits to determine whether the act was an insurable event under the policy and subsequent policy response.
How Much Cover is Enough?
When deciding on what Limit of Indemnity is best, it's important to remember that the limits on most PI policies include defence costs (fees and all other expenses that are incurred in order to assist with the investigation or settlement of a claim) as well as representation costs in an inquest, an inquiry or any other legal proceedings in respect of matters which have a direct relevance to the claim.
Legal fees can quickly mount up, possibly eroding the remaining cover for damages or settlements. Given the fact that premiums are often on a sliding scale (the premium doesn’t double every time the limit doubles), it’s worthwhile to get several options of limits before making a decision.
The rule of thumb in respect of choosing a limit is to buy as much as one can afford as it is very difficult to quantify PI exposure precisely, due to the nature of the risk and cover provided.
Features and Benefits
Our Professional Indemnity cover protects you against compensation claims arising from, but not limited to:
- Breach of professional duty
- Breach of warranty
- Breach of trust committed in good faith
- Breach of confidentiality
- Defamation and/or injuries
- Destruction or loss of any documents entrusted to the professional insured
- Defence costs that may arise in the event of a third-party claiming against the insured
- Fraud and Dishonesty
- Infringement of copyright
- Unintentional infringement of intellectual property rights
- Wrongful Act, error or omission
South African legislation imposes strict duties of care and diligence on company directors. No one should take on the responsibility of a company director without first having insisted on having appropriate Directors and Officers in place. We can assist.
Directors & Officers Liability
South Africa has a volatile and active labour environment with the CCMA and Bargaining Council receiving thousands of cases per month. Products are available that can assist with legal defence costs , awards and advice.
Employment Practice Liability
Insurance protection for employers covering:
Following an allegation of:
Brought about at:
Employers who have EPL cover under Directors and Officers (D&O) policies should be warned that D&O policies generally cover directors and not the company. Virtually all labour cases are brought against the company. EPL cover under a D&O policy may also be more restrictive.
Medical Practitioners cannot afford to practice without ensuring that they are adequately insured against malpractice claims.
This policy provides comprehensive cover in respect of:
Cover for Medical Practitioners is provided under:
Employee dishonesty is, unfortunately, all too often a factor when companies are defrauded. Protection against the repercussions of such employee crime is available.
This policy covers your business against the following risks:
Your business’s cash flow, investors’ confidence, your reputation and your employees’ morale can all be impacted by fraud. This often isn’t a once off occurrence and companies can be subject to repeated instances of fraud committed by their employees, business partners and sometimes a collusion of both.
What you need to know ...
These are just some of the most frequently asked questions we receive about our Specialist Liability cover.