Products and Services
Products and Services currently offered by Shackleton Risk Management include the following:
Liquidation Bonds
Shackleton Risk Management, (formerly Court Bond Services), has been placing liquidation bonds of security in KZN since 1999. Having a number of former liquidation specialists in our management team we know and understand the needs of liquidators and the nature of the industry.
All liquidation bonds are written on Safire Insurance Company Limited, (“Safire”), paper, with Safire being on the Master’s national panel of recognized insurers. Safire issues guarantees totalling of billions of Rands annually to leading liquidators around South Africa and has the capacity to issue bonds for the largest estates in the country
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Professional Indemnity (PI) Insurance
Attorneys Professional Indemnity Insurance:
Shackleton Risk Management’s Professional Indemnity (PI) insurance cover for admitted attorneys provides “top up” cover to bridge the gap between the automatic PI cover offered by the Attorneys Insurance Indemnity Fund (AIIF) (www.aiif.co.za) and their potential PI cover requirements. The AIIF fund provides attorneys operating in South Africa with automatic PI cover of between R1 562 500 and R3 125 000 depending on the number of Partners/Directors in their firms.
The level of Professional Indemnity cover given by the fund is determined by the number of partners/directors in a law firm. Experience has shown that it is sensible to insure adequately against the risks associated with legal practice. Prudent risk management dictates that attorneys should take out top-up cover for claims in excess of the automatic threshold
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Fidelity Guarantee (FG) Insurance
In addition to negligence claims, law firms also face the risk of theft by employees. Shackleton Risk Management’s Fidelity Guarantee product is designed to protect law firms from such losses. It covers the insured firm for losses to the business account or physical assets of the practice as a result of employee dishonesty. Law firms have the options of requiring cover in respect of all employees, specific employees, or specific job functions within the firm. As regards which type of cover to opt for, all you need to do is to fill in the correct check box on the proposal forms supplied prior to quoting
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Misappropriation of Trust Funds
Misappropriation of trust funds is another risk facing law firms. This type of cover protects the firm from theft/misappropriation of trust fund monies by directors/partners or employees of a legal practice from their trust accounts. Shackleton Risk Management has structured this line of cover as a combined Professional Indemnity, Fidelity Guarantee and Misappropriation policy
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Executor Bonds
Shackleton Risk Management offers executor bond cover to attorneys, accountants and liquidators appointed to administer deceased estates. Attorneys get free cover through their association with the Law society
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Curator Bonds
Shackleton Risk Management has experience in the insurance guarantee market and is able to assist with Curators bonds. Many curators battle to find capacity in the local market for these types of bonds. SRM in conjunction with Safire is able to provide attorneys, accountants and liquidators cover for bonds of any size
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Directors and Officers Insurance
A new and exciting product that Shackleton Risk Management will be rolling out is Directors & Officers insurance, which insures Directors and Officers in respect of claims arising out of their liability for acts or omissions connected to their corporate positions. This cover was once regarded as necessary only for directors and officers of large public corporations, but the current view is that no director of a public company should be without it.