Professional Indemnity (PI) Insurance for attorneys, liquidators and trustees
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 through the fund is automatically determined by the number of partners 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. Top-up cover is invariably necessary for law firms that represent corporate clients who will typically request proof of adequate Professional Indemnity cover prior to contracting with the firm, or for law firms wishing to be placed on the Major banks’ conveyancing panels.
Shackleton Risk Management’s Attorney Professional Indemnity Cover
- Provides top-up cover to bridge the gap between the automatic cover offered by AIIF
- Insures adequately against the risks associated with legal practice
- Risk Management dictates top-up cover for claims in excess of the automatic threshold
- Provides proof of adequate Professional Indemnity for corporate clients
- Recommended for law firms wishing to be placed on Major banks’ conveyancing panels
Liquidators Professional indemnity Insurance:
Shackleton Risk Management also offers a Professional Indemnity Policy catering for the requirements of liquidators and trustees. Historically the rates applied for liquidator and trustee’s in respect of professional indemnity insurance, have been determined using the same rating scale as that applied for attorney cover. As liquidators and trustees offer different services to those offered by attorneys, the result is that insolvency practitioners have often been penalised for a range of other services such as conveyancing, commercial work, litigation and MVA, which fall outside the scope of their business. Our Professional Indemnity (PI) cover takes these considerations into account and is therefore tailor-made for insolvency practitioners. The end result is that this product is significantly less expensive than similar cover offered by our competitors.
This Professional Indemnity insurance product, for attorneys and liquidators can be taken out individually, or in combination with the Misappropriation of Trust Funds and Fidelity guarantee Insurances, however SRM recommend that you seriously consider taking out all of the products mentioned above. Please ask your broker to discuss the benefits of this combined policy with you.
Should you be interested in Professional Indemnity (PI) Insurance cover for admitted attorneys, liquidators and trustees, please do not hesitate to contact your local broker, and we would be happy to set up a meeting in order to provide you with a competitive quotation at a time that is convenient for you. If you are at a loss for whom to contact, please contact Michael Damant on 011-784 5373 or e-mail him.
Shackleton Risk Management’s Liquidators Professional Indemnity Cover
- Tailor-made for insolvency practitioners
- Significantly less expensive than similar cover offered for Attorneys
- Can be taken out individually, or in combination with the Misappropriation of Trust Funds and Fidelity guarantee Insurances
