Shackleton Risk Management offers Top Up professional indemnity Insurance to Attorneys.
All legal practices enjoy a primary level of professional indemnity insurance through the Attorneys Insurance Indemnity Fund (“AIIF”). This level of cover ranges between R1,562,500 and R3,125,000 dependent on the number of Directors of the Law firm.
The levels of cover through the AIIF are relatively small and are offered in the annual aggregate. In the event that a claim exceeds this available limit of indemnity the firm will face the possibility of bearing the claim (or part thereof) itself in the event that the firm does not have appropriate additional (“top up”) insurance in place. This is where Shackleton Risk can assist.
We offer several extensions to the PI policy, including our all new impersonation fraud insurance extension offering Insured a limit of indemnity of up to R1,000,000 which protects a Firm where his/her employee (acting in good faith) transfers money from the Insureds Trust fund account or amends the banking details of a client, supplier or service provider in the insured’s EFT Payment system as a result of a fraudulent instruction (via e-mail, telephone or facsimile), communicated to him /her by a person purporting to be:
The indemnity granted under this extension is subject to the condition that prior to making the transfer or amending the payment details, the employee receiving the fraudulent instructions has verified that the instruction is coming from a genuine person described in Clause A or B above.