Also known as PI cover, this product provides indemnity insurance to attorneys who have negligently caused loss or damages to a client during the course of providing professional services.
The Attorneys Insurance Indemnity Fund (AIIF) provides attorneys, with a valid Fidelity Fund Certificate, with automatic PI cover. The value of the cover depends on the number of directors/partners within the firm as indicated in the table below.
PRINCIPALS IN PRACTICE LIMITS OF INDEMNITY *
|PRINCIPALS IN PRACTICE||LIMITS OF INDEMNITY*|
|1 to 6||1 562 500|
|7||1 640 625|
|8||1 875 000|
|9||2 109 375|
|10||2 343 750|
|11||2 578 125|
|12||2 812 500|
|13||3 046 875|
|14+||3 125 000|
(* as per the AIIF website, these figures are valid until 30 June 2016 when its policy renews for another year)
For many law firms, the cover provided by the AIIF is inadequate and insufficient to cover large claims. Our top-up policy ensures that attorneys are adequately protected against claims made against them. Top-up cover is especially recommended for law firms that represent corporate clients who will often request proof of adequate PI cover prior to contracting with the firm, or for law firms wishing to be placed on the major banks’ conveyancing panels. Shackleton Risk provides top-up cover to attorneys whose needs exceed the limits of indemnity provided by the AIIF.
Shackleton Risk also offers a Professional Indemnity Policy catering for the needs of liquidators and trustees. Historically the rates applied to liquidators and trustees for PI insurance, have been determined using the same rating scale as that applied for attorney cover. Attorneys provide a wide range of services to their clients however whereas liquidators and trustees provide a more narrow range of professional services. Our rates take this into account and as a result are typically more competitive than similar cover being offered by other service providers to the liquidation industry.
Professional Indemnity Insurance for attorneys, liquidators and trustees can be taken out individually, or in combination with Misappropriation of Trust Funds and Fidelity Guarantee Insurance.
Please ask your broker to discuss the benefits of this combined policy with you.
Should you be interested in PI cover for admitted attorneys, liquidators and trustees, contact Gareth Myer on 011-784 5373 or contact us.