Articles

When to Notify Your Insurer of a Claim Against Your Professional Indemnity Policy?

In almost all insurance policies, the policy will contain a clause that requires notice of an event which could give rise to a claim or an actual claim to be given ‘immediately’ or as soon as possible’, but not later than 30 days.  These clauses are usually inserted under the claims clause and /or in…

MOTF Insurance Claims Explained

What is MOTF? The abbreviation stands for Misappropriation Of Trust Funds. Who needs this cover? Attorneys who receive a client’s money into their trust account for a legal matter. All legal practitioners are obliged to operate a trust account.  In fact they must operate two separate accounts- one trust and one business. Monies held in…

What are Court Bonds & How to Get One

A court bond is a suretyship issued by an insurer in favour of the master of the high court for the due and proper performance of the appointee’s obligations and duties towards an estate which he/she is administering. The surety being the insurance company guarantees to pay the master, the obligee, a certain amount if the executor/curator/trustee (the…

The Risk of Doing Nothing!

There is only one big risk you should avoid at all costs, and that is the risk of doing nothing It is the master’s discretion in every estate/curatorship/trust to request security from the person handling the administration of the estate/curatorship/trust. As the guardian of all estates, the master’s job is to protect estate assets from unscrupulous…

What is Professional Liability Insurance and Who Needs It?

Professional liability insurance, also called professional indemnity insurance, also known as errors and omissions insurance, is a form of insurance which indemnifies professionals against claims arising out of actual or alleged negligence by the professional, instituted against them by third parties (the beneficiaries of the professional’s services). All professionals should have professional indemnity insurance. Provided the…

Been Appointed as a Liquidator?

This means a company has either filed for voluntary liquidation or a creditor has placed the company into liquidation and creditors have motivated or endorsed your appointment as liquidator of the company (in liquidation) and the Master having regard to this support received from creditors as well exercising its own discretion, has requested you to…

Celebrating our Shackleton Risk Ladies!

Shackleton Risk has more than 60 ladies who dedicate their work day to the provision of world class service to our clients. The 09th of August represents Women’s Day in South Africa, a day commemorating the day 20,000 women marched on the Union Buildings in Pretoria in 1956 to petition against legislation that required African persons…

Masters of our Universe

Our current book has over 18 500 actives bonds of surety. Each of these bonds generate significant paperwork together with our service offering of preparing, lodging and following up with all the bond related queries. We have an experienced administration team who monitor and drive the process but our secret lies in our specialised Masters…

Everything You Need to Know about Surety Bonds

Executors, curators, liquidators and trustees (commonly referred to as “Estate Administrators”) may be required to furnish security to the satisfaction of the Master for their administration prior to commencement of their duties in any estate. Where they are so required to do, they may approach SRM for a security bond, which is also known as…

Advantages of Using a Brokerage with a National Footprint

In the highly competitive insurance brokerage industry, service delivery is of utmost importance. At Shackleton Risk Management (“SRM”) we are able to provide our services nationally across South Africa. With offices in Johannesburg, Pretoria, Durban, Cape Town, Port Elizabeth, Bloemfontein and Nelspruit and representation in Grahamstown, Kimberley and Mmabatho, we are able to be the…

Who Needs Business Rescue Insurance?

By now you would have heard the term “business rescue”.  Chapter 6 of the new Companies Act, 2008 introduced business rescue as a legal mechanism to turnaround South Africa companies in “financial distress” or trading in insolvent circumstances.   The Act sets out that this process should be opted for at the first sign of financial…

Business Rescue vs Liquidation in South Africa

Simply put, a liquidation and business rescue can be compared to a shut down versus rehabilitation. Liquidation (also known as “winding up”) is when a debtor company which owes money to a creditor is wound up.  The creditor would typically apply to court to after having demanded payment from the debtor company to no avail, to…