Professional Indemnity Insurance
Can I Get Retroactive Coverage With Professional Indemnity Insurance?
Short Answer: Yes, you can get retroactive cover. It’s important to note that various insurers may have distinct criteria or prerequisites concerning retroactive cover and dates. You should canvass this with your broker prior to taking out a PI policy. Retroactive cover is an important aspect of Professional Indemnity (PI) insurance. This type of cover…
Which Professions Require Professional Indemnity Insurance?
While this list is not exhaustive, here are some professions in South Africa that commonly require PI insurance: It is important to note that the requirement for PI insurance may vary based on regulatory bodies, professional associations, contractual obligations, and client demands within each profession. Professionals in these fields should consult with their respective industry…
What is a Curator Bonis?
Curator bonis is a legal term used in South Africa to refer to a person appointed by the court to manage the financial and legal affairs of someone who is unable to do so themselves due to mental incapacity or other reasons. The curator bonis acts as a legal representative and fiduciary for the person…
What Is A Gap In Cover And The Risks?
A “gap in cover” refers to a period of time when insurance coverage is not in effect (i.e. a period in which you are NOT COVERED). It means a break or interruption in the continuity of insurance protection. During this gap, the policyholder is without the benefits and safeguards provided by the insurance policy. Key…
Understanding Prescription
What is a prescription period? Prescription is a legal principle that sets a time limit for bringing legal claims. It aims to promote legal certainty and prevent claims from being pursued indefinitely. Time Limits for Claims Different types of claims have specific time limits for prescription. It is essential to be aware of these time…
What is the difference between a short-term insurer and a Mutual organisation that provides professional indemnity cover?
Short-term insurers and mutual organizations that provide professional indemnity cover are two different types of insurance providers that operate in different ways and have different structures. A short-term insurer is a company that provides insurance coverage for a specific period of time, such as a year, and charges a premium for that coverage. Short-term insurers…
Is an Occurrence Based product better than a Claims made product?
Whether an occurrence-based product is better than a claims-made product depends on a variety of factors, including the nature of your business, your risk profile, and your budget. Occurrence-based policies provide coverage for incidents that occur during the policy period, regardless of when a claim is made. This means that if an incident occurs during…
What is the difference between a claims made and an occurrence based cover?
Claims-made coverage and occurrence-based coverage are two different types of liability insurance policies that provide coverage for different time periods and under different circumstances. A claims-made policy covers claims that are made against the insured during the policy period, regardless of when the underlying incident occurred. This means that the policy will only cover claims…
What is the importance of a retroactive date when taking out claims made coverage?
A retroactive date is an important component of a claims-made insurance policy. Claims-made coverage is a type of liability insurance that covers claims made against the insured during the policy period, regardless of when the incident that led to the claim occurred. The retroactive date is the date on or after which an incident must…
Why do I need a liability insurance broker?
Professional liability insurance is a vital part of running a business, so it’s important to get the right cover for your profession. A liability insurance broker has experience in different types of professional insurance and risk management. A liability broker will work closely with you to identify the risks which your business faces, and they…