Professional Indemnity Insurance
Shackleton Risk provides a range of professional indemnity insurance products to attorneys, business rescue practitioners, fiduciary professionals and medical practitioners. Professional indemnity cover is vital in these industries, and understanding the unique pressures and risks involved in each category is one of Shackleton Risk's strengths.
Our purpose is to challenge the status quo of insurance for the benefit of all our clients. Our aim is to shed light on a topic that has traditionally been somewhat obscure, to the detriment of all working professionals in South Africa.
Liability insurance has historically been dominated by large insurers, with very little transparency in terms of how products work and why professionals need the cover they are sold. Corporate ‘bullying’ has been a recurring theme through the decades, leading to professionals paying for insurance they don’t need, or ‘sticking with the tried and tested provider’ out of fear for choosing something else and in turn paying too much for indemnity cover. Our goal is to challenge this status quo and in turn, to allow professionals to be comfortable with the cover they have, to pay only for what they need, and to focus on their profession.
To understand more about our PI products, please read further below on our various offerings in this particular market.
Types of Professional Indemnity Insurance Offered:
Shackleton Risk Management offers Top Up Professional Indemnity Insurance to all our Attorney clients.
Professional indemnity insurance is indemnity in respect of an attorney’s legal liability to pay compensation to any client (including claimant’s costs, fees and expenses) for any negligent act, error or omission which arises in the performance of his Professional Duties.
Additionally Shackleton Risk offer several extensions to the Top-up PI section of the policy which include:
- AIIF Excess Infill
- Claims preparation costs
- Defence Costs to appear before a statutory body
- Investment Advice
- Liability following Employee Dishonesty
- Loss of Documents
- Sub-contractors / Correspondents
Shackleton Risk can also place cover for Impersonation Fraud, Misappropriation of Trust Funds and Fidelity Guarantee through its network of Insurers.
Shackleton Risk offers Professional Indemnity Insurance to Insolvency Practitioners who are on the Master’s panel. This policy is not Top-up cover but comprehensive insurance cover for selected risks. Coverage is available for the following risks : Professional Indemnity, Fidelity Guarantee and Misappropriation of Trust Funds.
Shackleton Risk offers Professional Indemnity Insurance for Business Rescue Practitioners.
The policy indemnifies the Practitioner for gross negligence in respect of a named company and the premium is paid for by the company in rescue. The policy allows the Insured to elect to take out a 12, 24 or 36 months extended reporting period (ERP) which is the period in which the Practitioner may lodge a claim against the policy (subject to policy terms and conditions).
Coverage is available for the following risks are PI, FG and MOTF.
ShackletonRisk addresses the pressing need for a bespoke product which indemnifies Fiduciary Practitioners in respect of their legal liabilities to estates and trusts which they are administering.
This policy is easy to understand and provides protection for practitioners who face two core risks in their business as Executors, Curators and Trustees
• Professional Indemnity; and
• Misappropriation of Trust Funds