Professional Indemnity Insurance for Business Rescue Practitioners
Shackleton Risk offers Professional Indemnity Insurance for Business Rescue Practitioners.
Cover may be specialised selected in two ways:
- Our bespoke individual matter policy is available for specific rescues where premiums are payable as part of rescue expenses
- Our bespoke blanket policy is available for a number of matters
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.
An excess for each class applies.
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.
Fidelity Guarantee Insurance for Business Rescue Practitioners
The FG product which we supply to our Business Rescue Practitioners (BRP) is unique because it indemnifies the company that is in rescue against thefts which are perpetrated by the BRP. Like with the PI policy, the premium is paid by the company in rescue.
The client may elect to take out cover in one of 3 ways:
- Blanket Basis – this basis allows the Insured to cover all staff members within the organization
- Named Positions Basis – this basis allows the Insured to only insure specific positions within the organization eg accountant, bookkeeper, office manager
- Named Persons Basis - this basis allows the Insured to only insure specific people within the organization
For more information or to set up a consultation, please contact your local broker: