PROFESSIONAL INDEMNITY INSURANCE
The world in which professionals operate is one of ever increasing pressure with demands for quick answers and cost effective solutions. This pressure can lead to errors and omissions by the professional which can and does give rise to claims. This factor together with the litigious nature of our society underscores the need for Professional Indemnity both for clients and professionals.
Professional Indemnity insurance essentially provides the named insured with indemnity in respect of legal liability arising out of the practice of his profession. This normally arises as a result of negligent acts, errors or omissions. Claims arise in the course of rendering professional services where a fee is earned for advice given.
Professional Indemnity insurance has to do with understanding the risks involved when working as a professional, and taking adequate steps to protect against the consequences of these risks. It is vital for the professional to understand the necessity to be proactive in protecting against any exposure, financial or otherwise.
Our Professional Indemnity binder is underwritten by Lloyd’s of London and caters to numerous professions. We obtain both a local and an international quotation where available.
Professional Indemnity Policy Period
The policy is sold on an annual basis, with monthly premiums available.
Limits of Professional Indemnity and Excesses
Limits of indemnity have a minimum of one million Rand in the aggregate, to an unlimited maximum. Various flat excesses are offered by underwriters.
All proposals are sent to the underwriters for individual rating.
Any additional documentation is appreciated to assist the underwriters with their rating.
Professional Indemnity Proposal Forms
Each industry has its own individual proposal form which is available from Carl Greaves Brokers (Pty) Ltd – pi@cgbrokers.co.za
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