Professional Indemnity (PI) insurance indemnifies professionals should they be liable to pay compensation for any negligent act, error or omission arising in the performance of their professional duties. Through our partner, Genoa Underwriting Managers (Pty) Ltd [FSP No. 38225], Safire offers Professional Indemnity, Fidelity Guarantee and Misappropriation of Trust Fund insurance to practitioners in the legal, insolvency, business rescue, fiduciary and medical disciplines.
MEDICAL MALPRACTICE COVER
Our innovative claims made insurance product gives practitioners the ability to tailor their insurance based on custom indemnity limits, varied excesses and a range of industry-first extensions. Our team has a proven track record in this challenging and highly specialised market. Each practitioner is individually underwritten and then premiums are rated according to the practitioner’s individual clinical risk profile. This means that a cross-subsidisation of premiums between low, medium and high-risk practitioners is effectively mitigated.
ATTORNEY PI COVER
This niche product is a top-up cover over and above a free level of cover which practitioners receive through the Legal Practitioners Indemnity Insurance Fund. The top-up policy is not called into contribution where the Fund does not entertain a claim, except where an extension has been selected which is not offered by the Fund.
INSOLVENCY PRACTITIONER PI COVER
Our clients include some of the country’s leading liquidation and administration firms. In this complex sector, we recommend that our clients take out PI insurance to cover them in respect of the liquidations/estates which they handle.
FIDUCIARY PRACTITIONER PI COVER
This bespoke product which was designed specifically for the members of the Fiduciary Institute of South Africa (FISA) protects our executor, curator and trustee clients against professional negligence as well as the theft of monies from third party bank accounts.
BUSINESS RESCUE PRACTITIONER PI COVER
In response to the amendments made to the Companies Act of 2008, Safire developed a country-first PI product which indemnifies our Business Rescue Practitioner clients against claims made by third parties as a result of any act or omission amounting to gross negligence in the exercise of the powers and performance of the functions required in section 140(3)(c)(ii) of the Companies Act.
With our Professional Indemnity policies, optional cover is offered for selected risks, such as:
Fidelity Guarantee covers the client for loss of money and/or other property belonging to the client or for which the client is responsible, stolen by an insured employee during the currency of the policy and which is notified to us in terms of the claims notification clause. This cover is offered on a blanket (all employees), named person or position (select employees) basis.
MISAPPROPRIATION OF TRUST FUND INSURANCE
This insurance protects our clients against thefts from their trust fund account (attorneys) or from a 394(1)(a) current account (liquidators, or a third party bank account (Fiduciary Practitioners)) by a partner, principal, director or employee who holds a valid contract of employment.