Financial Service Providers

Genoa Underwriting Managers, on behalf of Safire Insurance Company Limited, offers a bespoke Combined Professional Indemnity Policy for Financial Service Providers.

Professional Indemnity

Professional Indemnity insurance, PI insurance or PI cover as it’s sometimes referred to, is insurance cover for Financial Service Providers should they be liable to pay compensation for any negligent act, error, or omission arising in the performance of their professional duties.

We offer several extensions to the PI policy:

  • Breach of Confidentiality
  • Claims Preparation Costs
  • Compliance Officer
  • Defamation & Injuria
  • Defence Costs
  • General Third-Party Liability
  • Liability following employee dishonesty
  • Loss of Documents
  • New and or Acquired companies
  • Regulatory Defence Costs
  • Sub Agent
  • Third Party Computer Crime

Theft of Third Party Monies

As the name suggests, this cover protects the Insured from the theft of client funds by Directors or Employees who hold a valid contract of employment.

The conditions of this insurance are that:

  • A Claim is first made against the Insured by a Third-party who had instructed the Insured to provide a Financial Service or Compliance Duty;
  • Funds were held in an account opened on behalf of and in the name of the Third Party;
  • Funds and/or Property had been entrusted to the Insured on behalf of the Third Party and given under the appropriate mandate.

The Insured may elect to take out cover in one of 3 ways:

  • Blanket Basis – this covers all staff members who hold a valid employment contract.
  • Named Positions Basis – this covers staff in various positions within the organisation, e.g. accountants, bookkeepers etc.
  • Named Persons Basis – this covers specific staff within the firm.

Third-Party Impersonation Fraud Cover

This cover protects the Insured against the loss of money transferred from the insured’s own account as a result of a fraudulent instruction (via e-mail, telephone or facsimile), communicated to an Employee of the Insured, by a person alleging to be the Insured’s client, or an Authorised Person to a transaction being acted upon by the Insured.

The Excess payable varies based on whether the Insured has “Verified” in terms of the Policy Wording. Traditionally limits of up to R5 000 000 are selected however higher limits may be sourced on request.

The Insured may elect to take out cover in one of 3 ways:

  • Blanket Basis – this covers all staff members who hold a valid employment contract.
  • Named Positions Basis – this covers staff in various positions within the organisation, e.g. accountants, bookkeepers etc.
  • Named Persons Basis – this covers specific staff within the firm.

As a provider who has been in the liability insurance game for many years, you can be assured of the quick and efficient resolutions of valid claims.

PLEASE NOTE:

The above is meant to be a summary of the cover and at all times the terms and conditions contained in the Policy Wording and Schedule of Cover will take preference should a conflict arise.

Terms and Conditions apply.