Legal Practitioners

PI Cover for Attorneys

PROFESSIONAL INDEMNITY

Genoa Underwriting Managers, on behalf of Safire Insurance Company Limited, offers a claims made basis Top-Up Professional Indemnity Insurance Policy to our legal practitioner clients.

All Law firms enjoy a primary level of Professional Indemnity Insurance through the legal practitioner’s Indemnity Insurance Fund (“LPIIF”). This level of cover ranges between R1,562,500 and R3,125,000, dependent on the number of directors in the practice.

Our rates are highly competitive and we offer several extensions to the PI policy which cover the following:

  • Claims preparation costs
  • Correspondent legal practitioners
  • Cyber Liability Extension
  • Defamation Extension
  • Defence costs to appear before a statutory body
  • Investment Advice Extension
  • Liability following employee dishonesty
  • Loss of documents
  • LPIIF Excess Infill
  • Outside directors and officers

MISAPPROPRIATION OF TRUST FUND INSURANCE

Misappropriation of Trust Fund Insurance protects the practice from theft/ misappropriation of trust fund monies, by directors or employees who hold a valid contract of employment.

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.

It is important to note: The LPIIF does not cover a law firm against the Misappropriation of Trust Funds and instead the directors would remain personally liable. The Legal Practitioners Fidelity Fund provides protection to members of the public and not to the practitioners. It is seen as a fund of last resort which means that it expects the claimant to exhaust all available remedies in an attempt to recover the stolen funds from the practitioner/ firm before approaching the Fund. It is for this reason that directors of the firm may be seen to be jointly and severally liable for the thefts of fellow directors or staff.

FIDELITY GUARANTEE COVER

Fidelity Guarantee Cover indemnifies the Insured (the employer) for the loss of business account funds or property sustained as a direct result of acts of fraud, theft, or dishonesty by an employee in the course of employment.

The Insured can 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

The firm has 2 options on offer:

1) Genoa/Safire offering which covers the insured employee, as stated in the policy schedule, for loss of trust funds up to a maximum of R5,000,000. There is no cover if no verification policy is in place.

2) C3 offering which covers the Insured against the loss of money (business and trust funds) subject to the insured having a verification process in place. Limits of indemnity can be selected between R100 000 and R25 000 000 and the policy will not respond to losses equal to or less than R10 000.

It is important to note: If the C3 option is selected, this is a standalone insurance cover. A separate limit of indemnity and policy wording will be applicable to this section.

Cover is underwritten by Commercial Crime Concepts, a Juristic Representative of Lombard Insurance Company Ltd (FSP 1596).

Premium collection and policy administration will however be attended to by Genoa, on behalf of Safire Insurance Company Ltd (FSP 2092)

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.