Liquidators

Liquidator Liability Insurance

PROFESSIONAL INDEMNITY

Genoa Underwriting Managers, on behalf of Safire Insurance Company Limited, offers a bespoke Professional Indemnity Policy for liquidators placed on the Masters National Panel of Liquidators.

The policy offers claims made cover from the ground-up and an excess is applicable in respect of each and every claim.

Our rates are highly competitive, and we offer several optional extensions to the PI policy:

  • Claims preparation costs
  • Defamation
  • Defence cost to appear before a statutory body
  • Liability following employee dishonesty
  • Loss of documents
  • Reinstatements
  • Subcontractors

MISAPPROPRIATION OF TRUST FUND INSURANCE

Misappropriation of Trust Fund Insurance, protects the Insured in respect of any legal liability where a claim arises out of theft/ misappropriation of funds belonging to an insolvent estate by an employee provided that:

  1. funds were held in trust for and on behalf of the insolvent estate in an account opened in terms of Section 394 (1)(a)-(c) of Companies Act 61 of 1973, or Section 70(1) (a)-(c) of Insolvency Act 24 of 1936
  2. property entrusted to the Insured on behalf of the insolvent estate in his / her capacity as appointed liquidator/ trustee of the insolvent estate and not as agent, administrator, or contractor subject to provisos A and B below:
  3. the Insured will not enjoy indemnity against own theft;
  4. not more than one claim shall be made in respect of the same person or in respect of any loss where two or more persons have acted in collusion

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.

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

This cover protects the Insured against the loss of money (business and trust funds) 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 a director, officer, partner, member or sole proprietor of the Insured or other Employee of the Insured; OR a customer, supplier, service provider or adviser, to the insured SUBJECT to the insured having a verification process in place.

Limits of indemnity of between R100 000 and R25 000 000 can be selected and the policy will not respond to losses equal to or less than R10 000.

The Third-Party Impersonation Fraud cover 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.