Professional Indemnity for Liquidators
Due to the nature of a liquidation court bond, which is effectively a guarantee of the assets under a Liquidators control, Liquidators may find themselves exposed where the Master of the High Court calls up the bond. To assist Genoa offers a bespoke PI Policy for liquidators which will trigger should the Liquidator have been negligent in the performance of his/her duties.
All Law firms enjoy a primary level of Professional Indemnity Insurance through the Legal Practitioners 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 extensive liquidation experience means we’re ideally suited to providing cover for these professionals. Our policy has been designed with the sole purpose of protecting the needs of our clients. Unlike PI insurance for attorneys, where the excess is waived, an excess will apply in respect of claims.
Our rates for Liquidators are highly competitive and, at the Insured’s request, may include extensions which cover the following additional events:
- Claims preparation costs
- Defamation extension
- Defence costs to appear before a statutory body
- Liability following employee dishonesty
- Loss of documents
Our PI insurance policy gives our clients access to professional support from our in-house legal team, who are able to assist with best practice management of their operations. Our in-depth analysis of the South African market has enabled us to provide competitive premiums which are sustainable over the long-term. In addition, we’re able to offer individually risk rated premiums according to our client’s risk profile.
Contact Genoa today to find out more about any of our policies.