SERVICES & PRODUCTS

Genoa offers niche market Liability products with a focus on solutions for the Legal, Fiduciary, Medical and Business Rescue markets.

As a fully-fledged Underwriting Management agency, we deal with hundreds of different brokerages around the country. Provided our risk criteria are met, there is no policy that is too big or to small for us to deal with..

Professional Indemnity for Attorneys

Genoa offers Top Up Professional Indemnity Insurance to our Attorney clients.

All Law firms enjoy a primary level of Professional Indemnity Insurance through the Attorney’s Insurance Indemnity Fund (“AIIF”). 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, covering the following:

  • AIIF Excess Infill                                               
  • Claims preparation costs                                              
  • Correspondent Attorneys                                           
  • Cyber Liability Extension                                              
  • Defamation Extension                                  
  • Defence Costs to appear before a Statutory Body
  • Investment advice Extension                                    
  • Liability following employee dishonesty                               
  • Loss of Documents                                         
  • Outside Directors & Officers      
  • Sub-contractors

Please don’t hesitate to contact us to discuss options available to you.

Professional Indemnity for Liquidators

Genoa offers a bespoke Professional Indemnity Policy for our Liquidator clients.

We have extensive liquidation experience in the group, and this policy has been designed to protect the needs of our clients. Unlike a PI Policy for Attorneys, where the excess is waived, an excess will apply here in respect of claims.

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

  • Claims preparation costs
  • Defamation Extension
  • Defence Costs to appear before a Statutory Body
  • Liability following employee dishonesty
  • Loss of Documents
  • Sub-contractors

Please don’t hesitate to contact us for more information or to discuss this policy.

Professional Indemnity for Business Rescue Practitioners

Genoa offers a countrywide first: Professional Indemnity Policy, which protects our Business Rescue Practitioner clients in the event that they are found to have been grossly negligent in terms of Section 140(3)(c)(ii) of the Companies Act.

The Policy is designed with the complexities and unpredictability of the Business Rescue environment in mind and is structured in a unique way where the company in rescue is billed for the premium that in turn indemnifies the Business Rescue Practitioner.

Our working relationships with a number of the top business rescue firms and practitioners in South Africa have allowed us to tailor make our product to ideally suit your needs.

Please don’t hesitate to contact us for more information or to discuss this policy.

Fidelity Guarantee for Attorneys, Liquidators, Business Rescue Practitioners & Medical Practitioners

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

The client can elect to take out cover in one of 3 ways:

  • Blanket Basis – covering the firm for all staff members who hold an employment contract
  • Named Positions Basis – only covering people with certain jobs within the organisation, eg accountants, computer personnel etc.
  • Named Persons Basis – covering specific people within the firm

Please don’t hesitate to contact us for more information or to discuss this policy.

Misappropriation of Trust Fund Insurance for Attorneys & Liquidators

Misappropriation of Trust Fund (MTF) Insurance protects our clients against thefts from their Trust Fund account (Attorneys) or from a 394(1)(a) current account (Liquidators) by a Director or employee who holds a valid contract of employment.
 

The client can elect to take out cover in one of 3 ways:

  • Blanket Basis – covering the firm for all staff members who hold an employment contract
  • Named Positions Basis – only covering people with certain jobs within the organisation, eg accountants, computer personnel etc.
  • Named Persons Basis – covering specific people within the firm

Please don’t hesitate to contact us for more information or to discuss this policy.

Medical Malpractice Insurance for Medical Practitioners

We are committed to making a positive contribution to the long term sustainability of the medical sector in South Africa and that is why Genoa introduced a Medical Malpractice solution for Medical Practitioners.Our Claims Made policy is able to provide cover to all medical practitioners registered with the HPCSA (Health Professions Counsel of South Africa).

Our product offers many exciting extensions as well as a 5 year extended reporting period for the notifications of claims after a Practitioner retires, dies or becomes physically incapacitated.

Please don’t hesitate to contact us to discuss options available to you.

Professional Indemnity Insurance For Financial Services Providers

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.

The Policy offers the option of either an aggregate limit of indemnity or an aggregate plus one reinstatement limit. Our rates are highly competitive, and we offer several extensions to the PI policy.

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.

Theft of Third Party Monies Cover

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.

 

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