The legal landscape in which clients live and do business, evolves just as fast as the world is becoming a city. The exposure of clients to the risk of becoming legally liable for loss, damage, injury or death increases as law makers tend to regulate personal and business life to an ever greater extent.
We aim to provide our brokers with a wide suite of flexible insurance solutions to offer their clients against the risk of legal liability. These insurance solutions are provided on the back of excellent reinsurance programmes underwritten by financially strong reinsurers to carry the potentially extreme cost of such claims. Our relationships with the reinsurers also empower us to develop products to address the cutting edge of new legal developments.
GENERAL BROAD FORM LIABILITY INSURANCE on a stand-alone basis
This product incorporates the following:
• Public liability
• Product liability
• Professional indemnity
• Directors and officers liability
• Cyber crime liability
EVENTS LIABILITY over an annual insurance period
ONCE OFF EVENTS LIABILITY
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Professional indemnity insurance is becoming increasingly relevant to business in the SME sector. Ever-expanding regulation increases the rights of clients to claim for negligent acts, breaches of professional duty or errors or omissions arising in the course of providing advice and service to them.
Some professionals do not only act in their professional capacities, but are also subject to duties bestowed on them as directors or officers of the business they work in. They would most likely also not be office bound, but have to render services at clients’ premises. Knowing the reality of the professional’s working environment, we offer a three-in-one solution containing cover for Professional indemnity, Public liability as well as Directors and officers liability.
This solution caters for the following professions:
Accounting practitioners | Legal practitioners | Estate Agents | Managing Agents | Health & Safety officials | Project Managers | Architects | Engineers | Short-term insurance intermediaries | Tourism professionals | Fitness Trainers | Providers of training | Miscellaneous other professionals
DIRECTORS and Officers
Even though Directors and Officers liability insurance is commonly known of in the Short-term Insurance industry, better understanding thereof will underscore the significant exposure to risk which directors and officers of companies are subjected to. The Companies Act (71 of 2008) regulates the establishment and management of companies and its functionaries.
Directors are defined as the members of board. They are responsible to manage the business and affairs of a company. Officers are defined as persons (other than a director) who exercises or regularly participates to a material degree in the management or control of the business and activities of a company. These persons have duties which are bestowed upon them from both the common law as well as legislation.
Common law duties include a duty to:
• exercise care, skill and diligence
• act in the best interest of the company
• act within their delegated powers for a proper purpose
• exercise independent judgement
• avoid conflict of interest between themselves and the company
The Companies act not only sets out these common law liabilities of directors and officers, but codified a significant number of other do’s and don’ts for which both civil and criminal liability could be incurred. Given the ambit of these determinations under the act, it is only wise for any company to protect its directors and officers by taking insurance to cover this very significant risk.
If you are already undertaking, or intend to undertake maintenance, alterations, extensions, building or demolition work at one of your buildings, the Construction Regulations (2014), under the Occupational Health and Safety Act (No 85 of 1993/Act) apply to you.
These regulations apply to all owners of commercial, multi-storey residential and sectional title unit properties and bestow legislated duties and liabilities regarding health and safety upon them. It determines that property owners must appoint only qualified and competent contractors to perform work safely at their properties. Any and all parties can be held legally liable in the event of a death or injury on site.
The onerous duties and liabilities codified in the regulations are unlikely to be covered by “standard Legal liability” sections of policies. In light of this, we offer a specialised product to insure this risks at both private residential buildings and commercially occupied buildings.
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We are available to support and train our broker network to understand and offer our insurance solutions for legal liability risk to their clients.
Please feel free to contact us telephonically or send your enquiry to firstname.lastname@example.org