Building Industry Professionals

Building Industry Professionals

When you render professional services and advice, you are exposed to claims against you arising out of allegations of professional negligence. In most cases your clients will require proof from you that you have professional indemnity insurance in place.

While it is standard practice to limit liability, a claim and attendant legal costs could still run into millions of rands. There are many other factors which need to be considered, for example, that the limit of liability agreed to between you and your client would be contractual in nature and therefore not binding on 3rd parties like successive owners, and as such would be worthless without a concomitant indemnity from your client against claims made by 3rd parties.

Your professional indemnity insurance policy can be structured to include cover for claims arising out of employee dishonesty, defamation, joint ventures, construct and design projects, sub-contracted work and public liability. Cover for loss of documents, court attendance costs, prior to hand-over costs, statutory defence costs and fee recovery costs can also be included under your professional indemnity policy.

If you would like us to obtain quotes for your consideration, please contact us at info@cfpbrokers.co.za.

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Building Industry Professionals

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