Legal & Accounting

Legal & Accounting

The legal and accounting professions are particularly vulnerable to claims that may be made against them for professional negligence because lay-people are often so heavily reliant on the advice and services provided by these professions.

Your professional indemnity insurance can be structured to include public liability cover, cover for defamation, unintentional breach of trust, confidence and privacy, breach of intellectual property, claims arising out of employee dishonesty and statutory and criminal defence costs cover which would include cover for regulatory body inquiries into your conduct related to your professional services.

The Attorneys Fidelity Fund Professional Indemnity Insurance Scheme (‘the Scheme’) offers free but limited cover to all attorneys practicing in South Africa. Very often the limits offered are not adequate if you properly assess the potential quantum of the claims that may be made against you. We can assist you in obtaining ‘top-up cover’ over and above the cover you have with the Scheme.

Attorneys should also be aware that:

  1. All claims arising out of the theft of trust money are specifically excluded from the cover provided by the Scheme.
  2. The Attorneys Fidelity Fund (‘the Fund’) is what is known as a ‘fund of last resort’. This means that it will only come to the aid of a person who claims against it if they are able to prove that they have exhausted all other legal remedies against the partners/directors of the practice first.

We can assist you with a combined professional indemnity and fidelity policy which would cover these exposures.

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

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Legal & Accounting

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