Professional Indemnity

Our professional indemnity (PI) policy provides financial protection in the form of defence costs to companies and individuals for their legal liability arising out of claims for damages from third parties due to their actual or alleged negligence, error or omission while providing services to such third parties in the scope of their specific practice, profession or business.

The damages claim made by the third party, as well as any indirect or consequential losses, are also covered by our policy.

Claim examples:

  • Design failure or specification failure
  • Negligent project management
  • Incorrect advice provided by professionals (attorneys, advocates, accountants, actuaries, engineers, architects, IT professionals etc.)
  • An auditor or accountant fails to submit tax returns timeously
  • An estate agent gives house keys to a potential buyer without carrying out proper checks. The potential buyer turns out to be a con man who strips the house of all its valuables
  • An employment agency fails to do the proper background checks before placing a candidate
  • A valuator incorrectly evaluates a property for a bank

Who needs PI?

A person or company that offers a professional service or gives professional or technical advice.

We also provide:

  • Principal-controlled or single project PI cover
  • Scheme or binder facilities for PI cover on professions that have similar characteristics and risk profiles
  • Cover for various extensions that apply to specific industries

Malcolm Padayachee

Malcolm is an admitted attorney and holds a BProc, LLB and ICIBS from the University of KZN. He is a member of the Law Society of the Northern Provinces and the Insurance Institute of South Africa.

Malcolm started his career at the Road Accident Fund, where he was employed as a claims handler on personal injury claims. He then joined Dudley Honey Attorneys, focusing on insurance litigation. Malcolm left Dudley Honey to join the Aon Group, working his way up to the position of head of PI and medical malpractice for Aon South Africa.


malcolmp@itoo.co.za

011 351 5698

Capacity: R500 million

Required: Proposal form or detailed broking notes with an NCD

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