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.
- 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