GENRIC Insurance Company Ltd’s mission is, through its unique network of underwriting management agencies, to offer innovative insurance solutions.
With the introduction of the Professional Indemnity product, Genric and Quantum Liability Underwriting Managers (Pty) Ltd will offer quality protection at value pricing.
A bespoke solution has been designed specifically for motor dealers and short term financial services providers which will meet their expectations in terms of cover afforded, pricing and service levels.
What Is Professional Indemnity?
The world in which professionals operate is one of ever increasing pressure with demands for quick answers and cost effective solutions. This pressure can lead to errors and omissions by the professional which can and does give rise to claims.
Professional Indemnity (PI) insurance essentially provides the policyholder with indemnity in respect of legal liability arising out of the practice of his (or her) profession. This can arise as a result of negligent acts, errors or omissions. Claims arise in the course of rendering professional services where a fee is earned for advice given.
The Need for PI Cover:
There are a number of factors that have led to the increasing need for Professional Indemnity cover and these include:
- The increasing complexity of products available to consumers / clients
- South Africa now has a body of legal practitioners who see the field of FSP indemnity as a business opportunity and who are developing skills and following international trends in this field much faster than their predecessors
- Increased public awareness of individual rights – introduction of CPA
- Introduction of the FAIS Act No 37 of 2002
- Establishment of the Ombudsman offices (STI and FAIS)
- The Financial Services Provider is ultimately responsible for the conduct of its employees
This is only a guide. The full terms and conditions are contained in the policy wording.