THE PROFSAVE INNOVATION
CONNECTING YOUR BUSINESS TO FINANCIAL RESOURCES WHEN IN NEED
How the product works:-
Genlib together with IBG Underwriting Managers, on behalf of Renasa Insurance Company, have launched PROFSAVE, an excess waiver product, covering the excess on your Professional Indemnity policy.
PROFSAVE works on a trigger basis, which means that as long as your underlying Professional Indemnity policy responds to a claim, PROFSAVE will cover the excess as stated on the schedule (no inner excess will apply).
Should your claim fall within your excess of the underlying Professional Indemnity policy, IBG will consider the claim so long as there was a ruling from any statutory Ombud or any competent Civil Court within the Republic of South Africa, not exceeding the amount stated on the schedule.
Legal fees are excluded in respect of any claim within your excess and compensation would be for damages only.
An inner excess of 15% will apply in respect of any claim admitted by IBG that falls within your excess of the underlying policy.
Professional Indemnity policy premiums are generally based on your Sum Insured and commission or fee income whereas our rates are not income rated and purely on sum insured bands.
The Minimum limit of indemnity is based on an excess of R 10,000 and we can arrange cover up to a maximum of R 350,000.
We provide cover for Individual FSP’s (up to twenty representatives) and for groups (of more than 20 representatives).
We have negotiated an exclusive rating structure for our broker network, and invite you to refer to the rating guide contained in the Product Booklet for consideration.