Professional Indemnity for Intermediaries
As an Insurance Broker you need a minimum of R 1 000 000 Professional Indemnity cover (as stipulated by the Financial Services Board).
If you are alleged to have provided inadequate advice to a client, professional indemnity insurance provides cover for the legal costs and expenses in defending the claim, as well as compensation payable to your client to rectify the mistake.
Regardless of how many years experience your business may have, there is always the possibility you (or one of your team) could make a mistake.
The Genlib Professional Indemnity policy will cover you against:
- Negligent errors, negligent omissions
- Negligent wrongful act
- Negligent breach of professional duty or contract
- Breach of respective warranty
- Breach of trust committed in good faith
- Defamation or injuria
- Loss or damage to any documents assigned to the insurance broker
- Related defence costs
- Any other costs incurred in mitigating or preventing a claim that is likely to occur
- Retroactive cover
- Fidelity cover for employees and directors
- Direct financial loss arising from employee dishonesty for your own money and property
- Third party documents or property
Insured through Lombard Insurance