Articles

Do Builders Need Professional Indemnity Insurance in South Africa?

Professional indemnity insurance (PII) serves as a protective measure against claims of professional negligence, errors, or omissions in services rendered. It provides financial coverage for legal costs and compensation payments arising from such claims, ensuring builders are safeguarded against potential liabilities. Legal Requirements and Industry Standards: Unlike certain professions where professional indemnity insurance is mandated…

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Understanding the Distinction Between Public Liability and Professional Indemnity Insurance in South Africa

Public Liability Insurance: Public liability insurance safeguards businesses and professionals against claims for injury or property damage caused to third parties while on their premises or as a result of their operations. It covers legal costs and compensation payments if a third party sues for bodily injury or property damage incurred due to the insured’s…

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How to become a business rescue practitioner in South Africa

Embarking on the journey to become a Business Rescue Practitioner (BRP) in South Africa is a pathway filled with challenges, but also immense opportunities to make a significant impact in the corporate landscape. As the country navigates through economic fluctuations and business uncertainties, the role of a BRP has become increasingly vital. This article serves…

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Is Professional Indemnity Insurance Compulsory in South Africa?

Currently, South African law does not universally mandate professional indemnity insurance across all professions. However, certain regulatory bodies and industry associations may require it for specific professions. For instance, professionals like lawyers, accountants, architects, engineers, and healthcare practitioners often face stringent regulatory requirements, which may include compulsory professional indemnity insurance. In the legal sector, for…

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Can I Get Retroactive Coverage With Professional Indemnity Insurance?

Short Answer: Yes, you can get retroactive cover. It’s important to note that various insurers may have distinct criteria or prerequisites concerning retroactive cover and dates. You should canvass this with your broker prior to taking out a PI policy. Retroactive cover is an important aspect of Professional Indemnity (PI) insurance. This type of cover…

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Which Professions Require Professional Indemnity Insurance in South Africa?

While this list is not exhaustive, here are some professions in South Africa that commonly require PI insurance: It is important to note that the requirement for PI insurance may vary based on regulatory bodies, professional associations, contractual obligations, and client demands within each profession. Professionals in these fields should consult with their respective industry…

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What is a Curator Bonis?

Curator bonis is a legal term used in South Africa to refer to a person appointed by the court to manage the financial and legal affairs of someone who is unable to do so themselves due to mental incapacity or other reasons. The curator bonis acts as a legal representative and fiduciary for the person…

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Principal Debtor V Co-Debtor

A principal debtor is a person who is primarily responsible for the repayment of a debt. They are the main borrower or debtor in a financial transaction. This debtor is typically the individual or entity that initially incurs the debt and has the primary obligation to repay it. They are legally bound to fulfill the…

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What Constitutes Medical Negligence?

The following typically constitute medical negligence in South Africa: To establish a claim of medical negligence in South Africa, it is generally necessary to provide expert medical opinion as evidence to demonstrate the breach of the duty of care. This expert opinion is typically provided by another qualified healthcare professional practising in the same field.…

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What Is A Gap In Cover And The Risks?

A “gap in cover” refers to a period of time when insurance coverage is not in effect (i.e. a period in which you are NOT COVERED). It means a break or interruption in the continuity of insurance protection. During this gap, the policyholder is without the benefits and safeguards provided by the insurance policy. Key…

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Understanding Prescription

What is a prescription period? Prescription is a legal principle that sets a time limit for bringing legal claims. It aims to promote legal certainty and prevent claims from being pursued indefinitely. Time Limits for Claims Different types of claims have specific time limits for prescription. It is essential to be aware of these time…

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What is the difference between a short-term insurer and a Mutual organisation that provides professional indemnity cover?

Short-term insurers and mutual organizations that provide professional indemnity cover are two different types of insurance providers that operate in different ways and have different structures. A short-term insurer is a company that provides insurance coverage for a specific period of time, such as a year, and charges a premium for that coverage. Short-term insurers…

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