Articles
Why Obstetricians and Gynaecologists Need Medical Malpractice Insurance
Heavy workloads and frivolous claims, has changed what was once a rewarding career of helping women and saving babies. Many obstetricians and gynaecologists say litigation and the profession’s unprofitability when it comes to premiums is what is deterring them from practising. The current claims climate has unfortunate consequences for the society, poor maternal outcomes and a shortage…
Why do I need professional indemnity insurance as a medical practitioner?
Regulations published on 30 August 2010 under the Health Professions Act require private health practitioners practising for their own account to obtain professional indemnity insurance. The insurance must be obtained from an insurer registered under the Short-term Insurance Act. SHACKLETON is a brokerage specialising in the arranging of medical malpractice professional indemnity cover for health…
Curators Appointed in Asset Forfeiture Matters Explained
The National Director of Public Prosecutions may in terms of the Organised Crime Act 121 of 1998 Act apply to court for an order: a) restraining any person from dealing with assets which are suspected to have been acquired in connection with a crime; and b) preserving the assets until the investigation has been finalised.…
When to Notify Your Insurer of a Claim Against Your Professional Indemnity Policy?
In almost all insurance policies, the policy will contain a clause that requires notice of an event which could give rise to a claim or an actual claim to be given ‘immediately’ or as soon as possible’, but not later than 30 days. These clauses are usually inserted under the claims clause and /or in…
What Is a MOTF Insurance Claim?
What Is a MOTF Insurance Claim? An MOTF insurance claim refers to a claim made under Misappropriation of Trust Funds (MOTF) insurance, which is designed to protect legal firms from financial losses caused by the theft or mismanagement of client trust funds by attorneys or authorized staff members Who needs this cover? Attorneys who receive…
What are Court Bonds & How to Get One
A court bond is a suretyship issued by an insurer in favour of the master of the high court for the due and proper performance of the appointee’s obligations and duties towards an estate which he/she is administering. The surety being the insurance company guarantees to pay the master, the obligee, a certain amount if the executor/curator/trustee (the…
The Risk of Doing Nothing!
There is only one big risk you should avoid at all costs, and that is the risk of doing nothing It is the master’s discretion in every estate/curatorship/trust to request security from the person handling the administration of the estate/curatorship/trust. As the guardian of all estates, the master’s job is to protect estate assets from unscrupulous…
What is Professional Liability Insurance and Who Needs It?
Understanding Professional Liability Insurance Professional liability insurance, also known as professional indemnity insurance or errors and omissions insurance, protects professionals against claims of negligence, whether actual or alleged. These claims are typically brought by clients or beneficiaries of your services who believe a mistake, omission, or negligent act caused financial or reputational harm. Why Professionals…
Been Appointed as a Liquidator?
This means a company has either filed for voluntary liquidation or a creditor has placed the company into liquidation and creditors have motivated or endorsed your appointment as liquidator of the company (in liquidation) and the Master having regard to this support received from creditors as well exercising its own discretion, has requested you to…
What Is a Surety Bond? Roles, Costs, and Legal Framework Explained
In South Africa, surety bonds (also called security bonds) are often required by the Master of the High Court before estate administrators (such as executors, curators, liquidators, and trustees) can commence their duties. These bonds serve as a financial guarantee that the appointed individual will administer the estate correctly and in line with applicable legislation.…
Advantages of Using a Brokerage with a National Footprint
In the highly competitive insurance brokerage industry, service delivery is of utmost importance. At Shackleton Risk Management (“SRM”) we are able to provide our services nationally across South Africa. With offices in Johannesburg, Pretoria, Durban, Cape Town, Port Elizabeth, Bloemfontein and Nelspruit and representation in Grahamstown, Kimberley and Mmabatho, we are able to be the…
Who Needs Business Rescue Insurance?
By now you would have heard the term “business rescue”. Chapter 6 of the new Companies Act, 2008 introduced business rescue as a legal mechanism to turnaround South Africa companies in “financial distress” or trading in insolvent circumstances. The Act sets out that this process should be opted for at the first sign of financial…