Misappropriation of Trust Fund Insurance
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…
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…
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…
Why Shackleton Top-Up Indemnity Insurance for Professionals?
WHY SHACKLETON TOP-UP INDEMNITY INSURANCE FOR PROFESSIONALS? The limit of professional indemnity cover for negligent acts, errors or omissions committed by legal practitioners offered by the AIIF is limited in its amount annual and scope. The limit is determined by the number of directors of the firm meaning the smallest amount of cover is offered…
The importance of misappropriation of Trust Fund and Professional Indemnity Insurance for attorneys in South Africa
There has been an increasing prevalence of misappropriation (theft) of funds from attorneys’ trust accounts in these difficult economic times. Stories of attorneys who cannot account for trust funds abound; and the Law Societies are inundated with complaints. This highlights the importance of Misappropriation of Trust Fund coverand Professional Indemnity Insurance for attorneys. Many attorneys erroneously believe that…