Professional Indemnity Insurance
What is the difference between a claims made and an occurrence based cover?
Claims-made coverage and occurrence-based coverage are two different types of liability insurance policies that provide coverage for different time periods and under different circumstances. A claims-made policy covers claims that are made against the insured during the policy period, regardless of when the underlying incident occurred. This means that the policy will only cover claims…
What is the importance of a retroactive date when taking out claims made coverage?
A retroactive date is an important component of a claims-made insurance policy. Claims-made coverage is a type of liability insurance that covers claims made against the insured during the policy period, regardless of when the incident that led to the claim occurred. The retroactive date is the date on or after which an incident must…
Why do I need a liability insurance broker in South Africa?
Professional liability insurance is a vital part of running a business, so it’s important to get the right cover for your profession. A liability insurance broker has experience in different types of professional insurance and risk management. A liability broker will work closely with you to identify the risks which your business faces, and they…
Everything you need to know about a ‘Claims-Made’ Policy
There are two key features of a claims-made policy. Firstly, the policy limits coverage to claims first made during the policy period. A claim is typically “made” on the date that you notify your broker or the Insurer. A claim made before the policy inception date or after the expiration date is not covered unless…
What is a reportable circumstance and what is a claim?
A reportable circumstance is any occasion when the Insured first becomes aware of any of the following: an intimation of a possible claim for damages, including correspondence intimating that the Insured was at fault in relation to performing any service or is liable for costs incurred or losses suffered by a third party; or the…
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…
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…
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…
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…
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