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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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Why do I need a professional indemnity policy?

As a professional, you provide advice, services, or expertise to your clients or customers. However, there is always a risk that your clients may suffer a financial loss, injury, or damage as a result of your professional services, which could lead to a claim or lawsuit against you. A professional indemnity policy provides you with…

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What to do when you receive a letter of complaint and/or summons?

If you receive a complaint or summons, it is important to take immediate action to protect your interests. Here are some steps to consider: Remember, the specific steps you need to take may depend on the circumstances of your case (including what your insurer’s policy wording states). It is important to consult with your insurance…

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What limit of indemnity do I need as a specialist doctor?

The limit of indemnity you need as a specialist doctor in South Africa will depend on several factors, including: Medical malpractice insurance policies offer limits of indemnity ranging from R1 million to R50 million or more. However, it is important to note that higher limits of indemnity may be required for certain specialties or practices,…

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Common claims for surgeons

Surgeons are often subject to medical malpractice claims, which can be financially devastating for both the surgeon and their practice. Common claims for surgeons in the insurance industry include: It is important for surgeons to have comprehensive medical malpractice insurance coverage to protect against these and other potential claims. A qualified insurance broker can help…

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Why is having a local South African med-mal broker preferable?

Having a local South African medical malpractice broker can be preferable for several reasons: Overall, having a local South African medical malpractice broker can provide you with the local knowledge, personalized service, and accessibility that you need to find the right coverage for your medical practice. While a broker who is not a local broker…

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Is an Occurrence Based product better than a Claims made product?

Whether an occurrence-based product is better than a claims-made product depends on a variety of factors, including the nature of your business, your risk profile, and your budget. Occurrence-based policies provide coverage for incidents that occur during the policy period, regardless of when a claim is made. This means that if an incident occurs during…

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Why it is important to annually review your current Medical Malpractice Cover limits and scope of cover?

It is important to annually review your current medical malpractice insurance coverage limits and scope of cover for several reasons: Overall, an annual review of your medical malpractice insurance coverage can help ensure that you have the right coverage in place to protect your practice and your patients. It can also provide peace of mind…

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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…

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Contemplating an application for the sequestration of a debtor’s estate in terms of the Insolvency Act?

An application may be launched in the High Court to sequestrate the estate of the insolvent if the creditor has a claim of R 1000 or more against the debtor. This figure hasn’t been increased for some time since the enactment of the Insolvency Act in 1936. However we can imagine only those persons with…

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