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The SAIBA Professional Indemnity Programme has been tailor-made with the accounting professional in mind.
In proud association with Aon South Africa (Pty) Ltd(“Aon”), the leading Specialty Insurance Brokers in South Africa, we have structured a unique offering for SAIBA Members to address these risks, at highly preferential rates. The SAIBA PI programme will be insured through the proudly South African insurer, The Hollard Insurance Company (“the Insurer”). Both are registered Financial Service Providers with long track records n professional liabilities.
SAIBA believes that as part of the objectives of the organization, promotion of good business practice and risk management is of paramount importance. Through the collective buying power of the SAIBA, we have been able to secure highly competitive rates with the widest cover and low excesses. For clarity, SAIBA is not purchasing cover on behalf of its members nor for the benefit of members, it has leveraged your scale as a group to bring to you the best offering, with each member receiving their own policy as an individual, should you wish to participate, thus each members cover is not impacted by another’s claims.
Membership participation in the SAIBA Professional Indemnity Programme is strictly voluntary. However, we strongly encourage full participation given the great value at an unbeatable price. Members can now provide the highest level of client assurance that their services are backed by first class protection. We further note that the arrangement with SAIBA has been designed exclusively for member benefit.Start application Download more information
Coverage for all members exists on a worldwide basis with the exception of claims brought under North American jurisdictions (e.g. the United States and Canada). Annual cover includes the cost of legal fees and related expenses.
Members in need of higher-levels of coverage can obtain additional cover via standardized packages. The price for these additional top-up packages again cannot be beaten in terms of value and price.
The SAIBA Professional Indemnity Programme is further designed to ensure that the coverage offered adds value even if members already have compulsory coverage elsewhere via separate individual or group policies. In these scenarios, the SAIBA Professional Indemnity Programme will act as “top-up” cover.
We provide you with 12 months free retroactive cover, to cover all work you have undertaken for 12 months prior to you taking out this cover. Should you require cover further back, you are most welcome to contact Aon and they can arrange this for you at an additional premium. In addition, you are provided with 36 months run off cover in the event of ceasing to practice at no additional charge.
SAIBA Professional Indemnity Programme recognizes that members often create legal entities under which name they operate, and they may include the names of these entities on their cover, provided there are no more than 4 employees under such entity. This is important as the entity may be sued by a third party, not necessarily the member in person, and as such the entity must be a named insured on such policy. Should you operate within a larger company please contact Aon to discuss coverage options and quotes at preferential rates, as this is not accommodated by this programme.
Cover also exists in terms of activities of subordinates and subcontractors.
The SAIBA Professional Indemnity Programme provides for other forms of coverage outside pure professional indemnity insurance. These forms of other coverage consist of protection against claims relating to employee dishonesty, computer crime, public liability, commercial crime, and directors’ / officers’ liability.
The SAIBA Professional Indemnity Programme goes beyond a mere passive offering of insurance. The package specifically includes Legal Risk Management Services via a legal team under the management of Aon. The purpose of these services is to assist insured members in terms of day-to-day legal advice and contract vetting so as to prevent and mitigate potential problems. This assistance is intended to limit the possibility of claims in the first instance. This offering comes with various forms of training, publications and newsletters.
Other services of note consist of support in the case of business identity theft (from Hollard) and in the case of cyber-attacks (from Aon). In terms of the latter, Aon offers a special cyber diagnostic tool (see www.aoncyberdiagnostic.com).
More detailed information is available to members through the member portal.
Should you be unable to access your member profile, please contact firstname.lastname@example.org