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Professional Indemnity insurance exclusive to BAP(SA) designation holders.

A Professional Indeminty (PI) policy specifically designed to protect the liability a Business Accountant in Practice (SA) may unintentionally incur when providing professional services for a fee.

Professional indemnity insurance, often referred to as professional liability insurance or PI insurance, covers legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded, if you are alleged to have provided inadequate advice, services, or designs that causes your client to lose money.

The CIBA Accountants PI policy covers, in a nutshell:

  • Legal Defence Costs incurred in defending a claim, allegation, or accusation, plus,
  • Compensatory Damages should the case be proven against the Practitioner

The exact cover details are only included in the Policy Document. The information on this page is for illustration purposes only, and cannot be relied upon.

The CIBA PI cover is managed and insured as follows:

  • Broker: First Equity Professional Liability ("FEPL"), a leading Specialty Insurance Broker in Southern Africa, Africa and Indian Ocean Islands, have structured a unique offering for CIBA Members to address PI risks, at highly preferential rates.
  • Insurer: The CIBA PI programme will be insured through the proudly South African insurer, Western National Insurance Company Insure ("the Insurer"). Both FEPL and Western National Insurance Company Insure are registered Financial Services Providers with long track records in professional liabilities.
  1. Professional Indemnity:
    • Limits of indemnity: R 5,000,000.00. Each and every cliam and in the annual aggregate.
    • Deductible: R10,000. Each and every claim.
  2. Public Liability:
    • Limits of indemnity: R 5,000,000.00 - Each and every cliam and in the annual aggregate.
    • Deductible: R 5,000.00 - Each and every claim.
  3. Extensions included in premium:
    • Sub-Contracted Duties:
    • Cover: R 250,000.00
      Excess: R 5,000.00
    • Liability Following Employee Dishonesty:
    • Cover: R 100,000.00
      Excess: R 1,250.00
    • Loss of Documents:
    • Cover: R 100,000.00
      Excess: R 1,250.00
    • Claims Preparation Costs:
    • Cover: R 1,000,000.00
      Excess: R 1,250.00
    • Defamation Cover:
    • Cover: R 100,000.00
      Excess: R 1,250.00
    • Statutory Defence Costs:
    • Cover: R 100,000.00
      Excess: R 1,250.00
    • Wrongful Arrest:
    • Cover: R 100,000.00
      Excess: R 1,250.00
  1. Not automatic

    Cover is not automatic and only applies if a BAP(SA) has registered for the PI directly with FEPL

  2. Individual cover

    CIBA is not purchasing cover on behalf of its members nor for the benefit of members, it has leveraged the scale of the CIBA group to obtain 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.

  3. Payment of fees

    CIBA pays the PI cover on your behalf from your membership contribution to CIBA

  4. World-wide excluding North America and Australia

    Coverage for all members exists on a world-wide basis with the exception of claims brought under the North American jurisdictions

  5. Additional cover

    Members in need of higher-levels of coverage can obtain additional cover via standardized packages.

  6. Cover registration form

    Log in to your online profile, confirm you are in good standing, and complete the CIBA FEPL registration form.

  1. Insolvency and Liquidations.

    With the increasing number of business facing insolvency and/or going into Business Rescue the Accountants, Liquidators and BR Practitioners are facing increased scrutiny from Regulators, creditors and other Parties who are facing non-payment of debts due to them.

  2. Tax

    The Revenue Authorities and any other Body authorized to collect taxes, duties, rates etc. with the economic downturn are seeing huge reductions in collections and are therefore focusing intesnely on assessments, collections, any form of avoidance or "schemes" to reduce payments. Qualifying insurance premiums, investments and benefits are also subject to careful scrutiny.

    VAT payments and claims are another source of potential claims against accountants.

  3. Valuations

    Valuations of Businesses including tax liabilities are a constant source of potential claims against accountants particularly in M&A and Disposal type transactions. Accountants are often pressured by both Parties to provide favourable valuations that suit their interests.

    In difficult economic times it is often very difficult to estimate how a company will perform.

  4. Assurance

    This continues to be the largest potential cause of claims against accountants. Claims arise from shareholders, investors, stakeholders who may believe their interests have not been adequately protected.

    With the significant increase in crime and fraud there is even more pressure on the Practitioners to detect any wrongdoing.

  1. Contact details

  2. Cover form

Yes! Give me Professional Indemnity

Login to your online profile, confirm you are in good standing, and complete the application.

Alternatively send an email to wendym@saiba.org.za with the subject line: "Professional Indemnity Insurance".