The SACAP code of Professional Code of Conduct now requires that registered persons have Professional Indemnity Insurance (“PII”)  and that details of the PII are set out clearly in the terms of the appointment. 

Apart from the legal requirement to have PII, there are very sound reasons to have this cover in place.  As professionals we face ever increasing pressure with demands for quick answers and cost effective solutions. Despite best endeavors, this pressure can lead to errors and omissions which often result in costly arguments. These frequently mean increased costs, loss of time and damaged relationships. These factors, together with the litigious nature of our society underscore the need for PII, both for clients and professionals.

Since 2001 SAIAT has been in discussion with the Insurance Broking and Risk Management Group, Glenrand M.I.B Limited, with regard to the establishment of a PII Scheme dedicated to SAIAT members.  We are now pleased to announce launch of a PII Scheme for SAIAT members.  The essential features of the Scheme are as follows:-

1. As a SAIAT member you would qualify for a 15%discount on market rates.  (This would be subject to any PII claims history experienced by a practice).                 
2. The SAIAT Scheme will be managed by Glenrand M.I.B with representation across the country (details attached).  The Scheme is underwritten by Admiral Underwriting Group on behalf of Santam Limited.
3. Cover is available on an Each and Every claim basis ie. Any claim on any one project would not erode the effective cover for a claim on any other project. Available limits of cover start at R500,000 and go up to R10M.
4. A minimum excess of R10,000 would apply in the event of a claim but this  would only apply in respect of any claim payments and not in respect of legal expenses or defence costs which would be covered by Insurers.
5. The following extensions to the Policy are included at no additional premium:-
   1. Cover in respect of dishonesty of employees.
   2. Sub-contracted duties ie Cover in respect of claims arising from the negligence of a party sub-contracted to your practice.
   3. Cover for the legal costs incurred in recovering outstanding fees.
   4.  Loss of documents cover.
   5. Public Liability cover.