SAIT PROFESSIONAL INDEMNITY PROGRAMME
I. Essential Offering
The SAIT Professional Indemnity Programme provides a unique offering for the benefit of SAIT members so members can mitigate their legal claims risk at highly preferential rates. Tax professionals and tax technicians simply cannot obtain a better combination of value and price in terms of competing local professional coverage. This programme is being offered in proud association with Aon South Africa (Pty) Ltd (“Aon”) and Hollard Insurance Company (“Hollard”). Aon is a leading specialty insurance brokerage, and Hollard is a world class insurer.
II. Basic Coverage
Members with a general / master level designation will receive the above amounts of annual cover in terms of full professional indemnity coverage. Tax technician members will receive the above amounts of annual cover in terms of claims solely associated with tax-related services. Coverage for all sets of members exists on a worldwide basis with the exception of claims based on legal jurisdictions within North America (e.g. the United States and Canada). All of the above forms of coverage provide protection when a member pays compensation as well as legal fees and related expenses.
III. Indirect Claims
The SAIT Professional Indemnity Programme recognizes that claims do not always directly arise between the SAIT member service-provider and the client. Claims may exist against a member who is an employee / owner of a company service-provider as opposed to a claim made directly against the member. To protect members against this risk, the entity itself will be included in the cover if a member is practicing under the name of a legal entity as long as the owners of that entity do not exceed four persons (please contact the insurer if the need extends beyond this limit). Claims protection also exists in terms of activities of subordinates and subcontractors.
IV. Other Forms of Coverage
The SAIT Professional Indemnity Programme provides for other others 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.
V. Related Service Offering
The SAIT 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.
VI. Policy Exclusions (What is Not Covered)
VII. Policy, Administration and General Insurance Contact Information
* * * CLAIMS NOTIFICATION * * *
In order to access the SAIT Professional Indemnity Programme, insured members must properly notify Aon (the broker) so that claims can be properly managed
PRIME WARNING : Avoid LATE NOTIFICATION. Members are at risk of a claim being repudiated if that member fails to notify Aon of claims as soon as the member becomes aware of an incident.
Once the tool has been completed you can expect:
Aon Contact – Claims Notifications and Queries