Topic: The importance of professional Indemnity Insurance and Compliance
Focus areas will be:
- Professionalism and expectation management.
- Minimisation of crime and risk mitigation;
- Caution on acceptance, limitation and management of liability;
- Ethical and Compliance concerns;
- Effect of unfavourable claims history on insurability and premiums; and
For this upcoming webinar, we have invited Professional Indemnity Insurance WarwickScott-Rodger.
The purpose of this webinar is to highlight the importance and availability of PI Insurance to SAIT members. History has taught us that the membership body is not fully aware of PI Insurance as a SAIT membership benefit. Further, it would seem that members are not aware of the ethical and professional compliance implications related to Professional Indemnity from the client and risk management perspective. We also take this opportunity to introduce the members to the newly appointed broker to take members through some of the improvements to this value-added benefit.
Members will be able to engage with the experts in a Q&A session to ensure alignment following this welcome change, which will bring more value to the members.
We will also touch on the PI Insurance benefit extended to SAIT members:
Cover adjustability based on:
- Portfolio, client base and company size (gauges to potential liability)
Various liability trends and pitfalls in practice:
- Personnel misconduct and negligence attributed to a member;
- Missing deadlines on returns and e-filing transgressions;
- Inappropriate disclosures and confidentiality breaches;
- Appropriate referral of work to colleagues; and
- Strict adherence to agreed contractual mandate and scope of work, and necessary variation clauses for additional work.
Connecting PI Insurance considerations to Engagement Letters in terms of:
- Provisions knitted into engagement letters for limitation of liability;
- Enforceability of damages claims (hark back to what SAIT PI Insurance covers – court ordered legal fees, attorney fees, 3rd party liability compensation etc.);
- Proper and reasonable management and alignment of expectations; and
- Cover limits and thresholds (individual and corporate insurance).
