iTOO Professional Indemnity Insurance
About Professional Indemnity Insurance
As a professional in your industry, you’ve worked hard to get to where you are today – whether you’re a doctor or a vet, a lawyer or an accountant. But that doesn’t mean that you won’t be the target for third-party claims against your business, including alleged negligence, errors and omissions. iTOO’s range of professional indemnity insurance products not only cover damage award costs but also the costs incurred in defending you – protecting you against ever-changing risks in an environment where claims are on the rise.
Who is it for?
As a professional in your industry, you’ve worked hard to get to where you are today – whether you’re a doctor or a vet, a lawyer or an accountant. But that doesn’t mean that you won’t be the target for third-party claims against your business, including alleged negligence, errors and omissions. iTOO’s range of professional indemnity insurance products not only cover damage award costs but also the costs incurred in defending you – protecting you against ever-changing risks in an environment where claims are on the rise.
Who is covered?
iTOO’s Professional Liability product offering:
- Accountants, Tax Practitioners and Auditors
- Architects
- Attorneys
- Engineers
- Estate Agents
- Legal Practitioners
- Project Managers
- Quantity Surveyors
Who is iTOO?
iTOO is a special risk insurance provider, operating as Hollard’s preferred underwriter of specialty products. iTOO is a home for UMA’s, niche start-ups, innovators and outside-the-box thinkers.
iTOO's understanding of their customers' businesses, individual and corporate, and their understanding of current and emerging market trends, is what really sets them apart, sharpens their expertise and guides their specialist insurance offering.
iTOO partners with over 900 brokers countrywide and in selected African regions 24/7/365.
iTOO are experts in what they do, so clients can unlock the limitless potential of what they do.
What iTOO does
iTOO finds or creates specialist insurance solutions that are individually tailored to solve problems that discerning clients may have. From cyber insurance to medical malpractice, drone insurance to commercial crime, ITOO uses knowledge from the hottest minds in that industry to ensure that no matter what your business does, the risks you may face are covered.
Why iTOO?
iTOO Professional Indemnity offers bespoke policies that are structured to protect you financially against any actual or alleged negligence, errors or omissions in the scope of your business by not only covering damage awards but also the costs incurred in defending you. Our policy also protects you against indirect or consequential losses, fraud by your employees and a host of additional extensions to suit your business practices.
How to get cover
All iTOO business has to be done via independent brokers so please ask your broker to contact us if you would like to get a quote for your Professional Indemnity.
If you do not have a broker and would like us to recommend possible FAIS-registered brokers trained in our products, please fill in your details on our Find a Broker page.
If you are a broker and would like more details about our cover, please contact one of our product experts.
Questions about Professional Indemnity Insurance?
Call Fiso Thusini on
087 703 0933 or email
fisot@itoo.co.za
Call Angie Dayah on
082 371 8525 or email
anjanad@itoo.co.za
Call Claims on
086 100 4866 or email
itoonewclaims@itoo.co.za
Frequently asked
questions
What does “aggregate” vs. “any one loss” mean?
An aggregate is the maximum amount an insurer will pay per insurance period. Any one loss / each and every claim allows for an unlimited number of claims, where the selected amount of cover is available per claim rather than per year.
What is a retroactive date?
Claims first made against the insured arising from work performed on or after the retroactive date as it appears on the policy schedule will be indemnified in terms of the policy. This date is normally fixed as being the date on which the cover was first taken out and would remain unaltered for the purposes of all future renewals. When cover is first taken, additional retroactive cover may be offered subject to certain conditions and additional premiums, but will not cover any known or pre-existing claims.
Can I be held liable for work I have subcontracted to someone else?
Yes, you will be held liable for a subcontractor's work, as you have appointed them and are responsible for what they do for you and consequently your client. As your client has no contract with them, your client would hold you liable for any damage the subcontractor causes. Your PI policy can respond to this liability if it is a legal liability policy and you include a subcontractor's extension to include cover for your liability flowing from such relationships. Very important, however, is that your subcontractors themselves do not have cover under your policy and they will need their own policy to cover them when you counter-claim against them for the damages they have caused to your client.
I am entering into a Joint Venture, am I covered under my PI?
Yes, you can be covered under your PI if you include a Joint Ventures extension. You will be covered for your participation in the Joint Venture and it must be made clear that the Joint Venture as a group is not covered by your policy.
Do I have enough cover or not? What is enough cover?
It is impossible to scientifically calculate the correct value of cover one should procure for PI insurance, however, there are several factors to consider when deciding on a Limit of Indemnity, some of these are:
- Do you limit your liability in the contract?
- Does your client indemnify you for third-party claims?
- Do your clients require particular PI limits?
- What is the size of the total project I am working on?
- What is reasonably and most likely the single biggest loss you could cause?
- What is affordable for you?
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