Protects your practice against legal liability for damages (including claimants’ costs, defence costs, fees, and expenses) arising from the performance of professional services, including misappropriation of trust funds.

Misappropriation of Trust Funds protects the practice from theft / misappropriation of trust fund monies by directors or employees.  It is important to note that the LPIIF does not cover a law firm against the Misappropriation of Trust Funds and instead the Directors will remain personally liable.

The broader Professional Indemnity policy wordings available may include:

• Liability following employee dishonesty
• Sub-contracted duties
• Joint venture agreements and/or consortium agreements
• Defence costs to appear before a regulatory / statutory body
• Criminal & Statutory Defence costs
• Defamation
• Loss of Documents
• Court attendance costs
• Mitigation of loss costs / rectification costs
• Innocent non-disclosure
• Breach of confidentiality
• Breach of copyright / intellectual capital
• Additional activities, mergers, or acquisition
• Wrongful arrest
• Claims Preparation costs
• Costs of fee recovery
• Health & Safety agents
• Defects in Contract Works

Commercial crime insurance covers all aspects of first party (employees) and third-party theft.  The broader policies are often extended to include Third-Party Impersonation Fraud Cover against the loss of money (business and trust funds) subject to the client having a two-step verification process in place.

Often referred to as Directors’ & Officers’ Liability insurance and protects the personal assets of a company’s directors and officers from claims arising from decisions and actions taken within the scope of their official capacities.

It is important to note that any third party affected by the decisions of the directors of the company can sue the directors including regulators, shareholders, investors, competitors, employees, business partners, customers, lenders, suppliers and so forth,

Most policies extend to cover past, present, and future directors (including independent directors), officers of a company and employees in a managerial or supervisory capacity.  They also extend to protect the spouses, administrators, and executors of the insured’s estate as well as outside directorships directed by the company.

The policy primarily pays for defence costs and financial losses in the event of a claim. The policy also extends cover to costs incurred during investigations by regulators and public relations expenses.

Notable extensions available include:

• Special excess protection for non-executive directors
• Automatic coverage for new subsidiaries
• Emergency costs cover
• Prosecution costs, bail bond expenses and public relations expenses
• Kidnap response costs

What will you do and who will you call when you become a victim of a cybercrime?

The most important cover offered by a cyber policy are the incident response costs paid for by insurers, (some policies provide this cover with no excess for the first 24 hours following the reporting of the incident) namely the costs of a computer forensics firm to resolve the incident, legal expenses incurred for advise in complying with privacy regulations and the costs of public relations management to protect your reputation from the cyber incident.

Coverage also includes business interruptions, data and systems recovery, cyber extortion, liability coverage including media liability

Other Services & Products available

• Other short-term insurance on an accommodation basis only
• Advice on a two-step verification process
• Two step verification process training
• Two-step verification alignment to your existing insurance policy

Evaluating the efficacy of your existing insurance placement