Welcome to the AIIFWelcome to the Attorneys Insurance Indemnity Fund (AIIF) The AIIF was incorporated by the Attorneys Fidelity Fund (AFF) as an association not for gain in terms of Section 21 of the Companies Act. The main objective of the AIIF is to provide professional indemnity insurance cover to all legal practitioners (see “The Policy”) and is managed by Glenrand MiB. The insurance cover is provided at no cost to practitioners and we believe that this facility is quite unique in that we know of no other jurisdiction elsewhere where cover is provided cost free. The cover is purchased on behalf of practitioners by means of an annual premium which is paid by the AFF. The AIIF's Board of Directors consists of Mr E. M. Southey (Chairman), Mr MJ Husain, Mr AW Mansfield (Managing Director), Mr MA De Roos, Ms A Tate, Mr AFW Peters, Mr CP Fourie, Mr EA Moolla, Ms HK Dlepu.
Special Alert!Currency Translation With the volatility of various currencies, and particularly the weakening of the South African Rand last year, several practitioners have been faced with claims from clients and/or third parties arising from transactions denoted in foreign currency. Practitioners are advised to ensure that detailed instructions are obtained from the relevant parties before payment instructions are executed in such transactions. In particular where a liability or payment is denoted in a foreign currency the time line between the receipt of payment in South Africa and the date of the actual payment can give rise to a significant liability on the part of practitioners who are advised to take every measure to indemnify themselves against such a possibility.
Registered Offices5th Floor, Waalburg Building, 28 Wale Street, Cape Town
P.O. Box 3062, Cape Town 8000, Docex 149
Tel (021) 422 2830 Fax (021) 422 2990
E-mail:
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Website: http://www.aiif.co.za Chairmans ReportFor the year ended 31 December 2009 in Adobe Acrobat PDF format |
