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Is your cover enough?





The cover provided by your PI Master Policy may be insufficient for your practice’s need.




1. Should you wish to increase your limit of indemnity, then you would need to contact a reputable broker to advise you on and arrange so-called “top-up” cover for your firm.


2. Your broker should be able to guide you as to which other cover you might need to ensure that you are indemnified against circumstances which are not indemnified in terms of the AIIF policy.


3. Your attention is specifically drawn to AIIF PI Master Policy read (Policy Document ) All claims arising out of the theft of trust money are excluded from cover.


One of the most common misconceptions held by practitioners, is that they themselves enjoy indemnity through the AFF for their/their staff’s misappropriation of trust money. The Fidelity Fund is a fund of last resort, which means that a claimant first needs to exhaust all remedies against the partners/directors of the practice before the Fund comes to his/her assistance.

It is therefore essential that all practitioners with trust accounts carefully consider the risks of failing to buy cover for misappropriation of trust money through a broker on the open market.


4. You may also consider buying Fidelity Guarantee cover for the loss of money or property sustained by the business/practice as a direct result of fraud, dishonesty or theft by an employee in the course of employment