The next edition of our Leppard Underwriting Newsletter is now available and deals with Attorney’s Professional Indemnity and more specifically, highlighting the importance of having TOP UP cover over and above the AIIF.
This newsletter is focused at Insurance Brokers and the need for them to have proper insurance cover in place.
An Insurance Broker provides specialist advice to their clients and as such, must ensure that they always act in the interests of their clients and maintain a high degree of care and skill.
WHY DO TRAVEL AGENTS & TOUR OPERATORS REQUIRE PI INSURANCE
Professional Indemnity Insurance provides financial protection to Travel Agents & Tour Operators against claims brought against them for alleged negligence or breach of duty arising from an act, error or omission in the performance of their professional services.
All types of businesses no matter the area of speciality have the potential to harm people or property. We find ourselves in an extremely litigious society and thus it is paramount that a business understands it’s risks and ensures it has adequate public liability insurance in place.
Two matters need our attention this month, as they could / will have an impact on the way in which we will do business going forward. What makes it difficult in trying to analyze the impact of these pieces of legislation is that both appear to be interim measures, with no clarity or finality as to their exact application. The legislation we are referring to includes the Financial Intelligence Centre Act (which we briefly looked at in June) and the Financial Sector Regulation Bill.
Although another relatively quiet month on the legislative front, two matters that were published could have a significant impact on all of us, and we therefore need to make a note of them. The first one relates to a Discussion Paper issued by the Department of Home Affairs relating to its repositioning, and the second relates to the intention of the Ministry of Transport to introduce the Road Accident Benefit Scheme Bill.
Yet another relatively quiet month on the legislative front. One could have expected some interest for us, with the Financial Intelligence Centre Act being signed, but the commencement date has not yet been determined, so we’ll leave that for a later date.
Yet another month of little activity on legislation which may impact our industry, although some previously announced amendments came into effect on 1 April 2017. While not having a direct impact on us, those involved in the property industry or who have clients who are involved, should take note of the draft Property Practitioners Bill, which looks at repealing the Estate Agency Affairs Act (see brief note below).
Welcome to the April edition of the Leppard Legislation Watch, after complaining in last month’s newsletter about the amount of legislation that is gazetted each month, and the difficulty in trying to stay up-to-date, this month’s newsletter is relatively short.