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.
As has been the case for a number of years, a large amount of proposed legislation was published just before or during the annual festive break, when most businesses are closed and cannot react to calls for comment. So much for adequate consultation as in many instances the comment deadline was the end of January 2019! In any case, here are some of the highlights (?) of the legislation that one will need to consider in our business going forward.
Leppard Legislation Watch Newsletter September 2018
Welcome to a new format of the Leppard Legislation Watch newsletter. Going forward, the newsletter will be divided in to two sections: Legislation that YOU need to be aware of, which may be analysed in some detail, and in the second section, legislation that YOUR CLIENTS may need to be aware of, which we will merely list. We trust that you will find this new format useful and informative.”
There have been some interesting legislative developments over the last month or so, but as is the case so often, a lot of proposals have been forthcoming but nothing concrete. This applies in particular to the proposed amendments to the Medical Schemes Act and the introduction of the National Health Insurance Bill. In a similar vein, the proposed National Minimum Wage Bill is also keeping us waiting. Without being able to comment sensibly on these proposed pieces of legislation, this month’s Leppard Legislation Watch lists some of the matters we will need to monitor going forward.
A fairly quiet two months, with nothing that exciting to grab our attention. Probably just as well, as we should all be hard at work getting the new FAIS and Fit and Proper requirements in place, as well as the Policyholder Protection Rules.
This month we remind you of some matters that are about to come into operation. We first drew your attention to these issues late last year, and by now you should have familiarised yourselves with them. If you haven’t and this newsletter is a wake-up call for you, then speak to your compliance officer as soon as possible.
A little late to comment, but the FSB has gazette a second round of comment for the draft policyholder protection rules. Also, some administrative regulations for the yet to be implemented Protection of Personal Information Act (POPIA) for us to take note of.