Alex Wanj ohi Alex Wanj ohi Managing Director, Uganda Managing Director, Uganda
Who is a Professional? Who is a Professional? • Special skills Special skills • Skilled advice and / or service Skilled advice and / or service • Established discipline Established discipline
The Profession The Profession • Attorney Notary or • Attorney, Notary or Attorney Notary or Conveyancer Attorney, Notary or Conveyancer Conveyancer Conveyancer • Attorney acting as Trustee, Insolvent • Attorney acting as Trustee Insolvent Attorney acting as Trustee Insolvent Attorney acting as Trustee, Insolvent Estate or Liquidator of Companies, and an Estate or Liquidator of Companies, and an Executor or Administrator of a deceased Executor or Administrator of a deceased Executor or Administrator of a deceased Executor or Administrator of a deceased estate estate
Why Professional Why Professional Indemnity Insurance? Indemnity Insurance? • Skill and care Skill and care • Fid Fiduciary duties Fid Fiduciary duties i i d ti d ti • Statutory provisions Statutory provisions y p y p • Errors & mistakes Errors & mistakes • Direct financial loss Direct financial loss Di Di t fi t fi i l l i l l • Peace of mind Peace of mind
Professional Indemnity Cover Professional Indemnity Cover • Scope of Cover Scope of Cover – – Wrongful Act Wrongful Act Professional civil (legal) liability Professional civil (legal) liability Defence costs Defence costs
Wrongful Act Wrongful Act • Actual or alleged breach of duty Actual or alleged breach of duty • • Breach of trust Breach of trust Breach of trust Breach of trust • Neglect, error, misstatement, omission Neglect, error, misstatement, omission • • Breach of warranty of authority Breach of warranty of authority Breach of warranty of authority Breach of warranty of authority • Defamation Defamation • • Any other wrongful act agreed with Any other wrongful act agreed with ULS Any other wrongful act agreed with Any other wrongful act agreed with ULS ULS ULS
The Claim The Claim • Any suit or proceeding brought by any person • Any suit or proceeding brought by any person Any suit or proceeding brought by any person Any suit or proceeding brought by any person or organisation against an Insured for or organisation against an Insured for monetary damages monetary damages monetary damages monetary damages • Any written demand from a person or • Any written demand from a person or Any written demand from a person or Any written demand from a person or organisation that it is the intention of such organisation that it is the intention of such person or organisation to hold one or more person or organisation to hold one or more person or organisation to hold one or more person or organisation to hold one or more Insured responsible for the results of any Insured responsible for the results of any specified wrongful act specified wrongful act specified wrongful act specified wrongful act
Defence Costs Defence Costs Reasonable and necessary fees (including legal Reasonable and necessary fees (including legal Reasonable and necessary fees (including legal Reasonable and necessary fees (including legal fees), costs and expenses incurred with the fees), costs and expenses incurred with the written consent of Insurers resulting solely written consent of Insurers resulting solely written consent of Insurers resulting solely written consent of Insurers resulting solely from the investigation, adjustment, defence from the investigation, adjustment, defence and appeal of any claim against the Insured and appeal of any claim against the Insured and appeal of any claim against the Insured and appeal of any claim against the Insured
Indemnity Limit Indemnity Limit • The total (maximum) liability agreed with the The total (maximum) liability agreed with the Insurer Insurer • For all claims, including claimants’ costs, fees For all claims, including claimants’ costs, fees and expenses and defence costs and expenses and defence costs • During the Period of Insurance During the Period of Insurance
What is not covered? What is not covered? • The deductible The deductible • Misappropriation of money and/or other property Misappropriation of money and/or other property • Illegal personal profit not legally entitled Illegal personal profit not legally entitled • Dishonest or fraudulent act Dishonest or fraudulent act • Fund management in contravention of the Fund management in contravention of the Banking Act Banking Act • Liability governed by the WC Act of Uganda Liability governed by the WC Act of Uganda
What is not covered? What is not covered? • • Trading losses or trading liabilities Trading losses or trading liabilities Trading losses or trading liabilities Trading losses or trading liabilities • • Liability covered by any other insurance Liability covered by any other insurance Liability covered by any other insurance Liability covered by any other insurance • • Liability from actions related to fund Liability from actions related to fund Liability from actions related to fund Liability from actions related to fund management management • Liability determined in USA, Canada or Liability determined in USA, Canada or Australia Australia Australia Australia
S S ources of Liability ources of Liability • Missing a Filing Missing a Filing • Allowing a statute of limitation to run out Allowing a statute of limitation to run out • Typographical errors in a will or a contract Typographical errors in a will or a contract • Malicious Prosecution Malicious Prosecution • Inadequate representation Inadequate representation • Erosion of Privacy Erosion of Privacy
Cover Trigger Criteria Cover Trigger Criteria • Area of specialization Area of specialization • No. of staff No. of staff – – qualified & unqualified qualified & unqualified • Previous work history Previous work history • Annual fees generated Annual fees generated • Indemnity limit required Indemnity limit required • Amount of excess to be borne Amount of excess to be borne
Thank You & End Thank You & End
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