Uganda Law Society Uganda Law Society Professional Indemnity - The Risk, Loss Prevention & Insurance Loss Prevention & Insurance Thursday August 26 2010 Thursday, August 26, 2010
• • Individual Non Individual Non-Practicing Advocates Individual Non Individual Non Practicing Advocates Practicing Advocates Practicing Advocates • Practicing Sole Proprietorships Practicing Sole Proprietorships • Corporate Firms Corporate Firms Alex Wanjohi Alex Wanjohi Managing Director, Uganda Managing Director, Uganda 2 Thursday, August 26, 2010 ULS Professional Indemnity Presentation
10 R 10 Reasons to Invest in PI Cover… 10 Reasons to Invest in PI Cover… 10 R t t I I t i t i PI C PI C 1 1. Responsibility Responsibility 2. It is a mark of respect for your profession 3 3. To err is human To err is human 4. Clients deserve and demand protection 5. Protection of personal and family assets p y 6. Requirement in International and local contracts 7. East African Community 8. Requirement for ULS membership 9. Defence costs for unsuccessful suits 10.Other liability covers exclude Professional Liability 10 Oth li bilit l d P f i l Li bilit 3 Thursday, August 26, 2010 ULS Professional Indemnity Presentation
Wh t i Wh t i What is covered… What is covered… d d • Acts of negligence, errors and omissions • Defence against s bstantiated and Defence against substantiated and unsubstantiated ns bstantiated claims for damages • • Fraudulent and criminal actions of employees Fraudulent and criminal actions of employees • Loss of documents (incl. electronic data) • Compensation for court appearances Compensation for court appearances • Libel & slader 4 Thursday, August 26, 2010 ULS Professional Indemnity Presentation
T T Top 10 Loss Prevention Tips… Top 10 Loss Prevention Tips… 10 L 10 L P P ti ti Ti Ti Tip # 1 – Don’t Get Caught in the “Time Trap” Ti # 1 D ’t G t C ht i th “Ti T ” Tip # 2 – Avoid Conflicts of Interest Tip # 3 – Properly Screen Potential Clients Ti # 3 P l S P t ti l Cli t Tip # 4 – Clear Lines of Communication With Clients Tip # 5 Tip # 5 – Know the Law and Apply it Properly Know the Law and Apply it Properly Tip # 6 – Document, Document, Document Tip # 7 – Focus on the Workplace Tip # 7 Focus on the Workplace Tip # 8 – Don’t Ignore Risk Third Parties Pose Tip # 9 Tip # 9 - Avoid Needless Fee Disputes Avoid Needless Fee Disputes Tip # 10 – Don’t Assume You Won’t Get Sued 5 Thursday, August 26, 2010 ULS Professional Indemnity Presentation
Th Th Thank You & End… Thank You & End… k Y k Y & E d & E d 6 Thursday, August 26, 2010 ULS Professional Indemnity Presentation
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