Alex Wanj ohi Alex Wanj ohi Managing Director, Uganda Managing - - PowerPoint PPT Presentation

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 Conveyancer Conveyancer

• Attorney, Notary or

Attorney, Notary or 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 i d ti Fid i d ti

• Fiduciary duties

Fiduciary duties

• Statutory provisions

Statutory provisions y p y p

• Errors & mistakes

Errors & mistakes Di t fi i l l Di t fi i l l

• Direct financial loss

Direct financial loss

• 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 ULS

• Any other wrongful act agreed with

Any other wrongful act agreed with 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

• r organisation against an Insured for
• r 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

• rganisation that it is the intention of such
• rganisation 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

• urces of Liability

S

• urces 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