Uganda Law Society Uganda Law Society Professional Indemnity - The - - PowerPoint PPT Presentation

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 Practicing Advocates Individual Non Individual Non Practicing Advocates Practicing Advocates

• Practicing Sole Proprietorships

Practicing Sole Proprietorships

• Corporate Firms

Corporate Firms Alex Wanjohi Alex Wanjohi Managing Director, Uganda Managing Director, Uganda

ULS Professional Indemnity Presentation 2 Thursday, August 26, 2010

10 R t I t i PI C 10 R t I t i PI C 10 Reasons to Invest in PI Cover… 10 Reasons to Invest in PI Cover…

1 Responsibility

• 1. Responsibility
• 2. It is a mark of respect for your profession

3 To err is human

• 3. 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 Oth li bilit l d P f i l Li bilit 10.Other liability covers exclude Professional Liability

ULS Professional Indemnity Presentation 3 Thursday, August 26, 2010

Wh t i d Wh t i d What is covered… What is covered…

• Acts of negligence, errors and omissions

Defence against s bstantiated and ns bstantiated

• Defence against substantiated and unsubstantiated

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

ULS Professional Indemnity Presentation 4 Thursday, August 26, 2010

T 10 L P ti Ti T 10 L P ti Ti Top 10 Loss Prevention Tips… Top 10 Loss Prevention Tips…

Ti # 1 D ’t G t C ht i th “Ti T ” Tip # 1 – Don’t Get Caught in the “Time Trap” Tip # 2 – Avoid Conflicts of Interest Ti # 3 P l S P t ti l Cli t Tip # 3 – Properly Screen Potential Clients Tip # 4 – Clear Lines of Communication With Clients Tip # 5 Know the Law and Apply it Properly Tip # 5 – 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 Avoid Needless Fee Disputes Tip # 9 - Avoid Needless Fee Disputes Tip # 10 – Don’t Assume You Won’t Get Sued

ULS Professional Indemnity Presentation 5 Thursday, August 26, 2010

Th k Y & E d Th k Y & E d Thank You & End… Thank You & End…

ULS Professional Indemnity Presentation 6 Thursday, August 26, 2010