Our Products

Liquidation Bonds of Security for Liquidators and Trustees

All liquidation bonds are written on ABC Insurer paper, with ABC Insurer being on the Master’s national panel of recognised insurers. ABC Insurer issues guarantees totalling billions of Rands annually to leading liquidators around South Africa and have the ability to arrange capacity for even the largest estates in the country.

LawSure understands that service delivery time is integral to assisting liquidators in obtaining immediate certificates of appointment; as a result a LawSure representative will timeously issue and deliver a Bond of Security on the day of your appointment.

Automatic Short-Term Insurance Cover

No liquidator welcomes the prospect of uninsured assets vesting in them as liquidator. To this end, LawSure has negotiated short-term cover with      Insurance Company, South Africa. This cover provides liquidators with a policy guaranteeing a specific level of cover that      Insurance Company will automatically hold in respect of any assets vesting in you for a period of 14 days from the date of your appointment, provided that ABC Insurer has issued the Bond of Security.

General Short-Term Insurance Cover

Within the aforementioned 14-day period, a LawSure consultant will be available to discuss your short-term insurance requirements at your convenience and to convert the hold cover policy into the appropriate long-term arrangement.

A LawSure broker will assess the assets forming part of the insolvent estate, after which a proposal as to which cover is required, will be delivered. All LawSure brokers are FAIS compliant and are consequently positioned to provide you with insightful, professional service.

Professional Indemnity (PI) Insurance for Attorneys, Liquidators and Trustees

Attorneys’ Professional Indemnity Insurance -

LawSure Professional Indemnity (PI) insurance cover for admitted attorneys provides ‘top up’ insurance, addressing the shortfall between the automatic PI cover offered by the Attorneys Insurance Indemnity Fund (AIIF) and their potential Professional Indemnity cover requirements. The AIIF provides attorneys operating in South Africa with automatic PI cover of between R 1.25 million and R 2.5 million, dependent on the number of Partners / Directors within their firm.

As a result of the fact that the amount of this Professional Indemnity is automatically determined as a function of the number of partners in the law firm, we find that it is seldom sufficient to adequately circumvent all risks faced in the legal profession today. Prudent risk management therefore dictates that attorneys should take out top-up cover for claims in excess of the automatic threshold. Top-up cover is invariably necessary for law firms that represent corporate clients, who will typically request proof of adequate Professional Indemnity cover prior to contracting with the firm, or for law firms wishing to be placed on the major banks’ conveyancing panels.

Liquidators’ Professional indemnity Insurance -

In addition LawSure offers a Professional Indemnity policy catering for the requirements of liquidators and trustees. Historically the rates applied for liquidators and trustees in respect of professional indemnity insurance have been determined using the same rating scale as that applied for attorney cover. As liquidators and trustees offer services differing from those offered by attorneys, the result is that insolvency practitioners have in the past often been penalised for a range of services which fall outside the scope of their business, characteristically conveyancing, commercial work, litigation and MVA. Our Professional Indemnity (PI) cover takes these considerations into account and is therefore tailor-made for insolvency practitioners. The end result is that this product is significantly less costly than similar cover offered by our competitors.

This Professional Indemnity insurance product for attorneys and liquidators can be taken out individually, or in combination with the Misappropriation of Trust Funds and Fidelity guarantee Insurances; LawSure recommends that you give serious consideration to taking out all the products mentioned above. Please ask your broker to discuss the benefits of this combined policy with you.

Should you be interested in Professional Indemnity (PI) Insurance cover for admitted attorneys, liquidators and trustees, please do not hesitate to contact our office in order to schedule a meeting which will enable us to construct your requirement-specific quotation.

Fidelity Guarantee (FG) Insurance Cover for Law Practices

The objective of the Attorneys’ Fidelity Fund is to protect the public against loss resulting from theft of trust fund monies or property by practitioners, and not as a result of theft by staff.

LawSure’s Fidelity Guarantee (FG) product is designed to protect law firms from such loss, covering the insured for loss as a result of theft by their staff members which ultimately causes loss to the practice. The client has the option of being covered in respect of all employees, specific employees, or specific job functions within the firm, and can indicate preference by completing the relevant section on the proposal forms supplied prior quoting.

This Fidelity Guarantee (FG) insurance product can be taken out individually, or in combination with the Professional Indemnity and Misappropriation of Trust funds insurances, however LawSure recommends that you give serious consideration to taking out all the products mentioned above. Please ask your broker to discuss the benefits of this combined policy with you.

Should you be interested in Fidelity Guarantee (FG) Insurance, please do not hesitate to contact our office in order to schedule a meeting which will enable us to construct your requirement-specific quotation.

Misappropriation of Trust Funds Insurance Cover for Theft by Directors or Employees

Misappropriation of trust funds is an additional area where a law firm operating in South Africa may be exposed to running the risk of loss. As the name suggests, this cover protects the firm from theft / misappropriation of Trust fund monies by Directors or employees of a legal practice from trust accounts. LawSure has structured this line of cover as a combined Professional Indemnity (PI), Fidelity Guarantee (FG) and Misappropriation policy, and consequently are in a position to offer rates which will justify your capital outlay.

This Misappropriation insurance product can be taken out individually, or in combination with the Professional Indemnity (PI) and Fidelity Guarantee (FG) Insurances, however LawSure recommends that you give serious consideration to taking out all the products mentioned above. Please ask your broker to discuss the benefits of this combined policy with you.

Should you be interested in Misappropriation of Trust Funds cover, please do not hesitate to contact our office in order for us to schedule a meeting which will enable us to construct your requirement-specific quotation.

Executor Bonds Insurance Cover for Attorneys, Accountants and Liquidators

Executors of deceased estates are governed by the Administration of Estates Act 66 of 1965, as amended, and are appointed by the Master of the High Court. When drawing up their will, a person may nominate an executor of their choice to administer their estate on their death. Unless the nominated executor has been exempted from furnishing security, or is the parent, spouse or child of the deceased, such executor is required to furnish the Master of the High Court with a Bond of Security in terms of the Act.

LawSure offers executor bond cover to attorneys, accountants and liquidators appointed to administer deceased estates. Attorneys in this sector receive free cover through their association with the Law society however this cover is limited on an annual aggregate basis. LawSure is able to procure cover for attorneys who have reached their annual limit or attorneys who require cover on large bonds. The product is also offered to accountants and liquidators whom do not have the benefit of the law society cover.

Curator Bonds Cover for Attorneys, Accountants and Liquidators

With our experience in the insurance guarantee market LawSure has targeted the Curator Bonding segment. A vast number of curators struggle to find capacity in the local market for bonds of this nature, however LawSure in conjunction with ABC Insurers are able to provide attorneys, accountants and liquidators cover for bonds of any size.

LawSure is able to place two types of Curator bonds :

Curator Bonus Bonds issued in terms of the Prevention of Organised Crime Act

With Curator appointments becoming more frequent in our Courts LawSure has experienced increased demand for this product. Typically these bonds are issued in favour of the Master of the High Court to guarantee the obligations of a person appointed to hold the assets of another, until such time as the High Court has made a final ruling that these assets are to be forfeited to the State. The persons affected by such a court order are criminals who have acquired such assets through criminal activity.

Curator Bonus Bonds relating to an incapacitated person’s estate

These Curator Bonds are required by a person appointed to administer the estate of an incapacitated person who is unable to manage his / her assets, or the estate of a minor who has come into an inheritance and is not yet of an age to manage his / her assets. LawSure is able to provide cover for curators appointed to handle the estates of incapacitated persons, if these curators are attorneys, accountants or liquidators.

Directors’ and Officers’ Insurance Cover

An innovative new product which LawSure is now able to offer is basic Directors’ & Officers’ insurance which protects Directors and Officers from liability arising from actions linked to their corporate positions. This cover was once considered as a necessity for only large public corporations, but in the current climate no Directors of public liability companies should be without it. Directors’ and Officers’ liability insurance is one of the fastest growing insurance sectors globally, and company directors are facing increasingly onerous responsibilities as shareholders demand higher standards of corporate governance.

Directors of all companies can be held personally responsible for actions and decisions they make on behalf of the company, thereby putting their personal assets at risk. Directors’ & Officers’ insurance protects Directors and Officers by advancing legal defence costs, and indemnifying them for amounts they may be held personally responsible for.

Should you be interested in Directors’ & Officers’ insurance cover, please do not hesitate to contact our office in order for us to schedule a meeting where we will provide you with detailed information on this product.