General Liability Insurance is the kind of coverage that provides an individual with protection against a variety of claims, which may include: bodily injury, physical damage to property and damage or injury arising from business operations.

TERM MEANING
Annual Professional Fee Income Total income generated from the fees you charge for professional services.
Retroactive Date The retroactive date should appear on your existing liability policy and tells the underwriters the earliest date from which unbroken cover has been in place. Because of the long delays in claims being submitted by third parties against your business it is important to get this date right. If you did not have cover before, the date will be set at the inception of the policy
Professional Indemnity Legal defence costs and damages arising out of the insured’s professional services.
Statutory Defence Costs Costs and expenses incurred by the insured in defence of the insured or employee for an alleged breach of any statute. Note that the Competitions Act, Companies Act and any statutes governing ownership, use or licensing of vehicles, aircraft and watercraft are excluded.
Wrongful Arrest Costs and expenses incurred by the insured in defence of the insured or employee for allegations of wrongful arrest.
Defamation Costs and expenses incurred by the insured in defence of the insured or employee for allegations of defamation.
Fidelity Guarantee An extension to a professional indemnity policy that covers the insured against the loss of or damage to property or money or any other direct pecuniary loss as a result of fraud by an employee.
Misappropriation of Trust Monies Covers the accounting or legal firm for losses out of the misappropriation of money held in trust as a result of the fraudulent actions of the insured or a third party.
Directors & Officers Liability Legal defence costs and damages cover for the directors and officers (senior management) of the insured where they have actually or are alleged to have breached their fiduciary duties.
Cyber Liability Indemnifies the insured against legal liability for third party financial loss and notification expenses following a hacking attack or network security breach.
Employment Practise Liability Labour dispute insurance and covers the employer for defence costs and damages following a CCMA or Labour Court case brought by an employee for unfair dismissal, discrimination or sexual harassment.
Public Liability Legal liability to third parties for injury or damage happening on the premises or caused by employees whilst they are working. Includes spread of fire, contractor’s liability, property owners and tenant liability
Products Liability and Defective Workmanship Indemnity for liability for loss or damage to third party property or injury to third parties caused by the insured’s products that have left the custody and control of the insured.
Property being worked on Legal liability for damages arising out of damage to tangible property whilst being worked upon.
Removal of Support Legal liability for damages arising out of injury or damage to tangible property as a result of interference with support to land adjacent to contract works.
Spread of Fire Mitigation Expenses Reasonable fire extinguishing costs and expenses for fighting of fire to prevent the spread of fire to third party property.
Gradual Pollution Indemnity against delictual liability arising out of negligence of the insured for damage caused by pollution which occurred gradually (rather than suddenly).
Inefficacy Legal liability where the insureds product has not performed as specified and has caused third party financial loss.
Product Recall Expenses incurred in recalling a potentially dangerous product (storage, transportation, disposal, public relations costs).
Product Guarantee Cost of removing, replacing, reworking, repairing or altering a product that has been recalled.
Contingent Plant Hire Liability Indemnity for liability for loss or damage to hired-in plant and continuing plant hire charges following damage to hired-in plant.
Advertisers Liability Legal liability for compensation arising out of defamation, invasion of private or misappropriation of ideas.
Infringement of Intellectual Property Rights Legal liability for damages arising out of inadvertent or actual infringement of intellectual property rights and inadvertent prejudicial disclosure.
Pure Financial Loss Indemnity for liability where the negligence of the insured caused third party financial loss.
Gratuitous Advice Legal liability for damages arising out of incorrect or inadequate FREE advice.
Errors and Omissions Legal liability for damages arising out of actual or alleged neglect, error or omission in providing professional services FOR A FEE
Motor Excess of Loss Top up liability cover in excess of underlying third-party motor liability insurance.

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