Genoa brings select FSPs affordable PI cover

Genoa Underwriting Managers (FSP No 38225), on behalf of Safire Insurance Company Limited (FSP No 2092), is a niche market specialist Professional Indemnity UMA which offers a Combined Professional Indemnity Policy for Financial Service Providers (FSPs). Since its launch, the product has garnered significant traction in the South African market, and it is growing from strength to strength. As a specialist liability provider that has heavily invested in a team of technically strong underwriters, you can rest assured that you remain in the capable hands of market leaders.

The Policy offers the option of either an aggregate limit of indemnity or an aggregate limit, plus one reinstatement. As we practise a strict policy of selectivity, where poor-risk FSPs are declined, and good-risk FSPs are retained, our rates remain highly competitive. This strict selection criterion underpins everything that we do and allows us to avoid the traditional cross subsidisation of premium between those brokers that are seen as high risk and those that are low risk. Of great importance is that the FSP product is reinsured by some of the largest reinsurers in the world, which will offer peace of mind to our growing list of insured.

Like traditional products offered in the market, the Professional Indemnity Insurance cover offered to Genoa FSPs triggers in the event that they become liable to pay compensation for any negligent act, error, or omission arising in the performance of their professional duties. The bespoke product was designed to include numerous extensions which widen the coverage, and which ensure that your company remains adequately covered. Genoa is able to offer tailor-made insurance solutions with varying limits of indemnity and excess structures to suit your pocket.

We are pleased to advise that practitioners will also have the ability to select coverage for Theft of Third-Party Monies, which protects the insured from the theft of client funds by directors or employees who hold a valid contract of employment, as well as for Third-Party Impersonation Fraud Cover, which protects the insured against the loss of money transferred from the insured’s own account as a result of a fraudulent instruction (via email, telephone or facsimile), communicated to an employee of the insured, by a person alleging to be the insured’s client, or an authorised person to a transaction being acted upon by the insured. Sadly, with theft on the rise the world over, these insurances are becoming more and more necessary for FSPs and other professionals.

The sign-on process is a simple one where a proposal form asking only pertinent questions is completed and then individual underwriting is applied based on that information. In rare cases, underwriters will ask for additional underwriting information to be supplied so that they may further motivate insurance requests which fall outside of our traditional risk appetite i.e., where limits of indemnity are higher than R30 million or where an FSP has funds under management which exceed R500 million.

For more information on how you can take advantage of this product, please email Michael-John Damant on or give him a call on 0827755221. Please also visit our website at to find out about the other products we offer.

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