We think that it is important that all professionals who deal with bodies corporate should disclose whether or not they hold professional indemnity cover. Insurance and Financial Advisors are obliged to disclose this – why not other professionals?
So, we think trustees would be doing the right thing asking whether their insurance broker, property valuer, attorney, auditor, safety consultant and managing agent have professional indemnity cover in place.
This cover is usually designed to protect the professional and their clients by indemnifying them to certain limits for losses resulting from their error or incorrect advice in their professional capacities. More about managing agent’s professional indemnity cover can be found on www.pima.co.za or from NAMA (National Association of Managing Agents).