CONSUMER PROTECTION ACT INSURANCE
Recently I went to a presentation on a new liability policy which will indemnify Insured businesses for actions under the Consumer Protection Act.
To say that this presentation “knocked me out” would be an understatement. It provides benefits far beyond anything that I expected.
The new policy provides a Broad Form type of coverage. What does this mean? In a nutshell, it provides the following covers, which are well beyond those of a conventional multi-peril policy:
- Non-accidental Operative Clause
- Wide Pollution Definition includes Light and Noise Pollution
- Damage to Third Party Property includes Loss of Use
- Injury includes Mental Anguish
- Care Custody and Control
- Product Inefficacy
- Pure Economic Loss
- Employers Liability includes Employee to Employee Claims
- Worldwide Jurisdiction (ex USA/ Canada)
- Negligent Advice and Pure Errors and Omissions Cover
- Warehousemen’s and Carriers Liability
- Incidental Medical Malpractice
- Contractors Liability
- Advertising Injury
- Copyright Infringement
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In addition to this, the CPA liability package also contains the modern day answer to the elusive magical charm; real risk management tools that actually make a difference to the wellbeing of the business environment. These tools include access to:
- senior advocates who specialise in new consumer protection obligations, contracts and disclaimers.
- product safety and quality control risk specialists with expertise in all industry sectors.
- a network of legal practitioners to take much of the uncertainty and anxiety out of the legal process.
VALUE ADDED SERVICES
Clients insured under this product have access to a number of value added services: inter alia
- A call centre manned by commercial law specialists who provide telephonic advice on any business related legal matter
- A team of over 2,500 attorneys countrywide provides consultations and representation
- Legal risk assessments and assistance with consumer protection legislation
- Assistance with international jurisdictional issues
- A monthly newsletter on topical legal matters affecting all businesses
- Product quality control and premises safety advisory services
- Emergency medical and evacuation service
- Private arbitration services
In addition, Advocate Louis Nel will provide clients with a one-hour consultation per month to deal with consumer protection compliance and assessment of contracts and standard trading conditions.
There are various other pluses to this product.
The scheme is underwritten by Camargue Underwriting Managers, who are specialist underwriting group that have specialised in liability insurance for many years, and bring a wealth of experience to the table.
The beauty of this, as well, is the cost. If you have existing Liability cover, implementing this cover should increase your premiums by a maximum of R55.00 per month: in some cases NO additional cost was involved.
For this, you will be getting R31-million liability covers on the Broad Form wording, and all the extensions referred to above.
This is probably well above your current cover limits.
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