MEMBERSHIP BENEFIT: PsySSA PROFESSIONAL INDEMNITY COVER 2017
To err is human. Everyone makes mistakes.
In today’s service-driven economy, it is crucial for professionals particularly those providing specialised advice, to exercise a degree of care and skill which is reasonably expected of any competent practitioner in that particular profession. If a person provides a service to another and carries that work out negligently, they could be held legally liable
for the consequences, thereof.
What is Medical Malpractice Insurance?
An insurance policy that protects a Psychology professional in individual or business practice capacity from the risks and exposures that they may face on a daily basis that may result in them being sued and held legally liable for damages by a third party as a result of any wrongful act, malpractice, bodily injury or negligent act or omission by the Insured or their employees whilst active within the course and scope of their practice.
According to the Health Professions Act 56 of 1974, a practicing Psychologist, registered in the category must obtain Professional Indemnity Cover, which must be maintained at all times. Professional indemnity is therefore COMPULSORY for all practicing psychology professionals registered with the Health Professions Council of South Africa.
PsySSA has negotiated a comprehensive indemnity insurance package on behalf of its members through FNB. Professional Indemnity Insurance as provided by Hollard through FNB Insurance Brokers is designed to indemnify the insured Professional against pecuniary losses arising out of:
- A Negligent Act
- Error or omission, which causes loss to be suffered by his/her client or a third party
The PsySSA package (in summary) for 2017 will cover the following:
Limit of Indemnity : R2 500 000 in the aggregate
Policy Limit per Annum : R5 000 000
Excess : R7 500 each and every claim
Annual Premium : R1,245.00 per member (Incl. VAT,
Administrative Fees R50)
The above-mentioned limit of Indemnity can be increased at an additional premium. This includes an additional reporting period of 36 months for PsySSA Members only.
For further information please contact Clayton Adams at FNB on 087 736 5218 or email@example.com or Naziha Abbas on 011 486 3322 or firstname.lastname@example.org
PsySSA members can access further information at (CLICK HERE) using their PsySSA username and password.