Professional Indemnity Insurance arranged by the South African Institute of Professional Accountants (SAIPA) is exclusive to (SAIPA) members.

As communicated in our member notification on 19 November 2024, please be informed that, effective 1 January 2025, Sankofa Insurance Brokers (Pty) Ltd will manage the PI Insurance for SAIPA members, replacing VKN Financial Services (Pty) Ltd as the appointed broker. It is important to note that this change only affects the broker; the policy remains underwritten by Leppard.

Key Information for SAIPA members

Member Benefits:

• Your existing benefits remain unchanged. The coverage limits and excesses applicable in 2025 will be the same as those in 2024.

Scope of Coverage:

• The PI Insurance policy covers the following professional services, provided they are performed under the supervision of and signed off by a SAIPA member:
• Taxation services
• Accounting services
• Allied services approved by SAIPA (e.g., Certified Independent Reviewer)
• Consulting services
• Estate planning
• Secretarial and administrative services

Exclusions:

• The policy does not cover the following:
• Auditing services
• Financial services, including any insurance-related activities
• Legal advice
• Services as an Independent Trustee of any Trust
• Administration of Estates

Insurance Certificates

• If you require a certificate of insurance cover, members are welcome to contact Sankofa Insurance Brokers:
• Email: nana.boadu@sankofaib.co.za

Telephone: 011 025 6566 or 076 363 7543

Please note that this Professional Liability policy is valid only for SAIPA members in good standing

Impact on Personal and Practice Insurance

For members who have personal or practice-related insurance policies directly with VKN Financial Services, please note that these policies operate independently of SAIPA and will not be affected by this broker transition.

We trust that this provides the necessary clarification regarding your PI Insurance. Should you have any further questions, please feel free to reach out to us at membership@saipa.co.za