Sharing PI claim examples and giving tips to prevent PI claims in your brokerage.

Broker Protect

FACTS: Medical aid scheme. Client got married and asked that
his new spouse be placed on his medical aid. You do the paperwork and submit. You then go on leave for two weeks. Your mail never went through and your assistant did not pick this up. Client has a claim which is repudiated.

DECISION: The PI policy paid out to client (less the broker’s excess payment). The broker made a mistake resulting in a financial loss to the client.

LESSON: Never assume a mail with an instruction went through. It is your responsibility to make sure the recipient received the mail and that the instruction was carried out. Build in a process to make sure this happens and make someone responsible for this.

Keep safe.