Product Offering & Advantages
- CAPIM, originally named the Chartered Accountants Professional Indemnity Mutual, has been providing Insurance solutions and “Protecting
the Reputation of Chartered Accountants” since 1996.
- CAPIM is the only Professional Indemnity insurance operation that is formally endorsed by SAICA (the South African Institute of Chartered Accountants).
- CAPIM is dedicated to and exclusively for Chartered Accountants.
(other Insurers are not solely focussed on Chartered Accountants and
are, generally, commercial Insurers with profit required to satisfy shareholder capital).
- CAPIM is wholly owned by the CAPIM Policy Holders Trust and any profits are reinvested to provide financial strength, stability
- CAPIM has one of the widest, if not widest, product available (Professional Indemnity for Chartered Accountants). Some highlights are:
- Full Professional Indemnity, including Public Liability.
- Cover provides full cover for theft of Third Party money (funds entrusted or in trust) up to the full indemnity limit.
- The deductible / excess does not apply to costs incurred in the investigation or defence of a claim (i.e. Attorneys or
Loss Adjusters fees) / Costs and Expenses and only applies to the Third Party Compensation (damages / claim settlement amount).
- For non-attest services, the deductible / excess reduces by half (50%), where there is an enforceable liability limitation agreement in
place between the Insured and claimant.
- If the Chartered Accountant is required to attend an IRBA (Independent Regulatory Board for Auditors) disciplinary hearing, and if
there is any prospect of a civil claim that has been lodged or is likely to be lodged as a result of the Chartered Accountants actions,
CAPIM pays for costs and expenses incurred by Attorneys appointed to assist the policyholder / Insured in the IRBA hearing.
- Business Rescue (in terms of Chapter 6 of the Companies Act) is included, at no additional cost, up to the full indemnity limit.
- Defamation included, at no additional cost, up to the full indemnity limit.
- Statutory Defence Costs are included, at no additional cost, for a Limit of R2,000,000.
- Employee Fraud (own money and property) including Direct Financial Loss is included, at no additional Premium, for a Limit of R500,000.
- Loss of documents included, at no additional premium, for a Limit of R250,000.
- Rating is competitive in comparison to the Professional Indemnity and Public Liability market and geared specifically for Chartered
Accountants and their activities.
- If an Insured has a bad year resulting in an unfavourable loss ratio, CAPIM will not withdraw from the market or refuse to renew a Policy.
(other Insurers may require exorbitant increases in premium, refuse to renew or withdraw from the market in view of unfavourable loss ratios).