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The latest available fidelity cover products

In recent weeks, community schemes have been in a flurry arranging their fidelity cover as required by the new Community Scheme Ombud Services Act regulation 15.

We have always offered fidelity cover to both managing agents and community schemes. As such, Addsure is well-versed in dealing with such claims and have an above average understanding of the risks.

Along with the new regulations came a range of new fidelity insurance products. Initially, there was a rush amongst various insurance companies and brokers to launch and sell these new products. It is important for clients to check that fidelity insurance is compliant and that the cost is market-related as we have recently noticed that some products are priced well above the market average. Some community scheme insurers will only properly insure the fidelity needs if the managing agency has their own fidelity cover in place.

The 3 best options

After doing some extensive market research, we have selected three main options due to their broad-based cover which include some computer crime cover.

Fidcure still offers client a wider trustee indemnity plus fidelity and computer crime option. This is competitive where the managing agent is covered by PIMA (Professional Indemnity for Managing Agents). Fidcure is underwritten by Camargue underwriting managers.

Both CIA (Commercial and Industrial Acceptances underwriting managers for Compass Insurance Company Limited) and FPA (First Property Acceptances, a Centriq/Santam partner) offer various options which include computer crime extensions. These include umbrella scheme policies for entire books of business or individual policies for schemes. These can be paid for monthly or annually.

These three options are easily applied for and really simple to administer.

A simple quote request form can be downloaded HERE and sent to stbroker@addsure.co.za for further action.


Trustees and managing agents should be aware that not many insurers nor advisors fully understand fidelity cover and the new regulations. Understanding the implications of the various options is very important and should be considered along with the needs of the managing agent and their professional indemnity, fidelity and computer crime needs.


Author: Mike Addison

Contact Addsure – The Leaders in Sectional Title Insurance – to get fit and proper advice from advisors who understand sectional title. Contact us in Johannesburg on (011) 704-3858; in Durban on (031) 459-1795 and in Cape Town on (021) 551-5069