The LPFF provides protection to the public and not to practitioners, for losses arising out of the theft/misappropriation of trust money by a practitioner or his staff – but only once the practitioner and/or the practice have been fully excused.
On the other hand, the LPIIF provides professional indemnity cover to the practitioner for breach of mandate or negligence by the practitioner or his staff/employees, which results in losses to third parties. By providing this cover to practitioners, the LPIIF also protects the interests of the public who may suffer damages as a result of the practitioner’s negligence.