Professional Indemnity

Accountants

The Institute of Chartered Accountants and the Association of Chartered Certified Accountants require accountants to buy professional indemnity insurance that provides a high level of cover against claims for civil liability arising in the course of their professional business.  Certain minimum limits of indemnity are also required, depending on the income of the Insured.

Policy cover

Our insurance policy not only satisfies the professional indemnity coverage requirements of both the ICA and ACCA but provides significant additional benefits.  A specimen wording can be viewed on this website but the cover can be summarised as follows;

• Civil liability arising from the professional business
• Awards by Ombudsmen
• Defence costs in addition to the limit of indemnity
• Compensation for court attendance in defending a claim (£10,000 aggregate inner limit)
• Legal representation costs at tribunals and hearings (£10,000 aggregate inner limit)
• Damage to documents cover (£50,000 aggregate inner limit)
• Fidelity cover for loss of own money or property (£100,000 aggregate inner limit)

Limit of Indemnity

We can offer up to £10,000,000 of cover subject to application.

Excess

We can offer a range of excesses so you control the maximum amount you pay in the event of a claim.

Risk Management

Our experienced team of in house risk managers provides a range of free consultancy services to insureds.  Underwriters can provide further details on request.

Most important of all, in the event of a claim you can be sure of a prompt, sympathetic and supportive response from our in-house claims teams.  We will advise you on strategies to take the heat out of the situation and work with you to reach settlement while remaining mindful of protecting your reputation.

Professional Indemnity for Accountants factsheet

Accountants' PI proposal form

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