Chartered Accountants

The Institute of Chartered Accountants in England and Wales (ICAEW) require all those firms and/or individuals who are engaged in public practice or who hold a practising certificate to have a professional indemnity policy in place.

The cover required under the PII regulations is two and a half times the last financial year’s income, subject to a minimum of £50,000 for a sole practitioner or £100,000 in any other case. No firm is required to have more than £1,000,000 cover under the regulations but, for many firms, this limit may not be adequate.

The level of excess must not exceed £30,000 for a sole practitioner; for a partnership it must not be more than £30,000 multiplied by the number of partners.

Terms and conditions of the policy must match or exceed those of the Institutes’ ‘minimum’ wording.

Quercus PI can offer competitive terms along with advice and guidance in respect of:

• Policy terms and conditions
• Retroactive cover
• Run-off situations
• Notification of claims and/or circumstances
• Claims handling
• Risk management
• Completion of proposal form

Download Proposal Form:
Adobe PDF Format
Microsoft Word Format