How ICAEW members can insulate against rising professional indemnity rates in a hardening market
A rise in claims, in part driven by the Grenfell Tower disaster and the collapse of construction giant, Carillion, has seen professional indemnity insurance premiums increase and left fewer insurers willing to be involved in the PII market. For ICAEW members, there is a solution.
Those in private practice can access ICAEW’s accountants PII scheme, developed in partnership with Marsh Commercial. The scheme operates as a separate “risk pool”, which offers members stability and a layer of insulation against rising premiums.
How does it work?
- The scheme insurer knows the overall risk profile of ICAEW private practice members and is therefore more comfortable taking on some higher risk work as it will be balanced out by a majority of lower risk clients.
- Marsh Commercial provides insurance for over 4,500 ICAEW members, which means it can offer increased protection against the volatility of the external insurance market. Members working with Marsh Commercial are unlikely to experience the kind of premium rises that are now commonplace in wider PII markets.
Wider benefits for ICAEW members
- Interest-free instalment facility
- Automatic six-year run-off provision and renewal process (subject to criteria)
- Nil first excess (subject to criteria)
- Free tax advice helpline for you and on behalf of your clients
- Free 24-hour legal advice helpline for all partners as well as counselling advice helpline, and health and medical advice helpline for all staff
Members also benefit from packaged cover that includes a PII, office, and cyber insurance, helping to eliminate gaps and overlaps in cover.
Get in touch
If you would like to get a PII quote from the ICAEW scheme, receive advice on your current PII policy or ask a question about our office and cyber cover, please get in touch with our ICAEW team on 0345 894 4684 or email firstname.lastname@example.org
About the author