Professional Indemnity – Don’t let it be costlyGuide to best practice and how it can impact your professional indemnityJan...
2What is Professional Indemnity Insurance? Policy designed to cover ‘Breach of Duty’ by reason of negligent act, error or...
3ICASMinimumTermsRetroactivecover forprevious 5yearsFirms >£600kminimumindemnity limit£1.5mFirms <£600k2.5 times feeincome...
4PIPolicyCoverCivil LiabilityDefence CostsDisciplinaryDefenceHearingsInnocent NonDisclosureRetroactiveDatesHelplineCompens...
5Managing RiskKeep you PI Insurer informedMaterial FactsEngagement LettersComplaints ProcessNotification process – full bu...
6Aon 2012 Broker of the year* Specialist Professional Indemnity Broker:- Scheme for Accountants in place since 1990- Wor...
7Aon Support and advice when you need it:- Advice on Cover throughout the year not just at renewal- Claims – specialist f...
8Contact DetailsJanette ReddingService Delivery DirectorAon Professional Services01268 578325janette.redding@aon.co.ukAon ...
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Professional indemnity slides for icas fp8102 web copy v2 final

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Accountants PI presentation for ICAS

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Professional indemnity slides for icas fp8102 web copy v2 final

  1. 1. Professional Indemnity – Don’t let it be costlyGuide to best practice and how it can impact your professional indemnityJanette ReddingService Delivery DirectorAon Risk SolutionsAon UK Limited is authorised and regulated by the Financial Conduct AuthorityFP8102.05.13
  2. 2. 2What is Professional Indemnity Insurance? Policy designed to cover ‘Breach of Duty’ by reason of negligent act, error oromission in relation to a third party suffering a financial loss Provides protection for the practice against claims brought against you by aclient due to problems with the work you have undertaken for them whilstconducting your professional business Protects your business and your clientsAon UK Limited is authorised and regulated by the Financial Conduct AuthorityFP8102.05.13
  3. 3. 3ICASMinimumTermsRetroactivecover forprevious 5yearsFirms >£600kminimumindemnity limit£1.5mFirms <£600k2.5 times feeincomeEnsureminimumcoveradequateExcess mustnot exceed£30k perprinciple orsolepractitionerFurther 4years run offcover whenwhole firmceases24 months runoff coverretiringprincipleSelect aQualifyinginsurerProfessional Indemnity Policy cover – ICAS Minimum TermsAon UK Limited is authorised and regulated by the Financial Conduct AuthorityFP8102.05.13
  4. 4. 4PIPolicyCoverCivil LiabilityDefence CostsDisciplinaryDefenceHearingsInnocent NonDisclosureRetroactiveDatesHelplineCompensationfor court costsProfessional Indemnity Policy cover – What to look forAon UK Limited is authorised and regulated by the Financial Conduct AuthorityFP8102.05.13
  5. 5. 5Managing RiskKeep you PI Insurer informedMaterial FactsEngagement LettersComplaints ProcessNotification process – full buy in from all partners andemployeesClient Due DiligenceEnsure sufficient limit of indemnityAon UK Limited is authorised and regulated by the Financial Conduct AuthorityFP8102.05.13
  6. 6. 6Aon 2012 Broker of the year* Specialist Professional Indemnity Broker:- Scheme for Accountants in place since 1990- Work with Big 4 to sole practitioners Exclusive products for PI, Office, Motor designed with the accountancyprofession in mind Client Centric process-Short Proposal Forms for <£400k turnover- Renewal Declarations agreed for existing clients who meet agreedcriteria- Direct debit and interest free instalments*Insurance Times Awards 2012Aon UK Limited is authorised and regulated by the Financial Conduct AuthorityFP8102.05.13
  7. 7. 7Aon Support and advice when you need it:- Advice on Cover throughout the year not just at renewal- Claims – specialist fully qualified lawyers to assist in the event of aclaim or potential issueStrong relationship with ICAS as preferred PI partner, bringing together twoorganisations to support the accountancy industryAon UK Limited is authorised and regulated by the Financial Conduct AuthorityFP8102.05.13
  8. 8. 8Contact DetailsJanette ReddingService Delivery DirectorAon Professional Services01268 578325janette.redding@aon.co.ukAon UK Limited is authorised and regulated by the Financial Conduct AuthorityFP8102.05.13

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