Collegiate Underwriting – Committed to quality underwriting of Accountants
If you are an Accountant seeking cost effective professional indemnity (PI) insurance from someone who understands your business, we can help you. All our quotations are individually underwritten so you can be sure the premium reflects your firm’s unique circumstances. At Collegiate in addition to providing cover for Accountants who are members of professional bodies we also offer insurance to those who are unqualified but highly experienced in their field. PI insurance is compulsory for members of the Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA). Cover must comply with a minimum standard policy wording and be placed with an approved insurer. The Collegiate policy meets the requirements of both professional bodies, as part of the AmTrust Group we are an approved insurer.
For a quotation
Please download and complete the proposal form on the right, or send a copy of your current insurer’s proposal to [email protected]. If you prefer to speak to the team please call us on 020 7459 3456.
- Direct contact with the underwriter
Broad civil liability cover: – should a claim arise from a breach of professional duty, perhaps by giving incorrect advice or making an error in your work then anything that isn’t specifically excluded is covered
- Approved ICAEW, ACCA & AAT policy wording
- Limits of Indemnity up to £5 million
- Cover for fidelity and loss of documents
- Compensation for court attendance
- Industry leading claims service
- A-(Excellent) policy security
ICAEW minimum limits
2.5 times gross fee income subject to a minimum of £100k and a maximum of £1.5m (Any One Claim & Aggregate) plus additional limits as required where you are using a DPB (Designated Professional Body) licence.
Excess: maximum of £30,000 per principal in the aggregate.
ACCA minimum limits
- Total income up to £200,000 – the greatest of: 2.5 times total income, 2.5 times total income or £50,000.
- Total income over £200,000 and up to £700,000 – the greatest of: £300,000 plus the total income of the firm or 25 times the largest fee.
- Total income over £700,000 – the greatest of: £1m or 25 times the largest fee from any one client.
Excess: maximum of £20,000 or 2% of the limit of indemnity per principal
AAT minimum limits
All PI Insurance is on a claims made basis, that means you must have an active PI policy at the time a claim or allegation is made against you. It is important to remember that once a PI policy expires you can no longer make any claims against it. Therefore you need to consider maintaining your PI insurance once you cease trading. This is called Runoff Insurance and provides protection against any claims which may arise from work you undertook in the past. The ICAEW require all of their members to carry Runoff insurance for a minimum of two years once they cease trading, they also recommend that members actually carry it for at least six years.
Runoff is an annually renewable policy, the premiums will usually reduce each year to reflect the reducing exposure to insurers.