Accountants Professional Indemnity Insurance (PII)

Published by Professional Indemnity Insurance Blogger on July 21st, 2011 - in Professional Indemnity Insurance

There are a lot of different types of accountancy practices offering many services to their clients, there are also many different governing bodies for accountants such as certified, chartered, ATT, CIOT, CIMA etc and of course accountants have to comply to their various regulating body requirements which in the main will involve the accountant to obtain and maintain Professional Indemnity Insurance and at a level acceptable to their regulator.

In addition many regulators of accountants will also insists that even when the accountants practice stops trading or the accountant retires that they make provisions for ‘run off’ insurance for their Professional Indemnity Insurance this is usually set at 6 years.

It is therefore very important that accountants purchase the correct policy suitable to satisfy their own regulators but by being accountants they will also be very mindful of the cost of their Professional Indemnity Insurance, hopefully this is where we can help.

When you visit our website you can obtain instant comparisons on costs and policy wordings, you can then purchase your policy direct online and have the cover and wording on your computer within minutes. Because we are a Professional Indemnity Insurance broker not a call centre or we can also give you first class advise on any queries you may have regarding the insurance companies who have offered your accountancy practice terms.

If for any reason you cannot obtain terms online we can offer a full broking service where we will go to the leading insurance providers and forward their rates and policy details for your consideration.

Why not try obtaining terms for your Professional Indemnity Insurance by visiting www.professionalinsuranceagents.co.uk it will only take a few minutes.


Surveyors Professional Indemnity Insurance

Published by Professional Indemnity Insurance Blogger on July 21st, 2011 - in Professional Indemnity Insurance

There are many different classification of surveyors such as; arbitration surveyors, expert witness surveyors, general practice surveyors, project manager surveyors, quantity surveyors, building surveyors, structural surveyors, rating surveyors many of whom will be regulated by RICS, Royal Institute of Chartered Surveyors and must therefore comply with their regulator in respect of Professional Indemnity Insurance requirements.

The ides of the cover is to protect that particular business against possible claims brought by the surveyors clients, the regulators may argue it is also to protect the consumers. Clearly the insurance policy its self is designed to protect the surveyors themselves not the client. Of course the theory would be that in the event that the surveyor was indeed at fault with regards to the advice and services provided to their client, the end result may well be that the Professional Indemnity Insurance policy would provide compensation via the surveyors insurer to the client. That said it may well be that the surveyors services were correct and the surveyor was not in anyway at fault, how would the surveyor defend an allegation without the projection of costs occurred by legal representation?

Some companies and sole traders may feel that the cost of obtaining a PII policy is unnecessary, but given the growing number of claims against surveyors in recent years your would have to be very brave indeed (even if you have no regulator requirements to obtain Professional Indemnity Insurance) not to do so.


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