Our team will ensure your policy meets the new ICAEW requirements and automatically apply the offer to your first renewal after 1 September 2024. If you have any questions, please call our dedicated ICAEW team on 0345 894 4684 or complete an online enquiry form and they’ll get back to you at a suitable time.
ICAEW has announced its decision to update professional indemnity (PI) insurance regulations following a recent consultation. Changes will come into effect on 1 September 2024. As proud partners of ICAEW’s Member Rewards programme for members’ PI, office and cyber insurance, we’re here to provide members with our advice and guidance.
We’re delighted to offer new and existing clients with fee incomes under £100,000, the opportunity to uplift their indemnity limit from £100,000 to £250,000 in line with ICAEW’s new minimum approved policy wording with no increase in premium. This benefit is available for all new policies placed or in-scope policies renewed after 1 September 2024, for practices with a fee income under £100,000.
Your premium may increase at renewal for other reasons, such as rate changes or if you’ve had any recent claims. However, there’s no additional premium to pay for increasing your indemnity limit to £250,000.
Get in touch with the ICAEW team
Get in touch by calling this number, or alternatively, complete an online form and we’ll call you at a time that suits.
Changes to ICAEW’s minimum approved policy wording
Professional indemnity (PI) insurance is mandatory for all ICAEW members who have a practising certificate and engage in public practice. The decision to update the PI insurance regulations follows a review and consultation process undertaken by ICAEW, which proposed a number of recommendations.
As proud partners of ICAEW’s Member Rewards programme, we’re here to guide you through the changes effective 1 September 2024:
- Increases to the minimum limit of indemnity.
- Changes to the maximum permitted excess calculation.
- New requirements for large firms.
- Updates to firms insured in group arrangements.
- Update to run-off requirements.
- Further guidance regarding dispensations.
Access more information about the upcoming changes.
Exclusive benefit from Marsh Commercial: increase your indemnity limits but not your premium*
Cover enhancements generally result in an increase in premium. However, following negotiations with QBE, we’re delighted to announce an exclusive benefit for some new and existing Marsh Commercial clients.
We’ll help you meet the new ICAEW minimum approved policy wording by increasing your indemnity limit from £100,000 to £250,000 without any increase in premium. This benefit is available to any new and existing clients who qualify for a policy under the members’ PI scheme, and with a fee income of less than £100,000. To find out more about this exclusive benefit, please get in touch with our expert PI team.
Your premium may increase at renewal for other reasons, such as rate changes or if you’ve had any recent claims. However, there’s no additional premium to pay for increasing your indemnity limit to £250,000*.
Marsh Commercial has a range of competitive PI insurance solutions for ICAEW members. If your firm doesn’t qualify for this particular benefit, please get in touch to see how we can help.
*For members with fee incomes less than £100,000
Get in touch with the ICAEW team
Get in touch by calling this number, or alternatively, complete an online form and we’ll call you at a time that suits.
If you are an ICAEW member with a fee income under £100,000, and have a PI insurance policy arranged through Marsh Commercial under the QBE ICAEW members’ PI insurance scheme, you do not need to pay a higher premium when the indemnity limit is increased from £100,000 to £250,000. This will also apply to any new clients with a fee income of under £100,000 who obtain a policy under the members’ PI insurance scheme.
If you’re not currently a client of Marsh Commercial, but qualify for the members’ PI insurance scheme, we can still help you to avoid premium increases whilst increasing your indemnity limit from £100,000 to £250,000 if you have a fee income of less than £100,000. Give our team a call on 0330 818 4867 or complete an online enquiry form and we’ll be in touch at a suitable time.
ICAEW has announced that members and firms should use ‘all reasonable steps’ to put run-off cover in place. Firms are still required to have cover for two years minimum, however they must take all reasonable steps to ensure cover is in place for a further four years. Here at Marsh Commercial, we offer a six-year run-off block policy for ICAEW members. Speak to our team for more information.
This is a marketing communication.
The Institute of Chartered Accountants in England and Wales is an Introducer Appointed Representative of Marsh Commercial, a trading name of Marsh Ltd. Marsh Ltd is authorised and regulated by the Financial Conduct Authority for General Insurance Distribution and Credit Broking (Firm Reference No. 307511). Not all products and services are regulated by the FCA. Copyright © 2024 Marsh Ltd. Registered in England and Wales Number: 1507274, Registered office: 1 Tower Place West, Tower Place, London EC3R 5BU.
