Accountants, as trusted professional advisers themselves, need independent advice in connection with their PI insurance from an insurance broker who understands
their risk challenges and can deliver cost-effective and robust insurance solutions to deal with those challenges. This need is emphasised when external economic conditions are volatile and claims frequency is on the rise.
Process is critical in achieving the best possible outcome, as is the discipline to adhering to that process. We have developed a tried and tested process. While every Accounting firm has basic professional risks insurance requirements that are similar, each firm will also have its own distinctive insurable risk profile.
As part of the process we will:
- agree a timetable with you that deals effectively with renewal and other services, and take into account your internal reporting requirements
- assist you with preparation of a submission which accurately and truly presents your risk
- involve you as necessary, in the positive presentation of your risks to insurers
- as your risk advocate, ensure your risks are fully understood by insurers
Along with the submission, the policy wording contains the DNA of cover. The policy has no life if it does not respond to a legitimate claim adequately. The policy has to properly address your insurable risk profile. This is not likely to be achieved by an “off the shelf” product from an insurer.
The differences between policies on offer must be clearly understood by the broker and communicated to you. We will address a host of critical coverage issues, including:
- cover for claims involving allegations of a breach of auditing standards
- legal costs of attendance at ASIC and other ASIC and other investigations
- cover for claims involving allegations of fraud or dishonesty, for innocent partners
- reinstatement of the limit of indemnity
- application of the excess or retention
- mergers, acquisitions or other changes to your practice which might occur during the policy period
- cover in relation to ASIC requirements for Registered Liquidators as set out in Regulatory Guide 194
In addition to acting as your insurance broker, we will also act as your claims advocate with the insurer. There is no disconnect between the range of services your insurance broking service team will provide. Our team have significant claims management experience, particularly in the field of Accountants PI insurance, and will work with you to ensure you get your cover entitlement.