It is a requirement of the Institute that every practice holds Professional Indemnity insurance and, in addition, certain criteria regarding the basis of cover and limits of indemnity must be met.
Professional Indemnity is a complex type of insurance but basically it is designed to protect the accountant when a claim is made and damages are awarded against them, arising out of an act error or omission committed by them in their professional capacity. Practitioners should be aware that there are numerous claims brought against Accountants which are successfully defended. They should also be aware that the defense mechanism and a vast wealth of experience is available to them via their PI Insurer and their Insurance Broker.
The Institute have an approved Professional Indemnity Scheme which is managed by Tina O’Shaughnessy
at JDM Insurances Services Ltd
This Scheme is currently underwritten by Zurich Insurance plc.
For further information contact Tina O’Shaughnessy
or phone 01 2988266.