Accountants’ professional body the ICAEW has published updated professional indemnity regulations for 2014.
These include amendments to set out the minimum level of indemnity required for probate work and clarification of the maximum excess permitted under a professional indemnity insurance policy. The updated regulations are available on the ICAEW website, together with a document listing the changes to accountants PII regulations since first introduced in 1998.
“The changes to the 2014 PII regulations are minor, however we carefully monitor all changes in regulations on an ongoing basis to consider the implications for our client’s cover.” said James Burgoyne, Director Brunel Professional Risks. “It is noteworthy that the ICAEW has further clarified the maximum excess that is permitted under a PII policy – however the amount remains unchanged at £30,000 multiplied by the number of principals.”