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Welcome to Indemnity Risk Solutions LLP
We welcome enquiries from accountants, which include but are not limited to, members of the following:
The Institute of Chartered Accountants in England & Wales
The Institute of Chartered Accountants of Scotland
The Association of Accounting Technicians
The Association of Chartered Certified Accountants
The Institute of Management Accountants
The Association of Taxation Technicians
We also welcome enquires from bookkeepers and even those with just good old fashioned experience.
Our policy includes cover for
Civil liability
Loss of Documents
Dishonesty
Innocent Non Disclosure
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To obtain a quotation, use the following options:
- Post, fax or email a copy of a currently completed proposal form
- Post, fax or email a completed IRS proposal form
- Phone us with your details which will be passed onto one of our dedicated underwriters
Professional Indemnity Regulations - Limit of Indemnity
Institute of Chartered Accountants in England & Wales
If the gross fee income of a firm is less than £600,000 the minimum limit of indemnity for any one claim and in total must be equal to 2.5 x its gross fee income with a minimum of £100,000.
Once a firm’s gross fee income exceeds £600,000, the 2.5 x multiplier gives an answer of £1.5m which is the maximum required.
The Excess must not exceed £30,000 per principal.
Association of Chartered Certified Accountants
Where total relevant income is less than or equal to £200,000 the minimum limit of indemnity at least the greater of a) 2.5 x relevant income b) 25 x the largest fee paid and c) £50,000
If relevant income exceeds £200,000 but is less or equivalent to £700,000 at least the greater of a) the aggregate of £300,000 and the person’s relevant total income and b) 25 x the largest fee paid.
If relevant income exceeds £700,000 at least the greater of a) £1m and b) 25 x the largest fee.
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