Professional indemnity insurance for ICAEW sole practitioners with low income

This scheme has been negotiated exclusively for ICAEW members who meet the following criteria:

1. Are based in mainland UK or Northern Ireland.
2. Do not undertake any work for clients based outside mainland UK or Northern Ireland.
3. Have not had any claims (successful or otherwise) made against them and are not aware of any circumstances which may give rise to a claim against them.
4. If in practice during the last three years, fee income did not exceed £5,000 per annum in that period and are not in run-off. For new ventures projected income must be within the same per annum limit.
5. Do not undertake any work for quoted companies, banks, building societies, insurance companies, Lloyd’s syndicates, underwriting agents, finance houses or off –shore companies.
6. Have never undertaken any regulated activities as defined in the Financial Services and Markets Act 2000 (other than in connection with general insurance products).
7. Have never been the subject of a disciplinary proceeding by the ICAEW or any other professional body.

Members receive a limit of indemnity of £100,000 any one claim; a nil excess and the benefit of an annual premium of just £134.40 including IPT @ 5%.

It is a condition of the scheme that all premiums are settled by direct debit (1 or 12 payments - interest free).

All documentation under the scheme will be issued to you by email. To join the scheme, all members must be in a position to receive communication in this format.

All policies issued under the scheme have a common renewal date of 1st April.

If you join the scheme after 1st April 2009, the following set premiums will apply. Initial cover will run until 31st March 2010 at which point the annual premium above will apply.

All policies under the scheme have an anniversary date of 1st April 2010, providing members continue to meet the above criteria, cover is automatically renewed for a further 12 months.

In order to proceed with cover, please download the declaration & direct debit form from the right of this page and return to us by post. Cover will be incepted from the date the declaration is received in our offices or later if specified.

A copy of our terms of business, a full detailed summary of cover and a specimen of the policy wording are also available.