Manchester Underwriting Management
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Accountants

You are here:Home » Products » Professional Indemnity – UK » Accountants

Accountants and PI

Professional Indemnity insurance is compulsory for members of the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants of Scotland (ICAS) and the Association of Chartered Certified Accountants (ACCA). Cover must comply with minimum terms and, for Chartered Accountants, must be placed with an approved insurer.

MUM underwrites on behalf of Great Lakes Insurance SE, Zurich Insurance PLC, which are both on the ICAEW and ICAS lists of participating insurers, and we offer cover that complies with their rules, as well as those of the ACCA. MUM also offers cover to accountants and similar firms whose principals are not members of the Institutes. We specialise in providing professional indemnity insurance for small to medium-sized practices.

Claims Examples

  • A client purchased a company on the basis of accounts that had been approved by the insured. The client then alleged that the accounts did not show the true financial position of the company. Amount paid: £4,000,000
  • The insured failed to identify serious embezzlement while acting as auditors for a client. Amount paid: £4,000,000
  • The insured advised a client regarding the transfer of funds to members of the family. The client became liable for capital gains tax. Amount paid: £1,510,000
  • The insured provided advice to clients regarding their exposure to capital gains tax following the sale of the client’s business. The advice is alleged to have been negligent. Amount paid: £600,000
  • The insured failed to meet the requirements of the Companies Acts when dealing with the issue of shares. Amount paid: £525,000.

 

What makes the difference?

Flexible attitude to underwriting and premiums
‘Can do’ approach to risk with each risk evaluated on its merit
Industry-specific wordings
PI and Liability covers for SME businesses
£5 million Limit of Indemnity for PI
Aggregate and any one claim wordings as standard
Primary and excess layers
Tailor made schemes

Related downloads

Proposal Forms DownloadsAll Proposal Forms


Summaries DownloadsAll Summaries


Wordings DownloadsAll Wordings


Search ClausesSearch All PI Clauses

Contact us

Manchester Underwriting Management Limited Link House, St. Mary’s Way, Chesham, Buckinghamshire, HP5 1HR
Telephone: +44(0) 1494 770700
Fax: +44(0) 1494 774724
Email: info@manchesterunderwriting.com
When we offer insurance products we will state clearly which insurer will underwrite the policy. Any description of cover on this website does not include all terms, conditions and exclusions of any cover we may provide, which will be contained in the policy wording itself.

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Complaints

We make every effort to deliver a high quality service to our customers. If you have a complaint about our service, or about a claim, we operate a swift and effective complaints handling procedure. To find out more click here.
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Manchester Underwriting Management Limited
Link House, St. Mary’s Way, Chesham, Buckinghamshire HP5 1HR
www.manchesterunderwriting.com
01494 770 700
Authorised and regulated by the Financial Conduct Authority
Registered in England and Wales No. 06949244 VAT Registration Number: GB 199 2094 66

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