Being prepared with your public indemnity insurance
Ensure that your professional indemnity insurance cover is complete and renew early.
In such scenarios, those with PII policies in place should have some leeway if they are unable to obtain a new policy before their current one expires. The PII section of the ICAEW website on the impact of COVID-19 (at https://www.icaew.com/technical/practice-resources/regulations-standards-guidance-and-ethics/professional-indemnity-insurance) reminds firms that their last insurer is required, under ICAEW’s minimum approved policy wording (effective from 1 October 2018), to extend cover for an additional 30 days (see clause D).
Firms are also reminded of their legal obligation to make a fair presentation of the risk on taking out or renewing cover. To safeguard the indemnity available for a claim, should it arise, firms must be open and transparent with their insurer/prospective insurer when taking out or renewing cover as to:
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