Alexander Forbes Professions has launched a professional indemnity (PI) insurance product for members of the Association of Chartered Certified Accountants (ACCA) to cover a six-year run-off period following the closure of a business or on a sole practitioner's retirement.
The policy, underwritten by Royal & SunAlliance, is believed to be the first of its kind.
Until now, ACCA members have had to renew their PI policy annually, which has been an unpredictable cost for some practitioners due to price fluctuations, said Alexander Forbes.
The policy is available to those ACCA members that have held the endorsed ACCA PI scheme for a minimum of two trading years prior to cessation.
The broker said: “The limit of indemnity applying to the run-off policy is based on the same limit insured by the member firm in the last year of trading. This ensures that it is compliant with the practising regulations on a claim by claim basis throughout the six year period.”
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