Professional Indemnity Insurance (PII) Regulations, effective 1 June 2023

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Professional Indemnity Insurance (PII) Regulations, effective 1 June 2023

The PII Regulations apply to individual members but, in practical terms, professional indemnity insurance usually covers their practising entity – for example their partnership or their sole practice. For those members in practice with non-members these PII Regulations effectively apply to the entire mixed practice. For example, in a mixed partnership, the principle of joint and several liability will make the member partner jointly liable for the actions of their non-member partners. Therefore the insurance should cover the whole practice, not just the member partner.

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title: Professional Indemnity Insurance (PII) Regulations, effective 1 June 2023

creator: ICAEW

description: The PII Regulations apply to individual members but, in practical terms, professional indemnity insurance usually covers their practising entity – for example their partnership or their sole practice. For those members in practice with non-members these PII Regulations effectively apply to the entire mixed practice. For example, in a mixed partnership, the principle of joint and several liability will make the member partner jointly liable for the actions of their non-member partners. Therefore the insurance should cover the whole practice, not just the member partner.

publisher: ICAEW

date: 2023-04-27

type: text

type: Regulations

format: PDF

language: en

relation: Regulations and Standards

rights:

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