PPI Minimum Approved Policy Wording

Approved minimum policy wording issued jointly by ICAEW, the Institute of Chartered Accountants of Scotland and the Institute of Chartered Accountants in Ireland for professional indemnity insurance; sets out insuring clauses, definitions, general and special conditions, and exclusions, including provisions on civil liability, awards by ombudsmen, defence costs, notification, excess, dishonesty and fraud, subrogation, dispute resolution, choice of law and sanctions. (AI generated description)

Minimum approved professional indemnity insurance policy wording issued jointly by ICAEW, the Institute of Chartered Accountants of Scotland and the Institute of Chartered Accountants in Ireland, effective 1 August 2015; sets out insuring clauses (civil liability, awards by ombudsmen, defence costs), definitions, general conditions (notification, excess, dishonesty and fraud, advancement of defence costs, conduct of claims, Queen's Counsel clause, subrogation, fraudulent claims, dispute resolution, choice of law, cancellation, no set-off, third party rights, other insurance), special conditions (non-avoidance and prejudice, non-compliance, extended policy period) and exclusions. (AI generated description)

Minimum approved professional indemnity insurance policy wording jointly issued by ICAEW, the Institute of Chartered Accountants of Scotland and the Institute of Chartered Accountants in Ireland, effective 1 January 2015; sets out insuring clauses, definitions, general and special conditions, exclusions, notification requirements, limits of indemnity, defence costs and dispute resolution provisions. (AI generated description)

Minimum approved policy wording for professional indemnity insurance issued jointly by ICAEW, the Institute of Chartered Accountants of Scotland, and the Institute of Chartered Accountants in Ireland; sets out insuring clauses including civil liability, awards by ombudsmen and defence costs; defines key terms; details general and special conditions including limits of indemnity, notification, excess, dishonesty and fraud, advancement of defence costs, conduct of claims, subrogation, non-avoidance, non-compliance, extended policy period and run-off cover; and lists exclusions such as territorial limits, bodily injury, property damage, prior claims, trading losses, warranties and terrorism. Effective from 1st May 2017. (AI generated description)

Joint minimum approved policy wording for professional indemnity insurance issued by ICAEW, the Institute of Chartered Accountants of Scotland, and the Institute of Chartered Accountants in Ireland, effective from 1 October 2018; contents include Section A: insuring clauses (civil liability; awards by ombudsmen; defence costs); Section B: definitions (including alternate, authorised work, claim, defence costs, extended policy period, firm, insurance distribution work, insured, professional business, professional indemnity insurance regulations, relevant institute, services); Section C: general conditions (limit of indemnity; notification; excess; advancement of defence costs; conduct of claims; Queen's Counsel clause; subrogation; fraudulent claims; dispute resolution); Section D: run-off cover provisions; Section E: exclusions (including US and Canada jurisdiction, bodily injury and property damage carve-outs related to professional business, dishonesty and fraud, trading losses, investment return guarantees, nuclear and war risks, inter-insured claims, fines and penalties, terrorism, pollution, product defects, contractual guarantees, sanctions, retroactive date). (AI generated description)