Jurisdiction(s):
United Kingdom

ICAEW professional indemnity insurance: regulatory requirements, approved insurers, ARP, Minimum Terms and Conditions (limits, excess, DIC), notification, run-off, silent cyber, exclusions and dispute resolution

Published by a LexisNexis Insurance & Reinsurance expert

Practice notes

This Practice Note outlines the professional indemnity insurance (PII) obligations for accountants and auditors, together with detailed guidance on the Institute of Chartered Accountants in England and Wales (ICAEW) Minimum Terms and Conditions (MTC).

Regulatory setting

Who is the regulator?

The Financial Reporting Council (FRC) provides non-statutory oversight of how the six chartered accountancy bodies regulate their members. Each of these bodies sets its own professional indemnity insurance requirements. This Practice Note concentrates on the ICAEW, one of those bodies. As an improvement regulator, the ICAEW safeguards the public by ensuring members uphold the highest levels of professional competence and conduct.

Is insurance compulsory for practice/membership?

Professional indemnity insurance is mandatory for all ICAEW members who hold a practising certificate and operate in public practice. Members must follow the ICAEW PII Regulations, which specify the required level of cover, the participating insurers, and the minimum policy wording those insurers must adopt. The latest PII Regulations take effect from 1 September 2024.

Is there an approved list of insurers?

Firms must place the insurance required by the PII Regulations with a participating insurer (current list available...

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Rob Crossingham

Clyde & Co LLP

Rob Crossingham is a Partner in the insurance, financial and professional disputes team in the London office of Clyde & Co.Qualifying more than 20 years ago, Rob’s practice has focussed on professional liability and insurance coverage matters. The majority of his clients are insurers, and he also accepts direct instructions from commercial entities and professional services firms.Rob’s practice tends to focus on professional liability disputes involving financial or property transactions. He often advises on pure insurance and coverage issues arising across the professional indemnity field. During his career, Rob has acted for all manner of professionals including solicitors, accountants/auditors, construction professionals, surveyors/valuers, financial professionals, and financial institutions (in particular, SIPP administrators). He has experience in matters involving the emerging and ‘miscellaneous’ professions, including yacht designers, agronomists, estate agents, auctioneers, IT/media professionals, forensic scientists and property search providers. Rob has...

Web page updated on 21/05/2026

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