- The Scheme and Professional Indemnity insurance
- Online PI calculator
- What happens if a client makes a claim?
The Scheme and Professional Indemnity insurance
The Scheme requires members to have a minimum level of Professional Indemnity (PI) insurance.
The type of work you perform, your fees and your billing cycle impacts the minimum PI insurance you need
|Where highest fee* is <$100k||$2 million||$2 million||$2 million|
|Where highest fee* is ≥$100k but < $300k||$5 million||$5 million||$5 million|
|Where highest fee* is ≥$300k but <$500k||$10 million||$10 million||$10 million|
|Where highest fee* is ≥$500k but <$1million||$20 million||$20 million||$20 million|
|Where highest fee* is ≥$1million but <$2.5million||$50 million||$20 million||$20 million|
|Where highest fee* is ≥$2.5million||$75 million||$20 million|| $20 million
*Fee is defined as a payment made to a participant in exchange for services but excludes disbursements and goods and services taxes.
For more support working out how much you’ll need, refer to the section on calculating your cover below or refer to our online survey.
Online PI calculator
Use our online PI insurance calculator to get an idea of how much cover you might need to protect your practiceGo to the calculator
What happens if a client makes a claim?
The first thing to do is let your insurer know. Be guided by their advice.
You also need to let us know about the claim. We need the information because of our reporting obligations to the Professional Standards Council. Information you provide is kept strictly confidential and we only report de-identified data.
Your lawyer is responsible for including the liability cap as part of the defence of a claim. The court considers if certain conditions were met at the time the work was performed in making a decision on the outcome of the claim.
- A scheme was in place, and
- you were a member of Chartered Accountants ANZ covered by the scheme(see How it works? above), and
- your practice held practice entity membership with Chartered Accountants ANZ, and
- whether the work meets the definition in Regulation CR2 of public accountancy work, and
- the client had been informed that a Scheme was in place.
CA ANZ’s Professional Standards Scheme now in effect
Go back this main page for more information.Find out more