Managing the gap in the PSC limited liability scheme
CPA Australia’s current PSC limited liability scheme expires on 7 October 2017. Our application for a new Scheme has been lodged and the approval process is underway. There will, however, be a gap before the new scheme commences.
To support members in the interim, CPA Australia has arranged a group Member's Professional Indemnity Excess Insurance Policy for public practice certificate holders, effective 8 October 2017. This is at no additional cost to you.
Minimum professional indemnity insurance (PII) requirements under CPA Australia’s By-Laws:
- minimum of $2 million in PII cover for members in mainland Australia and $1 million for members located elsewhere
- provision for multiple automatic reinstatement following a claim
- provision for an excess for each and every claim
- cover for losses arising out of dishonesty (fidelity cover)
- indemnity for all of the Public Accounting Services that you provide
- unlimited retroactive cover
- cover for everyone affiliated with the practice
- provision for run-off cover.
A detailed explanation of the requirements can be found in Managing your risks with insurance (PDF).
CPA Professional indemnity insurance offer
PII is mandatory for all CPA Australia Public Practice Certificate holders, as well as other members providing public, honorary or private accounting services, whether paid or unpaid.
PII for members earning over $10,000 in gross fees per calendar year.
PII for members earning less than $10,000 in gross fees per calendar year and performing private accounting services as an individual.
PII for members providing pro bono or voluntary accounting services in the community.
Find out more
1300 73 73 73
Fenton Green & co.
1300 760 123 (within Australia)
+61 3 8625 3333 (outside of Australia)