Provided by Professional Risks

Accountants

We will calculate the risk and provide the most crucial pieces of cover you can invest in.

Errors & Omissions is an important form of protection for accountants, whether they are a small- to medium-sized firm or a multinational, and Tokio Marine HCC specialises in the SME sector and the risks these firms face. While E&O insurance may not always be a legal requirement, it is a key cover for an accountancy firm to consider.

Our Accountants E&O policy is purpose-built for the Canadian market, to provide up-to-date coverage, written by experts and backed by a specialist underwriting teams who understand the specific exposures associated with the Accountants market.

 Accountants Trades include:

  • Audit & Accountancy
  • Personal Taxation

  • Company Secretarial

  • Book keeping & Payroll

  • IT System Consultancy

  • Corporate Tax

  • Management Consultancy

  • Share Registration

  • Mergers & Acquisition Support

  • Interim Management/Directorships


Summary of coverage

  • Limits of Liability of up to $20,000,000 available on both Standalone E&O and combined E&O/CGL basis

  • Coverage for up to 100% US exposure with Worldwide Jurisdiction cover available

  • Defence costs in addition to the Indemnity Limit as standard

  • 3rd Party Network Security and Privacy Liability as standard

  • Cyber coverage available

  • Ability to package with D&O/EPL and other commercial insurances upon request

  • Excess layers considered


Claims scenarios

Personal taxation: Failure to lodge tax returns led to client losing tax repayment and interest. Cost $14,000.

Personal taxation / pensions: Incorrect advice as regards pension payments and alleged concealment of commissions. Cost $675,000.

Company tax: A firm, acting as accountants to a profitable company, introduced their client to a tax mitigation consultancy. Schemes of tax mitigation were embarked upon that proved to be fraudulent from a tax perspective. Cost $130,000.

Auditing: Failure to spot a serious fraud due to inadequate audit procedures. The cost exceeded the limit of indemnity of $1,000,000.

Professional Risks Canada - Documents

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Your team

Head office

The St Botolph Building
138 Houndsditch
London
EC3A 7BT

Professional Indemntiy
Professional Indemnity

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Why choose Tokio Marine HCC?

Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Europe, transacting business in approximately 180 countries and underwriting more than 100 classes of specialty insurance.

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