Taxation Changes and Expert Opinions

It has come to the attention of the Claims committee that there are a number of issues that are affected by the continually changing income tax legislation that warrant obtaining expert opinion in particular specialised areas. Due to the changing income tax legislation, and the introduction of new legislation, it is extremely difficult for practitioners […]

Acting For More Than One Client

The Abacus Claims Committee has become aware of the following situations: Arranging Loan Finance Accountants can find themselves in difficulty if they are arranging loan finance from one client to another of the accountant’s clients. Apart from possible professional indemnity claim implications, there is the question of whether such activity by the accountant forms part […]

Not all PI Covers are the same

All insurance policies contain some exclusions, including professional indemnity policies. Unlike the Abacus policy arranged with Lloyds of London, some Professional Indemnity policies contain exclusions which do not provide optimal cover for the insured. Below are examples of some of those exclusions which are not part of the Abacus policy: Intellectual Property Damages resulting from […]

Notification of a possible PI Claim

When should a possible claim be notified in order to comply with the requirements of your professional indemnity policy? In every Professional Indemnity proposal form, the following question or something similar, is asked: “Are any of the partners/directors after enquiry, aware of any circumstances which are likely to give rise to claims against the firm […]