Lockton Companies LLP – the recommended broker for professional indemnity to ACCA members – has been a partner to ACCA for many years and manages an exclusive scheme facility for members delivering cover benefits and protection that satisfy the obligations of certificate and licence holders.
Lockton has conducted for ACCA members a thorough insurer tender to ensure that the insurance company that underwrites the scheme is delivering the best cover and premium benefits for members.
A number of major composite and specialist insurers were invited to participate in the tender process. Lockton examined responses including insurer solvency, commitment to the accountancy profession, current and future premium rating and scope of cover. The conclusion of this exercise was that Hiscox Insurance Company Ltd has been chosen as the successful insurer to underwrite ACCA UK’s professional indemnity insurance scheme, replacing RSA.
The decision to change insurer was based on a range of factors. These included Hiscox’s ability to satisfy the evolving insurance needs of members including the growing risk of cyber and privacy, broad scope of insurance protection within the scheme policy, a commitment regarding current and future premium rating, their proposed innovation especially in the area of online service / guidance and their commitment to the long term sustainability of the ACCA PII scheme. For all of these reasons Hiscox offered the most cost effective package for the profession.
Lockton will continue to provide a high level of day to day service to ACCA firms, including advice and assistance on insurance, which is important and much valued by members.
Hiscox will commence underwriting the exclusive ACCA PII scheme with effect from 1 August 2016. The renewal process for members will continue to be managed by the dedicated ACCA team within Lockton and the policy and service will be unaltered.