Surer backs new professional indemnity insurance in tripartite agreement

The product helps accountants protect themselves against lawsuits from clients.

Cloud-based insurtech platform Surer has signed a tripartite agreement with Markel International and Windward Insurance Brokers to launch a professional indemnity insurance product for accountants in Singapore.

Called Accountants Professional Indemnity Insurance, coverage includes that of legal liability and legal costs and expenses. The territory and jurisdiction of cover for the insurance product is worldwide, excluding the US, Canada, and Australia.

The product covers legal liability such as paying compensation for claims for professional liability arising from the conduct of an accountant's professional business practice. The claims come from third parties such as clients or others who have relied on an accountant’s advice, for financial loss suffered as a result of negligent advice, including errors or omissions. The limit covers up to S$3m.

It also covers legal costs and expenses related to litigation with a limit of up to S$300,000.

Accountants and accountancy firms who are keen to sign up for the Markel Accountants Professional Indemnity Insurance can do so through Windward Insurance Brokers.

Surer co-founder Gordon Tay explained that whilst an accounting professional or firm can take every precaution and follow industry best practices that accountants do in order to protect themselves from lawsuits, miscommunication or misconceptions can lead clients choosing to sue. 

“Clients of such firms can sue if they deem that the services rendered are unsatisfactory – this could be the case regardless if the client has a case for such or not,” Tay added.

The agreement between the three will leverage on each of the firm’s business strengths. Markel is known for underwriting specialty insurance products including that of professional indemnity whilst Windward Insurance Brokers have a strong background and clientele of accountants and accountancy firms. Meanwhile, Surer will provide the tech platform to supercharge the workflow and processes between the two companies to enable a seamless journey; from instant quotation to policy issuance.

In Singapore, it is a legal requirement for accounting professionals to take up an professional indemnity insurance.

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