|Product||Accountants ICA Professional Indemnity|
|Product Manufacturer||Joint Carrier & MGAM|
Product Approval Process
This product has been reviewed by MGAM’s Product Oversight Group (POG) which concluded that the product risk review was sucessfully completed, including consideration of the wording, and did not identify any concerns or require any further actions. The product is suitable for the target businesses and responds to their exposure to losses arising in relation to legal exposures due to acts of negligence. The POG did not identify characteristics in relation to the various areas of potential risk.
Who this Product is suitable for:
Target market would be independent Accountants with up to 10 partners and staff. All qualified Accounts are required to take out Professional Indemnity insurance in line with their Institutes guidelines. These firms provide financial advise and offer financial products. The products helps protect the target markert from the legal costs involved should they make a mistake, leave something out or provide incorrect advice to their customers which result in a financial loss.
Who this Product is not suitable for:
This policy is not suitable for large international accountants or any with outstanding claims, any involvement with Tax Avoidance Schemes or those with high profile clients. This policy is not suitable for Consumers.
Product Suitable Distrubution Strategy
|MGAM Delegated Authority (Transactional)||Yes|
|MGAM B2B2B Quote & Bind Platform||No|
|MGAM B2B2C Quote & Bind Platform (first party system)||No|
|MGAM B2B2C Quote & Bind Platform (third party system)||No|
|Sub Delegated Authority (Coverholder)||No|
|Coverholder B2B Quote & Bind Platform||No|
|Coverholder B2C Quote & Bind Platform||No|