Every professional takes great pride in his work and strives to do his best but accidents are unexpected. An inadvertanterror in professional services may cause severe financial impact.

Professional Indemnity Insurance is meant to cushion the impact of such losses by providing protection to the professional.

Under Section B210 of the MIA By-Laws (On Professional Ethics, Conduct and Practice), every MIA member in public practice is required to obtain Professional Indemnity Insurance with a minimum coverage of RM250,000 for each member/partner practice through which that member practices upon commencement of public practice.

The Malaysian Institute of Accountants (MIA) has appointed Marsh Insurance Brokers (Malaysia) Sdn Bhd as the insurance broker and consultant with regards to the MIA Professional Indemnity Insurance Scheme (PII) with effect from 1st July 2005. The PII Scheme is underwritten by Chubb Insurance Malaysia Berhad (formerly known as ACE Jerneh Insurance Berhad).

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The Associate Digital Strategy (ADS) platform is a newly designed online platform that brings you a seamless digital experience in insurance solutions. Our platform offers a Professional Indemnity Insurance Scheme with a full lifecycle environment available for use on a laptop or mobile phone. Marsh Malaysia is pleased to provide an Accountants Professional Indemnity Insurance Scheme adapted to protect accountants from claims or lawsuits alleging financial loss as a result of a service provided. This insurance scheme offers leading risk management services and coverage features for accountants’ professional indemnity insurance.

Features of the scheme:

• The Scheme provides cover from the minimum mandatory limit of indemnity of RM250,000 for a member/partner practice up to RM5,000,000.
• The number of members in public practice in a firm determines the mandatory limit of indemnity.
• Deductibles will be determined based on the gross fee band that is closest to the last Financial Year Gross fee as will be declared in the proposal form.
• Very competitive premiums which start off as low as RM331.50 (excluding 6% service tax) by using credit cards.

• Broad Insuring Clause covers any Claim for civil liability in the conduct of the provision of professional services or advice customary to the profession of accountants in Malaysia.
• Cover includes Pro Bono Services.
• Full retroactive cover (from date of firm’s establishment).
• Defense cost in addition to the limit of the indemnity up to an aggregate amount not exceeding 20% of the limit of indemnity specified in the Certificate of Insurance.
• Covers vicarious liability for any consultants,contractors, subcontractors and agents.
• Covers defamation.
• Covers intellectual property infringement.
• Covers liability arising from participation in joint ventures.
• Covers loss of document.
• Cover for fraud and dishonesty of principals and employees, until admission, judgements or adjudication.
• Cover for principals’ previous businesses in the same profession (fully retroactive).
• Automatically covers newly acquired orcreated subsidiaries for 30 days.
• Covers run-off for Insured firms that have been merged, acquired or ceased.
• Continuous cover if continuously insuredwith Chubb.
• Covers cost of Legal representation at Inquiries.

Chubb is the world’s largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. We combine the precision of craftsmanship with decades of experience to conceive, craft and deliver the very best insurance coverage and service to individuals and families, and businesses of all sizes.

Chubb is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. The company serves multinational corporations, mid-size and small businesses with property and casualty insurance and risk engineering services; affluent and high net worth individuals with substantial assets to protect; individuals purchasing life, personal accident, supplemental health, homeowners, automobile and specialty personal insurance coverage; companies and affinity groups providing or offering accident and health insurance programs and life insurance to their employees or members; and insurers managing exposures with reinsurance coverage.

In January 2016, ACE Limited acquired The Chubb Corporation and adopted the renowned Chubb name globally. The new Chubb has $160 billion in assets, and $37.5 billion of gross premiums written in 2015 as if ACE and Chubb were one company. Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best.

Chubb Limited, the parent company of Chubb, is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index.

Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide.