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Every firm of CAs engaged in the practice of public accounting, including a member who is an associate or employee of the firm, is required to carry professional liability insurance in accordance with Institute Bylaw 700.
Effective with all new policies or renewals of existing policies taking effect after October 1, 2006, professional liability insurance coverage shall be maintained pursuant to Bylaw 701 in an amount at least equal to
| (i) |
$1,000,000 per occurrence, where one member is engaged or employed in the practice of public accounting; |
| (ii) |
$1,500,000 per occurrence, where two or three members are engaged or employed in the practice of public accounting in the same firm; or |
| (iii) |
$2,000,000 per occurrence, where four or more members are engaged or employed in the practice of public accounting in the same firm. |
The professional liability insurance policy shall carry a deductible which is not greater than 5% of the amount of coverage.
Each practicing firm must annually provide a written declaration of insurance coverage carried.
The compliance requirements are monitored by the Institute's Membership Committee.
Assistance in understanding the insurance bylaw and obtaining coverage is available by contacting:
Shirley Sommer, CA
Registrar
(204) 942-8248, ext. 212
Toll free in Manitoba at 1-888-942-8248. ext.212
Email: ssommer@icam.mb.ca |
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