Cover Requirements

Different regulatory bodies have different required limits. Below is a table which sets out what the requirements are for each of the regulatory bodies.

Body	ACCA	ICAEW/ICAS	AAT	CIOT	ATT
Type of cover	Must have EEC cover.	No requirement for EEC cover.	Must have EEC cover.	No requirement for EEC, however preferable due to change in regulations in 1/1/2006.	No requirement for EEC, however preferable due to change in regulations in 1/1/2006.
Minimum limits of indemnity are the greater of:	If fees are <£200k: 2.5x Gross fees 25x Largest fee Minimum £50k If between £200k and £700k: £300k + gross fees 25x Largest fee If fees >£700k: £1m	If fees are <£400k: 2.5x Gross fees Minimum £50k for sole practitioners and £100k for partnerships and companies If fees are >£400k: £1m which equates to 2.5x gross fees	If fees are <£400k: 2.5x Gross fees Minimum £50k for sole practitioners and £100k for partnerships and companies If fees are >£400k: £1m LOI	If fees are <£400k: 2.5x Gross fees 25x Largest fee Minimum £100k for sole practitioner and £200k for partnerships and companies If fees are >£400k: £1m LOI	If fees are <£400k: 2.5x Gross fees Minimum £100k If fees are >£400k: £1m LOI
Retro req'ment	No retroactive requirement	Retro cover for 6 years	Unlimited retroactive cover	Retro cover for 6 years	Retro cover for 6 years
Excess	Maximum £20k excess in the aggregate per principle	Maximum £30k excess in the aggregate per principle	Maximum £10k excess in the aggregate per principal	Maximum £20k excess in the aggregate per principal	Maximum £20k excess in the aggregate per principal
Run off	Required for at least 6 years	Required for at least 2 years	Required for at least 6 years	Required for at least 6 years	Required for at least 6 years

Please note that these limits are correct at the time of writing. We will endeavour to update these as changes occur, however if you have any queries please consult your regulatory body.