Professional Indemnity is a type of insurance that is designed to protect the tax adviser when a claim is made and damages are awarded against them, arising out of an act error or omission committed by them in giving professional advice.
Every Member in practice, whether solely or in partnership or in corporate practice, must ensure that adequate professional indemnity insurance or self-insurance cover is held by him or the business entity through which he practises. The Council of the Institute may, in relation to a particular Member, waive or relax this requirement if satisfied that special circumstances exist, which, in the opinion of the Council, make such waiver or relaxation necessary.
A number of Insurance brokers who have agreed to provide Irish Tax Institute Members with insurance cover are outlined below. You will be insured with specialists in the field who have a thorough understanding of the Irish Tax Institute’s members’ requirements for cover. Competitive premiums and a wide range of cover options are available.
The above is provided solely for information purposes. The Irish Tax Institute does not endorse, warrant or guarantee the services or products offered by any of the service providers listed below. To the fullest extent possible, the Irish Tax Institute shall not be liable for
(i) any inaccuracy relating to the (descriptive) information of the service providers and their products as provided on this website;
(ii) the services or products offered by the above service providers; or
(iii) any property damage or other (direct, indirect, special, consequential or punitive) damages, losses or costs suffered, incurred or paid by a member, whether (directly or indirectly) due to the acts, errors, breaches, (gross) negligence, wilful misconduct, omissions, non-performance, misrepresentations, tort or strict liability by the service providers. Any reliance on the information provided above is at the members' own risk.
ERM Financial Services
ERM Financial Services was founded in 1993. It specialises in delivering customised insurance solutions to Professional, Commercial and Industrial Clients including National Representative Bodies and Affinity Groups. ERM’s record speaks for itself having negotiated ground breaking solutions for clients who have historically been excluded from certain types of cover or who have been subjected to very restrictive cover and/or very high premiums.
ERM has been providing Professional Indemnity Insurance to members of the Irish Tax Institute for over 20 years.
Below are the contact details for Eamonn Griffin, Managing Director. You may also wish to get a quote for Directors & Officers Insurance, Entity Insurance, Cyber Liability Insurance and your Office Insurance.
The Crotty Group
Crotty Insurance brokers Limited t/as Crotty Group was established in 1994. The insurance broking firm specialises in Commercial Insurance Broking with a number of growing niche areas of dedicated expertise including the following;
- Professions Sector
- Life Science Insurance Sector
- Apartment Insurance Management Sector
- Renewable Energy Sector
- Funds Industry/Sector
- Construction Sector
It is important that a Taxation Consultant arranges adequate Professional Indemnity Insurance cover, to protect against the cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service the Tax Consultant. The level of Professional Indemnity Insurance cover purchased is optional. The Crotty Insurance Group will provide each Taxation Consultancy with a range of Policy Limits for consideration. The Crotty Insurance Group will work with each member to obtain the very best level of professional indemnity insurance cover at the very best market price available.
Professional Indemnity Insurance Policies carry an uninsured excess. Again the level of excess is discretionary/ optional. The Crotty Insurance Group will advise each member of the level of excess which is recommended for their individual wants and needs.
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