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Keoghs Insight

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Blogs 11/01/2018

Professional Indemnity: Defence costs cover under accountants’ minimum terms

In many cases, indemnity for defence costs is the most significant head of cover in professional indemnity insurance. In a recent judgment, the High Court has interpreted the minimum terms of the Institute of Chartered Accountants of England and Wales (“ICAEW”) (the “Minimum Terms”) in favour of insurers in respect of their right to be repaid defence costs by a policyholder.