According to Section B210 of the By-Laws issued by the Malaysian Institute of Accountants, all members engaged in public practice must obtain and maintain a Professional Indemnity Insurance (PII) policy with a minimum coverage of RM250,000.00 from the commencement of their practice.
As part of the annual renewal process for a member’s practicing certificate, proof of the required Professional Indemnity Insurance coverage must be submitted.
You can obtain your Professional Indemnity Insurance today through State Insurance Brokers, the appointed panel insurance broker and consultant of the Malaysian Institute of Accountants (MIA). State offers a competitive PII scheme with premiums starting from as low as RM270*.
The PII Scheme offers
HIGH COVERAGE LIMIT
Up To RM5,000,000
COMPREHENSIVE COVERAGE
VERY COMPETITIVE PREMIUM
Starting at only RM270*
*Excluding 8% service tax and RM10 stamp duty
*Terms and conditions apply
Policy Extensions
ATTENDANCE AT COURT
Sub-Limits: RM250 and RM150 per day, and RM250 in the aggregate
UNPAID FEES
Sub-Limits: 10% of the Limit of Indemnity (maximum RM 250k in aggregate)
CYBER EXTENSION TO
THIRD PARTY LIABILITY
Sub-Limits: 25% of Limit of Indemnity in the aggregate
- Loss of Documents
- Dishonesty of Employees
- Consultants, Contractors, Subcontractors and Agents Extension (Vicarious Liability)
- Estates and Legal Representatives
- Defamation
- Joint Venture Liability
- Automatic Run-Off Cover
- Newly Created or Acquired Entity or Subsidiary
- Intellectual Property
- Continuous Cover
- Inquiry Costs
- Principals’ Previous Business
- Retired Principal Cover
- Discovery Period
- Emergency Defence Cost Cover -sub-limit of 10% Limit of Indemnity
- Premium Warranty (60 days)
This Professional Indemnity Insurance Scheme for Accountants is underwritten by Berjaya Sompo Insurance Berhad.
