ICNZB and Abbott Insurance Brokers announce partnership to protect NZ’s bookkeeping professionals
The Institute of Certified NZ Bookkeepers (ICNZB), New Zealand’s long-standing membership association for bookkeepers, and Abbott Insurance Brokers, one of New Zealand’s leading brokerages with proven experience designing and managing group schemes, have joined forces to create a dedicated bookkeeping insurance scheme to safeguard members of the Association.
The newly launched ICNZB Liability Scheme conveniently packages the policies relevant to bookkeepers and provides added benefits negotiated especially for ICNZB members by Abbotts. The package is underwritten by ANDO Insurance Group Ltd, an innovative and majority-local owned insurance provider.
An enhanced Professional Indemnity policy is the hero of the scheme but Association members can include other policies, such as Cyber Insurance and Directors and Officers Insurance, to tailor their cover to their business.
Samantha Bell, Chair of the Membership Sub-Committee of ICNZB which led this initiative says: “We undertook to put an insurance scheme in place following our first annual Industry Benchmark Survey in 2020. The results showed us that just under half the respondents did not hold Professional Indemnity Insurance. As bookkeepers are offering a professional service, the Association wanted to assist them in protecting themselves and their financial wellbeing. The package Abbotts was able to put together for our members, which is specifically designed for the services a bookkeeper provides, is the perfect solution”.
* Data extract from ICNZB’s Annual Industry Benchmark Survey for 2020 which prompted the group insurance scheme initiative.
The ICNZB Liability Scheme provides Association members with protection against claims from dissatisfied clients e.g. claims of negligent advice, misrepresentation, misleading or deceptive conduct, mistakes and errors, or complaints to a professional body, and includes the cost of defending court proceedings.
Lead broker for the scheme, Kevin Wellwood of Abbott Insurance Brokers, says the liability package is market leading.
“On behalf of ICNZB, we’ve negotiated a comprehensive policy with our underwriting partner Ando that offers a range of benefits tailored to suit your business."
“As a group scheme, Association members will also benefit from a simplified, convenient application process and ongoing support, including claims management. Our inhouse claims team will take the hassle away by managing any claims and acting as your advocate.”
A brief summary of the ICNZB Liability Scheme, including pricing, can be found here >
The scheme runs from 1 April to 31 March annually, and members of the Association are able to sign up at any point throughout the year. Annual renewal thereafter will fall on 1 April.