ACS Professional Standards Scheme PI Insurance Checklist

This document is a checklist designed to assist participants of the ACS Professional Standards Scheme (PSS) in evaluating their professional indemnity (PI) insurance against the ACS Insurance Standards. It outlines various requirements and guidelines to ensure compliance, including aspects such as the currency of the insurance policy, the limit of indemnity, automatic reinstatement, and coverage exclusions. The checklist serves primarily for participants who arrange their own PI insurance, helping them determine if their policy aligns with the standards set by ACS. Each section includes specific questions regarding the insurance policy, with guidance on what constitutes compliance. Additionally, it emphasizes the importance of seeking independent advice from insurance brokers or advisers to confirm alignment with the standards. The document also provides an appendix with detailed requirements for defence costs and maximum excess, along with next steps for participants who may need to amend their insurance arrangements.