Accountants considering whether to obtain Professional Indemnity (PI) cover tailored to their specific needs should decide quickly, it has been asserted.

Writing in the AccountancyAge Professional Indemnity Management Briefing, Nicholas Neveling observes that the current soft market conditions lend themselves to requesting tailor-made policies from insurers.

"If a firm does need specialist cover, now is the time to take some out," he claims.

"With rates low and competition for custom high, there are opportunities to take out specialised cover at a lower cost than normal."

IHowever, he warns that there may be "cost implications" if tailoring PI cover means adding insurance for areas not included on a standard policy.

But Mr Neveling contends that, over the last 18 months, many accountants have seen their premiums drop from three per cent of their revenues to less than 1.5 per cent.

Neil Pointon, Chief Executive of specialist Lloyd's of London insurance broker PYV, advises that the duration of policies could be one area to seek non-standard conditions.

He proposes that if market conditions were to harden, having an 18-month or two-year policy "could be a way of locking in highly competitive terms".

PYV are one of the UK's leading providers of professional indemnity insurance. This news article has been produced by Adfero in collaboration with PYV and its unauthorised use is not permitted.