Comparing the ICAEW-Marsh route with the open-market specialist route

ICAEW has appointed Marsh Commercial as its exclusive PI insurance broker for member schemes. Not every ICAEW-regulated firm fits the scheme mandate. Firms with R&D tax credit exposure, prior claims, specialist practice areas or specific fee-income profiles often need alternative placement. This page sets out how the ICAEW-Marsh route compares with the open-market specialist route.

How the ICAEW-Marsh route works

1. Appointed exclusive broker. Marsh Commercial holds the appointed-broker relationship with ICAEW for member schemes.
2. Volume-based scheme pricing. Scheme-eligible firms typically access member-specific pricing terms.
3. Streamlined process for standard placements. Firms with clean history and standard practice mix benefit from scheme efficiency.
4. Scheme underwriting mandate. Placements outside the mandate are difficult or impossible through this route.

When the ICAEW-Marsh route typically fits well

1. Standard general accountancy practice, clean claims history.
2. Modest fee income within scheme rating bands.
3. Non-audit, non-R&D, non-corporate-finance practice mix.
4. Firms already in the scheme with stable renewal trajectory.

When the open-market route typically fits better

1. R&D tax credit specialists. Post-HMRC scrutiny 2022+, R&D advice attracts material insurer attention. Some scheme insurers now restrict or exclude R&D work.
2. Prior claims or notifications. Difficult-risk cases benefit from specialist Lloyd's market access.
3. Firms with material audit or corporate finance work. Higher-rating activity that scheme mandates may not price competitively.
4. DPB-regulated firms doing investment business. Additional PII requirements under DPB rulebook.
5. Firms wanting independent advice not filtered through scheme book position.
6. Firms where scheme renewal quote comes back materially higher than peer expectation.
7. Firms operating across ICAEW plus other bodies (ACCA, ATT, CIOT).

Comparison questions to test the scheme route

1. How many insurers can my broker place me with? Single-scheme relationship = single insurer route.
2. What happens at renewal if the scheme insurer's appetite for my profile changes? Where scheme is the only route, limited options remain.
3. Who handles a claim notification — and at what level? Scheme call-centre vs specialist broker with named contact.
4. Can I get a comparison quote from the wider market? Free of charge; tells you where the scheme sits.
5. Is my R&D tax credit work fully covered under the scheme wording? Some scheme wordings restrict this.

What Apex offers as an alternative

1. Directly authorised by the FCA — FRN 724952.
2. Independent from any professional body scheme.
3. 17 years placing PI across 18 regulated professions including all accountancy sub-disciplines and DPB-regulated activity.
4. Wholesale Lloyd's market access for R&D tax credit, difficult-risk and specialist accountancy work.
5. Named-broker model — same person from first quote through renewals.
6. Director-level attention on claim notifications and complex placements.
7. 95% client retention.

What Apex handles that scheme routes typically don't

1. R&D tax credit-specialist practices. Continuing insurer appetite via wholesale specialist market.
2. Prior-claims firms. Full remediation-narrative presentation to specialist insurers.
3. DPB-regulated investment-business firms. Combined ICAEW PII + DPB rulebook compliance.
4. Insolvency practices. Distinct specialist market; separate from general accountancy PI.
5. Multi-body firms. Firms operating across ICAEW, ACCA, ATT, CIOT.
6. Firms with material tax-scheme advisory history. Post-HMRC scrutiny placements.

Frequently asked

Related reading

• Accountants sector pillar
• Accountants annual PI renewal
• Non-ICAEW accountants route-selector
• PI for tax advisers