Compliance and Insurance Obligations for CP members
CP members in the Scheme must demonstrate ongoing compliance with professional standards and maintain CPD records.
Members must keep personal details up to date in “My Profile” and click drop down menus to advise their work and insurance status. CP members must comply with CPD requirements and maintain CPD records and may be asked for insurance claims history.
Insurance Cover Compliance
CP members must hold PI insurance policies that meets minimum criteria. CP members must maintain a PI insurance cover at a minimum level of at least $2M.
The existence of your insurance and level of cover is subject to an annual audit and must be kept current. CP members may rely on the ACS umbrella insurance, their own or their employer’s PI insurance cover or may rely on the ACS member insurance scheme if applicable.
You can find more information on the ACS umbrella insurance here.
Scheme participants must disclose limited liability on stationery and business documentation using the wording below
‘Liability limited by a scheme approved under Professional Standards Legislation'
The statement must appear on all of your business documentation that are, or could be, given to current or prospective clients to promote you or your business.
Please read the fact sheet here for further information.
Exemptions and Extensions
Exemption from Scheme participation may be considered by ACS on a case basis. Please inquire via email at PSS@acs.org.au if you have any questions regarding this.
Extension of the Monetary Ceiling
In certain circumstances, a CP members may apply to ACS for a higher liability cap than would otherwise apply (exceeding $2M). Please inquire via email at PSS@acs.org.au if you have any questions regarding this.