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	We were first mooted by a number of practitioners in 1987.
	The perception at that time was smaller to medium sized local accounting firms were being severely disadvantaged by the incidence of liability claims against the larger international practices.
	The control and management of the profession's risks and claims appeared to be solely in the hands of certain overseas commercial insurance interests.
	Such interests consistently pointed towards the adverse claims experience as the justification for harsh terms of acceptance of liability insurance for the profession.
	There was a real need for the profession to collectively implement risk management goals.
	Gaining some control over the management of members' claims was seen as essential to reduce the incidence of claims and costs.
	The aim then being to introduce and maintain a collective programme of high quality liability protection for the benefit of all concerned.

A Steering Committee, representative of practitioners in various regions, was formed and met for the first time in April 1988. At that meeting it was agreed to form ABACUS ASSOCIATION INCORPORATED pursuant to the Incorporated Societies Act 1908.

ABACUS commenced its operations on 1 October 1988
  

Our First Steps

The first stage in the operations of ABACUS was the establishment of a voluntary Group Professional Indemnity Insurance Scheme. This scheme proved to be extremely popular.

ABACUS was successful in lowering the cost of professional indemnity coverage for local practices under a quality "civil liabilities" contract of insurance with a number of significant cover enhancements and new optional extensions.

The cost of subscriptions included the insurance premiums of members related to the then known experience of the smaller to medium sized firms.

This situation has been carefully monitored and continued to the present day to ensure members enjoy terms of cover at a fair price that reflects the true risk experience of the group
  

Further Steps

Following the success of the professional indemnity scheme ABACUS subsequently arranged and introduced a number of voluntary Companion Liability Insurance facilities:

• Statutory Liability (covering legal defence costs and certain fines or penalties under a wide range of statutes).
• Employers Liability (covering legal defence costs and common law claims by employees falling outside of the accident compensation legislation).
• Employment Practices Liability (covering legal defence costs and awards to employees for breach of employment contracts).
• General (Public) Liability (covering legal liabilities to other parties for property damage of bodily injury including exemplary damages).

More Recent Innovation

Abacus has recently introduced a new and unique Companion Trustees Liability Insurance for practitioners who accept appointments to client's Trusts.

Members today enjoy the greatest degree of flexibility and freedom of choice under the facilities as arranged by ABACUS to protect their practices and their personal and family assets against legal liability losses.

Who is in charge?
Why are we unique?
Who are our Insurance Consultants?
Our History

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