Procure Professional Indemnity Cover, Cornerstone Insurance Boss Tasks Accountants

The group managing director/CEO, Cornerstone Insurance Plc, Mr. Ganiyu Musa has urged chartered accountants in the country to subscribe to professional indemnity insurance to cover risks that may occur in the discharge of their duties.

Musa, who stated this during his conferment as the Patron of the Institute of Chartered Accountants of Nigeria (ICAN) Lagos and District Society at his company’s headquarter in Victoria Island, Lagos, yesterday, added that, accounting, just like every other profession, is exposed to risks emanating from discharging their official duties, which professional indemnity insurance covers.

Professional indemnity insurance, he said, covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or an individual, such as the accounting profession.

According to him, “there is a lot of risk we carry individually or collectively in the discharge of our duties. Professional indemnity is required by accountants because of litigation from the risk of accounting statement and so on. So, it will be great for ICAN members to have such insurance and at Cornerstone, we offer such product.”

While imploring accountants, under the auspices of the Institute of Chartered Accountants of Nigeria (ICAN), to take this professional risk mitigation mechanism, he said, such risk could occur while preparing accounting statement for a firm or other activities being carried out by chartered accountants.

He urged them to patronise Cornerstone Insurance Plc for their professional indemnity coverage, stating that, his insurer will compensate whenever such risk covered occurs.

Stating that accounting profession hold very fond memory, he said, ICAN, since inception, has been one of the bastions of professionalism and has been responsible for upholding the integrity and ethical standards of financial reporting in Nigeria.

“ICAN certificate is a certificate that one must hold dearly as it commands integrity and professionalism. There is no other profession that has more representation in leadership than accounting. We have accountants in virtually every facet of leadership because these are people of integrity,” he said.

Congratulating ICAN president for continuing to maintain the quality of the profession, he thanked the ICAN chairman and executive committee of the Lagos & District Society(ICANLDS), for appointing him as the Patron of the society, promising to contribute his utmost best in helping ICANLDS achieve its mission and objectives, even as he looks forward to bringing positive changes and creating innovative solutions for many years to come.

Applauding the insurance company for its integrity over the years, the 58th president of ICAN, Mallam Tijjani Musa, who led the ICAN Lagos District Society to the event, said, his members would be willing to procure such product, but that Cornerstone should contact the ICAN Secretariat for necessary process and procedure and possibly make presentation to the district society chairmen, who will take the message to members.

He expressed optimism that Ganiyu Musa would do well as the patron of the society while appreciating the cheque of financial support from the company to support the society, especially, in its plight to get a befitting office.