Professional Liability Insurance
Coverage, Limits and Options
- Broad range of professional services covered, including Specific Investment Advice, Computer Consulting, Business Valuations, Litigation Support, Trustee/Executor, and Assurance Services.
- Policy territory is anywhere in the world.
- Broad innocent insured provision: applies to dishonest, fraudulent, malicious or criminal acts, errors or omissions.
- Limits up to $10 million: Higher limits available; split limit options.
- Business enterprise: allows aggregate ownership of up to 20%.
- Suit for fees: CAMICO offers a 5% premium credit to firms that agree to exclude coverage for claims arising subsequent to suing for fees. This exclusion does not preclude coverage for use of collection agencies or the use of arbitration to settle fee disputes. Our standard policy language provides coverage for claims arising subsequent to suing for fees as long as the policyholder has consulted our advisory services in advance of suing for fees (consent is not required). Claims statistics clearly show that suing for fees generates lawsuits in response. We believe it is important our policyholders have the benefit of our experience to help them correctly weigh the costs and benefits of suing to collect fees.
- Deductible credits of 50% up to a maximum of $50,000 if you report a potential claim prior to the claim being made OR for use of mediation.
- Pre-claims expenses are not charged against the deductible or liability limit even if a claim is subsequently made. The limit and deductible are not triggered until an actual claim is made.
- Reimbursement of $300 per day up to $6,000 per claim, not in the aggregate, when attendance is required at a hearing.
- Limited coverage for known claims ($100,000 sub-limit, reduced by deductible) to renewing policyholders who inadvertently fail to report the claim or potential claim timely.
- Prior acts (retroactive) provision ensures continuity of coverage for CPA firms with professional liability insurance switching to CAMICO.
- Defense only coverage for Regulatory/Disciplinary Proceedings, up to $5,000 per year.
- Optional zero deductible for defense costs.
- Unlimited 'Tail Coverage' Period for qualified retiring sole practitioners, option for extended claims reporting.
- $50,000 Directors and Officers (D&O) defense coverage for community service non-profits.**
- $50,000 and $100,000 Employment Practices Defense coverage.**
** Options not available in Missouri and New York
Note: The descriptions included herein are for illustrative purposes only. Actual coverage is subject to the language of the policies as issued. Coverage may not be available in all states.
Direct Access to Experienced Staff who only serve the needs of CPAs.
- Toll-free hotlines for specialized advice by experts.
- Exclusive loss prevention programs that earn free CPE and emphasize practical ways to build and protect a practice.
- Comprehensive member web site of valuable information.
- Comprehensive assistance when responding to legal processes, such as civil, criminal or grand jury subpoenas related to client information, and regulatory and third-party requests for information.
Value-Added Features
Claims Handling
- You are concerned about confidentiality and your professional reputation, and so are we.
- Prompt evaluation of all matters.
- Early intervention, where appropriate, which may include "repair work" on your behalf directly with your client and the taxing authorities.
- Team approach, comprised of a CAMICO representative, defense counsel, consultants and, most importantly, you, the policyholder.
- Thorough and knowledgeable investigation of every incident and claim handled by a staff experienced in legal, accounting and claims management who have lower than industry-average caseloads.
- A defense panel of experienced and highly competent attorneys and experts practicing in the area of accountant's liability.
As a CAMICO policyholder there simply is no reason for not calling our hotlines to report circumstances likely to give rise to a claim. Such early reporting protects your rights under the policy and may qualify you for a reduction in your deductible. CAMICO does not surcharge for claims or potential claims so it will not increase your premium - and most importantly we may be able to help you avoid or minimize a claim.
In-Firm Presentations
In-firm presentations are provided exclusively to CAMICO policyholders. The in-firm presentation will train your entire staff and grant CPE credits, all compliments of CAMICO. A minimum of 25 people is required to schedule a presentation, which usually lasts two hours and qualifies for two hours of CPE. We will also schedule a broadcast of a previously taped loss prevention webcast for audiences of 15 - 25 people. Webcasts offer one to two hours of CPE, depending on the topic and duration.
Our in-firm presentations focus on the latest practice and risk management trends for CPAs, and include a variety of topics ranging from client screening to disengagement.
CAMICO will also consider tailoring a special presentation to address your firm's specific needs or concerns. Our introductory in-firm presentation is designed to give you and your staff insight into various risks and CPA practice management techniques. Thereafter, you may want to schedule an advanced level presentation that would concentrate more intensely on specific areas of your choice. Your firm members can decide what practice or risk management topic would be of most interest to them, or we can help you decide on a topic that will assist you in getting the most out of your future risk management efforts.
Speakers Bureau
CAMICO's Speakers Bureau program has been providing speakers for state CPA society chapters, discussion groups, committees, conferences and other groups since 1987. A minimum of 50 people is required to schedule a presentation. Through CAMICO's Speakers Bureau program, accounting professionals can benefit from the expertise CAMICO has developed over the years.
Because of the educational nature of the topics that CAMICO presents, CPAs who attend risk management conferences, boosters and speakers bureau presentations can receive one hour of CPE credit for every 50 minutes of presentation material.
|
