Professional Liability Insurance - New Endorsements
Privacy and Client Network Damage Endorsement
- Clarifies how coverage for privacy claims and client network damage claims are covered under your professional liability policy
- Covers privacy claims arising out of the unauthorized disclosure of non-public personal information in violation of an insured's privacy policy or federal, state, or local law. Also covered are claims arising out of your failure to prevent unauthorized access to information that is subject to a confidentiality agreement.
- Covers client network damage claims for damage to your client's network arising out of either (a) a security breach of your network, or (b) the transmission of a computer virus to your client's network.
- Claims must arise out of your covered professional services
- Provides $12,500 coverage for defense costs to defend you at regulatory proceedings related to actual or alleged violations of privacy laws or privacy breach notice laws.
- Also raises the policy's Supplementary Policy Benefit for Regulatory Proceedings and Disciplinary Proceedings to $12,500
- Covers the costs to notify third parties of unauthorized disclosure of non-public personal information
- Does not cover the cost of credit monitoring expenses
Computer Consulting Endorsement
- Not normally needed for firms that install off-the-shelf bookkeeping, tax, and accounting software, as your basic professional liability policy covers these operations adequately
- Allows otherwise ineligible computer consulting operations to be covered under your professional liability policy, such as
- Systems integration and analysis, design and development
- Application or systems programming
- Hardware design, development, and installation
- Technical writing
- Training and education associated with the above
Financial Services Endorsement
This endorsement is available for those firms who generate fee based revenue from financial planning/investment advisory services.
- Fee based financial planning and asset allocation modeling and investment advice
- Fee based asset management within mutual funds (discretionary/non-discretionary)
- Fee based asset management of non-mutual fund assets (non-discretionary only)
- Sub-entity owned by the CPA firm/any person acting in the capacity of financial planner or investment advisor
Registered Representative Endorsement
Coverage is available to policyholders transacting securities for commission on behalf of a securities broker/dealer.
Consult with your agent or underwriter if you believe one or more of these endorsements are applicable to your situation. Endorsements are not available in all states. Coverage is subject to underwriter approval.
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