CAMICO Appoints Steve Tatone to Board of Directors

CAMICO, the nation's largest CPA-owned and directed program of insurance and risk management for the accounting profession, has appointed Stephen M. Tatone, CPA, to the company’s board of directors, effective Nov. 30, 2020.

Tatone is chairman of the board of directors for CPA Mutual, which recently announced an agreement with CAMICO to transfer CPA Mutual's Accountant's Professional Liability Insurance program to CAMICO, effective Jan. 1, 2021, as policies renew.

Economic Downturns Exacerbate Liability Claims

Economic conditions have historically had a significant impact on CPA professional liability claims. In general, more claims and larger claims are filed during a downturn. The recession of 2008–09 was no exception. Public expectations and standards for the CPA profession (as opposed to CPA professional standards, or the profession's standards for itself) again became a focal point, and clients asserted their expectation that CPAs should advise and warn clients of all risks and opportunities.

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