Do Not Lose Coverage for Your Prior Acts!
Most Accountants Professional Liability insurance policies are “claims made and reported” policies. Two important features of claims made and reported policies include:
- The insurance applies only to claims that are first made and reported to the insurance company during the policy period.
Alternative dispute resolution (ADR) can be an effective way to reduce the time, expense and stress of resolving professional liability disputes when used thoughtfully and in suitable circumstances. Mediation and arbitration are forms of ADR that can significantly reduce the cost and the emotional roller-coaster ride of disputes when used appropriately.