Camico Mutual Insurance Co., the country's second largest provider of professional liability insurance coverage for CPAs, announced that it will provide limited coverage for policyholders who inadvertently fail to report a claim or potential claim in a timely manner.
Pending regulatory approval, the company will attach the new endorsement to its 2006 policy, providing for a $100,000 sub-limit, reduced by the policy deductible. The new endorsement is a feature not offered by any other insurer of CPAs. The benefit is activated when the policyholder has a known claim or potential claim but inadvertently fails to report the incident within the policy period and subsequent grace period, which is 30 days beyond the policy period.
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