The professional liability insurance marketplace for accountants is continuing to soften, according to most of the nation’s providers.“It’s very similar to where we were last year,” explained Bill Thompson, chief executive of Alachua, Fla.-based CPA Mutual Insurance Co. of America. “We’re waiting to see how the subprime issues affect the market, but so far we haven’t experienced anything. We believe there will be an uptick in class-action suits that are subprime-related, but we haven’t seen any in our book.”
Last year, a number of liability insurance providers described a reduction in the number of malpractice claims against CPA firms over the past several years as a prime cause of a softer liability market.
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