INSURANCE PROGRAM

Insurance carrier

Type of coverage

Policy limits

Client profile

A.M. Best rating

Criteria for premium credits

Covered acts

Coverage of assurance services

Contact


ACCOUNTANTS PROFESSIONAL LIABILITY

Philadelphia Indemnity Insurance Co.

Claims made.

Up to $5 million.

Firms with under 30 professionals and less than $5 million annual revenue providing traditional accounting and tax services. Larger firms may be considered.

A+

Client engagement letters; greater than three years in practice; better than 3:1 CPA to non-CPA ratio; emphasis on tax, bookkeeping, compilations; no fees suits; written client screening procedures; CPE; unqualified peer review; loss control seminar; and claims-free.

Professional services subject to policy wording. Includes tax, compilation/write-up, reviewed statements, audits, management advisory services, basic financial planning, and witness/litigation support for financial matters, trustee, receiver and executor, notary, personal fiduciary, consulting in the course of practice of accountancy. $5,000 in coverage for services as nonprofit director or officer available.

Audited or reviewed financial statements.

Marisa Burke
(610) 617-7646


AICPA PROFESSIONAL LIABILITY INSURANCE PROGRAM

Continental Casualty Co., one of the CNA insurance companies.

Claims made and reported.

$100,000 to $20 million; split limits and separate defense limits available. Per claim and aggregate deductibles starting at $0 available.

Plans available for firms with 3 or fewer professionals billing up to $400,000; mid-sized firms; and firms billing in excess of $10 million (excluding Big Four).

A

Peer review, longevity, engagement letters, claims-free experience, attendance at AICPA risk management seminars or Webcasts, or completion of CD-ROM self-study risk management course.

Claims that are first made and reported during the policy period alleging acts or omissions in the performance of professional services. Also available are prior acts coverage and extended claim reporting period options.

Provides coverage for services performed in the practice of public accountancy, including assurance services.

Alvin Fennell III
Aon Insurance Services
Hatboro, Pa.
(800) 221-3023

CAMICO

Camico Mutual Insurance Co.

Claims made and reported; extended reporting endorsement available with limits reinstated.

Up to $10 million primary; split and excess limit options available. Separate defense limits.

CPA firms and associations that practice and adhere to sound professional standards.

A-

Free CPE credits for attending a Camico loss prevention seminar or use of online credit program; deductible credits for alternative dispute resolution; early claims reporting; one-year loss prevention orientation credit. Additional credits vary from state to state.

Professional services. Coverage offered includes specific investment advice, assurance services, business valuation, personal financial planning, litigation support, trustee/executor, computer consulting and special extended reporting program for sole proprietors and small firms. Optional coverages available, such as D&O and employment practices defense in most states.

Insurance for technology consulting, personal financial planning and litigation support service is built into the main policy form.

Gail A. Dennis
Camico
Redwood City, Calif.
inquiry@camico.com
www.camico.com
(800) 652-1772

CPA ADVANTAGE PROGRAM

Genstar, a subsidiary of General Reinsurance

Claims made, with incident reporting features.

$100,000 to $10 million.

No size restrictions, plus specific program for small accounting firms.

A++

Loss prevention seminar, loss experience, risk characteristics of the firm.

Professional services performed or advice given in the insured's practice of accounting, and services performed within the accountant-client relationship, even though such services can be performed by non-accountants. This includes, but is not limited to, services as a trustee, conservator or similar fiduciary capacity, software consulting and financial advising.

Insurance for technology consulting, personal financial planning and litigation support service is built into the main policy form.

Joseph Flynn
Herbert H. Landy Insurance
Needham, Mass.
(800) 950-4838

CPA MUTUAL INSURANCE CO. OF AMERICA, RRG

CPA Mutual Insurance Co. of America, RRG

Claims made and reported.

$250,000 to $5 million. Higher limits may be available.

No size restrictions.

B

CPE, experience.

Claims made and reported; coverage for prior acts, innocent insureds, disciplinary proceedings, trustee services, sale of computer hardware and software, SEC and financial institution engagements, and specific investment advice; electronic media coverage via endorsement.

Insurance for technology consulting, personal financial planning and litigation support service is built into the main policy form. Elder Care and Web Trust are also offered.

Bill Thompson
CPA Mutual Insurance Co. of America
Alachua, Fla.
(800) 272-0290

INSIGHT INSURANCE SERVICES

Everest National Insurance Co.

Claims made.

$100,000 to $3 million.

Almost all accounting firms, not including regional or national CPA firms; CPA designation not required, part-time practices accepted.

A+

Loss-control program, including use of engagement letters; claims-free experience; peer review; business experience; professional memberships.

Actual or alleged negligent acts, errors or omissions arising from performance of professional services for others. Coverage includes innocent insureds, prior acts coverage and extended reporting periods.

Insurance for technology consulting, personal financial planning and litigation support service is built into the main policy form.

Michelle A. Duffett
Insight Insurance Services Inc.
Geneva, Ill.
(800) 447-4626

JAMISON INSURANCE GROUP

National Casualty Co./Scottsdale

Claims made and reported.

$2 million per claim/$2 million annual aggregate, up to $5 million with underwriter's approval for anything above $2 million.

Contact insurer.

A+

Contact insurer.

Any wrongful acts committed while performing accounting services.

Services performed in the practice of public accounting, including audit review, comp work, business planning, consulting services, litigation support, trustee work and all tax services.

Michael Warshany
Herbert L. Jamison & Co.
West Orange, N.J.
(800) 526-4766

Note: Figures are subject to change
Sources: Individual insurers; A.M. Best Co.

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