Accountant Professional Liability Insurance

Comprehensive liability coverage options

CPAs need Professional Liability (malpractice) insurance to cover damages in the event of an error or omission committed on part of the firm when providing professional services, and to protect the assets of the firm from the financial consequences of a claim. CAMICO has been the NJCPA’s Preferred Provider of Professional Liability Insurance and Risk Management Services since 2007. Designed specifically with CPAs in mind, CAMICO’s Professional Liability Insurance policy addresses the scope of services provided by CPAs, no matter the firm size.

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Program Overview

Features and Benefits

  • Broad definition of professional services to meet the needs of today’s CPA (Accountants): includes specific investment advice, valuation, litigation support, trustee/executor services, and attest services
  • Continuity of Coverage for Potential Claims: Provides protection and helps eliminate coverage gaps for potential claims known to an insured and not timely reported by the insured, while coverage is consecutively renewed with the CAMICO program.
  • Prior acts coverage available for continuously maintained PL insurance
  • 50% reduction in deductible (up to $50,000) for early reporting of a potential claim during the policy period in which it becomes known, or use of formal mediation to attempt to resolve a claim.
  • Innocent insured provision applies to dishonest, fraudulent, malicious or criminal acts, errors or omissions
  • 5% premium credit when choosing the exclusionary suit-for-fees endorsement
  • Loss of earnings coverage for attendance at trial: $500 per day up to $10,000 per claim
  • Potential claims expenses are not charged against the deductible or liability limit even if a claim is subsequently made. The limit and deductible are not triggered until an actual claim is made
  • 'Tail coverage' for an unlimited period for qualified retiring sole practitioners

Options

  • Zero deductible for defense costs
  • Separate limit of defense coverage in most states

Limits of Liability

  • Up to $15 million