PRODUCT: Professional liability program for public accounting firms

COMPANY: CAMICO® and Berkley Alliance Managers, a W.R. Berkley Company®

BEST RATING: A+ (Superior)

AVAILABILITY: Coverage is available through appointed agents.

FOCUS: The U.S. is home to more than 1 million CPAs, according to a recent Bureau of Labor Statistics survey. And with issues related to professional liability, cyberattacks, employment practices liability, workers compensation and everything in between, CPAs and the firms that employ them face professional threats constantly.

To protect accounting professionals and boost the security and success of CPAs, CAMICO and Berkley Alliance Managers (BAM) have enhanced their CPA coverage. “Our new enhanced program offers continuity of coverage for potential claims, which broadens protection for policyholders who continuously renew their policies,” says Brian Guthrie, vice president of sales and marketing at CAMICO. “This new feature helps eliminate coverage gaps that might otherwise arise due to the late reporting of potential claims.”

In addition, the policy enhances cyber coverage and extends coverage for certain late-reported claims. It also provides a deductible discount for early reporting of potential claims, a per-claim liability limit above the deductible, and coverage for crisis management and public relations events, as well as pro bono services.

CAMICO provides CPA-directed insurance products and risk management solutions for the accounting profession. This enhanced program combines BAM’s professional liability expertise with CAMICO’s specialized CPA risk management services.

UNDERWRITING: The CAMICO-BAM plan offers limits of $100,000 to $15 million for medium and large CPA firms, as well as any firm that requires A+ paper. The per-claim limit applies in excess of the policy deductible, which does not erode policy limits.

Continuity of coverage offers continuous coverage to policyholders that maintain coverage through CAMICO-BAM. The knowledge date is the effective date of the first of consecutive policies underwritten by CAMICO-BAM.

Coverage includes cybersecurity breach as a third-party cause of loss. CAMICO-BAM added security breach investigation first-party coverage at a maximum limit of $50,000 per policy period at no additional cost. Coverage includes notification of parties affected, investigation of breach, recreation or restoration of lost data and credit monitoring. Coverage also provides crisis management and public relations event coverage for costs incurred in consulting with a public relations firm to avert negative publicity. The maximum payable amount is 10% of the liability limit or $50,000, whichever is less.

New business orientation credit is 6%, provided the insured completes the orientation survey. All firm members of the new firm can access the CAMICO comprehensive risk management program. Reporting of a subpoena matter is considered to be a potential claim. The misappropriation of client funds sublimit is $500,000 or equal to the per-claim liability limit, whichever is less. Regulatory proceedings or disciplinary hearings coverage totals $25,000.

MINUMUM PREMIUM: Varies depending on numerous factors.

TARGET: Public accounting firms.

COVERAGE TERRITORY: D.C. and all U.S. states except AK, HI, MT, WY and VT.

CONTACT: Tom Warner, national sales manager; CAMICO, 1800 Gateway Drive, Suite 300, San Mateo, CA 94404; 800-652-1772.

Ronimarie Acord is an IA contributor.