General Star Management Co. has made a series of revisions to the policy for its accountants professional liability program. Available exclusively via program administrator Pearl Insurance, the product is currently available in 28 states. The coverage is written on an admitted basis by General Star National Insurance Co.
The enhancements include a deductible incentive program which offers three ways to reduce or completely waive the accountant’s deductible:
- Settlement through alternative dispute resolution
- Engagement letter usage and
- Early claim resolution.
Insureds who are eligible for all three can receive up to a maximum reduction of $25,000 per policy.
The elimination of the “hammer clause”is another enhancement to General Star’s standard policy for the program. This provides peace of mind to policyholders, in regard to their reputation and the ultimate resolution of claims made against them.
A new Equity Plus endorsement contains five features designed for the risks associated with the equity interests of the owner, or a partner, officer, director or managing member of a firm. Moonlighting coverage for tax preparation services, additional protection for the cost of investigating alleged Internal Revenue Code §7216 violations, temporary replacement coverage for a totally disabled equity partner, extended reporting period options, and deductible incentives are features of the Equity Plus endorsement.
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