CAMICO, a CPA-directed program of insurance and risk management for the accounting profession, and Berkley Alliance Managers (BAM), a W. R. Berkley Company, have announced new insurance policies with enhanced coverage. Policies are issued by W. R. Berkley Insurance Group members.
Highlights of the enhancements include:
Continuity of coverage for potential claims – Designed specifically for CPAs, this feature broadens protection for policyholders who continuously renew their CAMICO or BAM policies. The new feature helps to eliminate coverage gaps that might otherwise arise due to the late reporting of potential claims.
Cyber coverage – Responding to cyber security and privacy breaches, the coverage includes response and advisory services on how to best avoid losses and how to respond if and when they do occur.
Extended coverage for certain late-reported claims –Coverage has been enhanced to increase the policy sublimit, subject to a maximum. The sublimit is in excess over and not reduced by the per claim deductible.
Deductible discount for early reporting of potential claims – A way for CPA firms to lower their deductible, this policy provision encourages early reporting and enables CAMICO to proactively manage problems before they become claims against the CPA.
Per claim limit of liability above the deductible –The full limit is not reduced by the deductible, providing more protection toward liability for damages and any applicable defense costs.
Reported subpoenas deemed to be reports of potential claims –This preserves coverage for the policyholder should a subpoena matter eventually give rise to a claim. CAMICO specialists also assist policyholders with subpoenas and other requests for information at no additional cost.
Coverage for crisis management/public relations events – The new policies include a sublimit to reimburse policyholders for costs incurred from consulting with a public relations firm to avert negative publicity or impacts on a firm’s reputation in the event of a crisis.
Pro bono services – Policies now clarify that such services are covered as long as they were authorized by a partner, principal, officer or owner prior to the services being rendered.
The new CAMICO and BAM policy forms are now available in most states and are expected to be available in Connecticut and Louisiana on July 1, 2016; in Illinois, Maryland, Missouri and New Hampshire on Aug. 1, 2016; and in Virginia and Massachusetts on Sept. 1, 2016, or later.
The CAMICO-BAM strategic partnership provides Accountants Professional Liability insurance with limits of up to $15 million and comprehensive risk management services to CPA firms.
Berkley Alliance Managers is a recently formed unit of W. R. Berkley Corporation focused on professional liability products, loss prevention and risk management services.
Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued.
CAMICO (www.camico.com) delivers insurance, risk management and related services to more than 8,200 CPA firms and 50,000 staff members in 45 states and the District of Columbia. The CAMICO program is sponsored by state CPA societies and associations in Arizona, California, Colorado, Greater Washington D.C., Indiana, Kansas, Mississippi, Missouri, Nevada, New Jersey, New York, South Carolina, Tennessee, Utah, Virginia and Washington. CAMICO provides professional Liability Insurance, Employment Practices Liability Insurance, Business Owners Package, Workers’ Compensation, Personal Umbrella and other insurance products needed by CPA firms.
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