Professional Liability

    The Professional Liability Policy is provided on a Claims Made Basis. We offer a wide variety of limits and deductibles to fit the insurance needs and budgets of small to midsize CPA firms. Your agent will work with experienced underwriters to customize your coverage. Click here for a copy of the policy - Puerto Rico or All Other Locations.

Coverage Highlights

    Broad Definition of Professional Services

    Expanded definition of Professional Services broadens coverage to include services or activities performed for a fee, Pro Bono services, publication or presenting of research papers, and work as a member of an ethics, peer review, or other professional review or standards board.

    World Wide Coverage

    The policy applies to Wrongful Acts committed by an Insured anywhere in the world.

    Innocent Insured Protections

    Innocent Insureds covered for claims otherwise excluded based on allegations of dishonest, criminal, malicious or fraudulent acts.

    Deductible Reduction

    Deductible reduction is 50%, up to $25,000, if any claim is resolved within one year of being reported, and for non-attest engagements claims where a current signed engagement letter was used.

    Extended Reporting Period

    The Extended Reporting Period now includes a 5 year option in addition to the 1, 3 and 7 year options.

Supplemental Coverages

Policy Coverages that are in addition to the limits of liability and are not subject to any deductible.

    Disciplinary Proceedings

    $50,000 per policy period for defense expenses incurred to respond to disciplinary investigations or proceedings.

    Subpoena Expense

    $50,000 per policy period for legal fees and costs incurred to respond to a subpoena for documents or testimony.

    Privacy Breach and Remediation Coverage

    $50,000 per policy period for costs to investigate, remediate, address network security issues, and to respond to any related regulatory action.

    Time Reimbursement

    $750 a day, up to $10,000 per claim and $50,000 per policy period for time spent attending hearings, depositions or trials.

    Supplemental Claims Expense

    If the policy limits are exhausted and there is still an unresolved claim, the policy provides an additional 10% of the policy limit, up to a maximum of $250,000 for Claims Expenses to handle any remaining matters.

    Supplemental Damages Payment Coverage

    Post judgment interest accruing prior to payment of a judgment and costs taxed against an Insured will be paid by the Insurer outside the limits of liability and is not subject to any deductible.

    Non-Profit Directors and Officers Coverage

    $15,000 per claim, $30,000 aggregate per policy period coverage for Claims Expenses or Damages arising out of an Insured's activity as a director or officer of a NonProfit Organization.

    Employment Practices Defense Coverage

    $25,000 per policy period Claims Expenses in the defense of Employment Practices related claims.