This is an application for a "Claims Made" policy. If an insurance policy is subsequently issued, it will only apply to claims first made against the insured during the policy period.
CPA Mutual's Accountants Professional Liability Policy has been significantly enhanced. (Click here for a policy specimen)
CPA Mutual's existing policy has been improved and changed over the past 23 years in an attempt to provide our members broad coverage. We've added:
- Trustee coverage
- Computer consulting and the sale and installation of computer hardware and software
- Arbitration and mediation incentives
- Regulatory inquiry coverage
- Financial planning services, including specific investment advice by endorsement
- Aggregate limits and aggregate deductibles
- Additional defense limits
Plus, over the years we issued clear and concise policy interpretations so you knew exactly what was and was not covered.
We have completely rewritten the policy. We did this for two primary reasons:
- Make the policy easier to read and understand.
- Broaden the policy to keep up with the rapid changes occurring within the accounting profession. We want to make sure new assurance services such as Elder Care and Web-Trust are covered under the policy.
It will take only one glance at the new policy form to see how we've improved the readability. Every effort was made to eliminate "lawyer speak" and replace it with easy-to-understand verbiage. You should not have to be an insurance expert to understand policy language.
The policy coverage was also improved in many areas. Significant changes include:
- Broader definition of "professional accounting services"
- Added coverage for responding to subpoenas
- Added defendant reimbusement coverage
- Increased the arbitration and mediation incentive up to a maximum of $25,000
- Added coverage for services as a director or trustee of a not-for-profit organization
- Added coverage for pre-claim intervention
- Clarified CPA Mutual's claim settlement philosophy by adding language requiring you consent before settling a claim
These changes enhance the coverage and value of CPA Mutual's policy.
We believe this policy, coupled with excellent service and our pro-policyholder (member) claims handling philosophy, gives you the absolute best choice in accountants professional liability coverage today and well into the next millennium.
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