CPA Professional Liability

Custom Brokers - Accountants Professional Liability

 

For more than a dozen years, Custom Brokers has strived to be the most innovative and forward thinking professional liability insurance program for accountants.   Our member firms face new and more difficult challenges which tests the mettle of even the most well managed practices.  New areas of practice, new ways of doing business, new theories of negligence, new classes of potential claimants - all combine to form the perfect storm through which only the best managing partners can navigate.

 

Custom Brokers has developed an environment that encourages constant review and re-tooling of the program to ensure we offer the best quality coverage to member firms. The program constantly seeks ways to provide meaningful coverage enhancements to your policy.  Often these arise from dialogues with member firms. 

Beyond the broad definition of professional services including consulting services, the expansive list of covered persons, worldwide coverage, and the non-cancellable (by the insurer) features of the policy,some of the more important benefits are as follows:

 

Disciplinary Proceedings

Coverage of up to $50,000 in defense expenses is provided for a proceeding before a state licensing board, peer review committee or governmental regulatory agency.  This is in addition to the limit of liability and not subject to the deductible.

 

Subpoena Expenses

Unlimited coverage in responding to a subpoena for documents or testimony.  This is in addition to the limit of liability and not subject to the deductible.

 

Expense Reimbursement

Coverage of up to $750 per day and $50,000 per policy period, for actual loss of earnings and reasonable expenses incurred when you attend a hearing, trial or arbitration proceeding. This is in addition to the limit of liability and not subject to the deductible.

 

Claim Mitigation

• If ADR (Alternative Dispute Resolution) is used to resolve a claim, 100% of your deducible will be waived up to $25,000.
• If you use an engagement letter for non-attest services, the deductible will be reduced by 50% up to a maximum reduction of $10,000 each Claim, and $25,000 in the aggregate for the Policy Period.
• If a claim is fully resolved within one year of being reported, the deductible will be reduced by 25% up to a maximum reduction of $25,000.

 

CONTACT Program Administrators:

Jeff Novak & Robert A. Strachan

330-963-3800