AICPA Insurance Programs

Professional Liability Insurance
Premier Plan
Product Information

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• Broad Coverage: Covers a wide range of professional services, including: tax planning and preparation, audit and other attest services, general accounting services, SEC engagements, computer hardware and software services, business advice, personal financial planning, litigation support and expert witness testimony, management consulting services, and more.
   
• Coverage for Entire Staff: The Program covers the personnel of the firm, whether full-time, part-time, temporary, professional, or clerical.
   
• Claims-made Policy: Covers firms for claims first made and reported during the policy period.
   
• Prior Acts: Full prior acts coverage is available to qualified firms.
   
• Defense Counsel: Provided by CNA, assigned counsel has experience in accountants professional liability defense.
   
• Settlement: Agreed and paid only with insured's written consent.
   
• Choice of Limits: Available liability limits range from $100,000/$100,000 to $10 million/$10 million for qualified firms. Split limit options such as $500,000/$1 million and $1 million/$3 million are available upon request.
   
• Claim Expenses Outside the Limits: The option to have claim expenses paid in addition to the limits of liability is available at an additional cost for qualified firms.
   
• Range of Deductibles: Firms can help control premium costs through a variety of deductible options, ranging from $500 to $500,000 for qualified firms.
   
• Aggregate Deductibles: Under the aggregate deductible option, deductibles are assessed on an annual aggregate, or cumulative basis, rather than on a per claim basis. The result is that, at minimal additional cost, aggregate deductibles reduce out-of-pocket deductible expenses if a firm is faced with more than one claim in a policy period.
   
• Extended Claims Reporting Period (ECRP): The period for reporting claims is automatically extended for 60 days beyond the normal or scheduled policy expiration. One, three, and five-year additional extended claims reporting coverage is available in most states at an additional cost. Provides coverage for claims made during ECRP.
   
• Premium Financing: Competitive rates are available for qualified firms. Financing rates are available upon request.
   
• CNA Risk Management/Claims Hotline (1-800-262-8060): The AICPA Program provides a claims assistance/avoidance hotline that offers direct access to claims professionals and risk management specialists who can provide assistance and answer questions about potential liability issues and claims, and if necessary, provide referrals to legal counsel. Visit our Risk Management section.