Additional Products
These products are available to enhance coverage by endorsement include:
Employment Practice Liability Insurance
Limits of $100,000 may be purchased to provide defense and indemnity coverage for Employment Practices related claims.
Read MoreNon-profit Directors & Officers Insurance
Limits of $100,000 may be purchased for excess coverage for defense of claims made against the scheduled insured for errors and omissions in the capacity as a director for a non-profit organization.
Employee Dishonesty Coverage
Limits beginning at $100,000 may be purchased to provide protection for loss of client funds, securities or other property by means of dishonest acts committed by an employee of the Insured.
Corporate Identity Protection
Limits beginning at $100,000 may be purchased to provide protection for the theft of client records in the care custody and control of the insured resulting in a loss of personal identity information. Coverage is for loss amounts from a Personal Identity Event, Administrative Action, Notification Costs, Crisis Expenses and Post Event Services expenses.
Registered Investment Advisor Coverage
Provides for professional services performed by an Insured for others as a Registered Representative of a broker/dealer.
Real Estate Agent Coverage
Provides for professional services performed by an Insured for others as a Real Estate Agent.
Life Insurance Agent Coverage
Provides for professional services performed by an Insured for others as Life Insurance Agent.
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Sample Policy Terms and Provisions
The Professional Liability Coverage is provided on a Claims Made Basis. For a copy of the policy, click here.
Who is Covered - The firm’s partners, principals, officers, directors, members and it’s employees. The policy includes special provisions for lawful spouses, as well as contract, per diem or leased personnel.
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Coverage Territory - The United States of America, its territories and possessions, Puerto Rico and Canada.
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Professional services definition - The definition does not limit the firm to traditional accounting services. Coverage applies to advice given or services performed on behalf of the firm for a fee.
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Deductible Reduction - The policy deductible may be reduced by 50% (up to $50,000) through use of claims mediation or through use of engagement letters.
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Innocent Insured - If coverage is excluded for certain Insureds due to (1) dishonest, criminal, malicious of fraudulent acts (2) failure of another Insured to give notice to the Company of a Claim or (3) misappropriation, commingling or defalcation of funds or other property, innocent Insureds are still protected.
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Acquisition or Merger - Automatic coverage for Newly Acquired Entities.
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Loss Amounts - Include pre-judgment and post judgment interest and fines and penalties assessed against clients by the IRS or any other state or municipal taxing authority.
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Liberalization Clause - Broader Insurance provisions adopted by the Company during the Policy Period are automatically extended to all policies in effect once the provision has been approved by appropriate authorities if there are no premium charges for the coverage.
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Automatic Extended Reporting Period - Sixty (60) day extended reporting period is provided when the policy terminates.
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Optional Extended Reporting Period - An endorsement may be purchased to extend the policy reporting periods. Optional Extended Reporting Period endorsements are bilateral and automatically reinstate the Each Claim limit of liability.
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Additional Defense Cost Limit - Provides a cost effective way to increase coverage for defense costs without having to purchase higher policy limits of liability. This coverage is included on the Express Plan. It may be purchased on the Select Plan.
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Supplemental Payments
Regulatory Inquiry - $5000 per Insured up to a maximum of $20,000 per policy period for defense expenses incurred to respond to investigation by state licensing board, self regulatory body, public oversight board or governmental agency.
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Subpoena Expense - up to $25,000 per policy period for legal fees incurred in responding to a subpoena for documents or testimony which have not resulted in a claim.
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Loss of earnings and expenses incurred - up to $500 per day, $5000 per claim for attendance at trial, court ordered hearing, arbitration or mediation.
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Electronic Media Coverage - up to $10,000 per claim, $25,000 per policy period for loss amounts due to misdirection of electronic mail, loss of client information via electronic media, unintentional introduction of a computer virus to a third party computer and unintentional unauthorized access by a third party to a computer or system. Such payments do not reduce your limits of liability and are not subject to the policy deductible.
Optional Program Features
Deductibles - The deductible provision may be modified to make defense costs not subject to the deductible obligation. An aggregate deductible may also be selected to cap the out of pocket expenses regardless of the number of claims made or suits brought within the policy period.