Accountants Professional Liability Insurance Program
Professional liability insurance provides your firm and all its professionals and staff with protection should a claim be brought against them alleging malpractice in the rendering or failure to render professional services in the capacity of an accountancy firm or an accountant.
When a claim is filed there will always be substantial costs to be incurred, particularly as respects lawyer fees, in mounting a defence. These costs are covered by the policy.Additionally, should damages be awarded against you or a settlement is agreed to that requires damages to be paid to the claimant, the policy will, subject to the limit of the policy, pay these too.
Accountants Professional Liability Insurance — protects against financial loss from the delivery of professional accounting services. Fraud, intentional acts, criminal acts, bodily injury (BI), and property damage are typically excluded from coverage (PD).
At Marsh, we’ll help you acquire the minimum amounts of professional liability insurance to meet the requirements of your association or provincial body you’re a member of. We can also help to discuss optional coverage for your individual practice.
As a professional accountant, you are at risk of being sued by a client at any time. This makes insurance a priority for anyone working in this capacity, regardless of experience or employment status.
Our policy will pay the cost of defending a claim made against you (lawyer costs, etc.) and will cover these costs without any impact on, and will be in addition to the limit of insurance provided under the policy. The limit of insurance exists to pay for settlements or awards.
Yes it does. However, like all such policies, it does not cover any claim or circumstance that later becomes a claim that you knew about prior to the effective date of the policy. These claims or circumstances should be reported to your insurer of record when you first became aware of them.
It would cover you for the provision of your professional services anywhere in the world, provided that the claim made against you is made in Canada, the United States, or Bermuda.
The policy exclusion relating to fraud or dishonesty of an insured, and the policy condition relating to the failure to comply with "the duties in the event of a claim" will not be imputed onto any other insured covered by the policy.
Our policy will cover the cost to defend the professional at a disciplinary proceeding by a regulator or similar body up to an amount of $10,000 (subject a maximum of $50,000 in the policy period and subject to a retention by you of the first $5,000 each claim).
Our policy will cover the cost, up to $25,000 in the policy period, to respond to a summons requiring you to produce documents or testify resulting directly from professional service provided by you. The cost to have a lawyer provide advice can be included.
Our policy will cover up to a sublimit of $100,000 in the policy period for liability imposed relating to misrepresentation of a tax matter by a third party.
Our policy will cover costs (up to $25,000 in the policy period) incurred by you or the firm when you have to attend a trial, arbitration, or hearing as a part of responding to a claim under the policy. Coverage is provided at a rate of $1,000 per day for a partner and $200 a day for all other employees.
Yes, you can reduce the retention (deductible) amount by 50 percent for a specific claim if you either:
1. Used a Letter of Engagement in relation to the matter which is the subject of the claim; or
2. Agree to use of an Alternative Dispute Resolution Process in the settlement of the claim.
Probably not! The insurer has a great deal of experience with covering risk for accountancy firms, not only in Canada but in the United Kingdom, the United States, and Australia. Many clients realize substantial premium costs savings through Marsh's Accountants Professional Liability Program. Let us show you by providing you with a no-obligation quotation.