Accounting Professionals E&O Insurance Coverage Highlights

Pre-Claim Assistance
Covers expenses associated with the evaluation and mitigation of a potential claim. The limit of liability or the deductible do not apply to pre-claim expenses.

Network and Information Security Offense Coverage
Covers claims for the transmission of a computer virus; claims for the failure to control access to the insured’s computer or network; and the failure to prevent unauthorized access to, or use of, data containing confidential information of others.

Broad Professional Services Definition
Definition includes accountant or accounting consultant, investment advisor, enrolled agent, personal fiduciary, and arbitrator/mediator.

Crisis Event Expense Reimbursement
Reimburses costs of consulting services of a public relations firm incurred in response to a crisis event that has had a material adverse impact on the named insured’s reputation. A crisis event includes the death or departure of principal, potential dissolution of the named insured, workplace violence, or other event that has a material adverse effect on the named insured’s reputation. Limits are $10,000/$30,000. All payments are outside of the limit and no deductible applies.

Mediation Deductible Credit
Reduces the deductible by 50 percent if the insured agrees to a final settlement of a claim during or within 30 days following voluntary mediation (subject to a maximum reduction of $25,000).

Disciplinary and Regulatory Proceeding Expense Reimbursement
Reimburses insured for expenses incurred that result from a disciplinary or regulatory proceeding. Limits are $25,000/$50,000. All payments are outside of the limit and no deductable applies.

Enhanced Settlement Clause
Softened “settlement clause” provides for 50 percent sharing of amounts incurred after a rejected settlement opportunity.

Limited Claims Knowledge
Knowledge of claim or circumstance limitation only applies if a “principal insured” had knowledge on initial knowledge date specified on Declarations.

Personal Fiduciary Coverage
Extension of coverage to insureds who are an executor, administrator, or representative of an estate.

Limited Trustee Coverage
Extension of coverage to insureds while acting as trustee of an individual, family or charitable trust.