Benefits of having a CAMICO Professional Liability Policy
Here are some facets of the risk management services available to members who have Professional Liability Insurance with CAMICO:
Education and Training
- In-Firm Presentations focus on the latest practice and risk management trends for CPAs
- Webcasts and Online Self-Study Courses include free CPE opportunities
- Speakers Bureau Program provides speakers for qualified CPA Society events and Accounting Associations
- Risk Management Conferences and Boosters update CPAs on the state of the profession
Loss Prevention Hotlines
- General Loss Prevention Hotline: Direct access to in-house CPA specialists and experts
- Tax Advice Hotline: Advice on federal tax issues related to high-risk estate, gift and corporate tax work
- Accounting and Auditing Hotline: Guidance on a variety of A&A issues
Members Only Site includes:
- Knowledge Tree: A reference library containing hundreds of documents organized by scope of service and risk management areas
- Resource Centers: Centralized microsites on popular risk management topics
- Education and Training: Collection of online CPE opportunities
- Current and archived issues of CAMICO’s award winning enewsletter – IMPACT
Practice Management Tools
Individual pieces that, when used in concert, provide CPAs a support system seeking protection from liability. Examples include alerts, engagement letters, client investigation services, member site resources, IMPACT newsletters and more.
Quoting Made Easy
and much more...
Claims Handling & Pre-Claims Assistance
CAMICO’s team of dedicated claims specialists works to develop equitable resolutions that best protect the interests of policyholder firms. Policyholders work directly with well-trained claims specialists with many years of experience in handling accountants professional liability claims.
To date, the specialists have used their expertise in managing more than 15,000 incidents that could have led to claims. On an average, our hotlines receive more than 750 calls from policyholders each month, one-third of which concern problems that have the potential to become claims.
CAMICO’s strategy involves a proactive approach and a strong emphasis on risk management. Our claims handling philosophy includes:
- CAMICO’s sole focus on the CPA profession delivers exacting counsel throughout the claims handling process, so claims are resolved efficiently and expeditiously. Our claims specialists view every claim as an opportunity to demonstrate CAMICO’s superior knowledge, expertise and personal approach to helping our policyholders.
- CAMICO encourages policyholders to notify us of potential claims situations as early as possible. In fact, we provide a deductible credit of 50%, up to $50,000, for early reporting of a problem if a claim should actually occur later. An early evaluation of the problem often leads to an early resolution, reducing the demand on policyholder time and resources.
- Intervene where appropriate, including ‘repair work’ on behalf of the policyholder
- Provide a proactive defense to claims – not passive and reactionary. Upfront analysis enables the development and implementation of a strategy to resolve the matter in a focused manner.
- To achieve best results, our proactive approach includes assembling, when warranted, teams of experienced lawyers, experts, and consultants and also includes a strong emphasis on risk management.
- Counsel policyholders on ways to avoid or minimize exposures
Subpoena and Consultation Services
CAMICO offers policyholders with Professional Liability Insurance, a comprehensive range of subpoena and consultation services. These services are designed to assist policyholders in reducing the risk of claims and litigation and to guide them through the subpoena process when they are not a party in the litigation. Our knowledgeable staff has many years of experience advising CPAs on a variety of loss prevention issues.
Under certain circumstances and at CAMICO’s discretion we may appoint legal counsel to assist policyholders with services such as:
- Interfacing with attorneys
- Preparing for pre-trial and pre-grand jury testimony
- Responding to requests and legal process including civil subpoenas
- Counsel in connection with responses to criminal and grand jury subpoenas
- Third-party requests for information
- Regulatory requests
Comprehensive advisory assistance to policyholders on a variety of sensitive client matters affecting the profession and practice management, including:
- Engagement and disengagement issues
- Third-party requests for information
- Responses to legal process, subpoenas, regulatory inquiries and miscellaneous matters