Accountants Professional Liability

• Excess coverage – Coverage responds to malpractice claims, including misrepresentation, violation of faith and fair dealing, inaccurate advice, and obligation to pay damages for covered claims as well as the cost to defend against those claims
• Experienced underwriters – Knowledgeable of the local market and Accountants Professional Liability exposures
• Best-in-class claims teams – Dedicated to handling professional liability claims and committed to expert, speedy claims handling
• Underwriting company, Bridgeway Insurance Company, is rated A+ by AM Best
• $5m limit capacity — can consider higher limits 
• Non-admitted in all 50 states 
• Will consider distressed risks 

• Large to medium sized accounting firms with up to $500m in revenue.
• Excess only — attaching as low as $2m

Negligent tax preparation includes conduct such as failing to file a client’s return in a timely manner, failing to list important information on the return, and failing to make a timely/accurate response when tax authorities make inquiries.

Negligent advice is a broader version of accounting malpractice. Examples include giving incorrect tax advice or information to business owners and failing to provide accurate financial statements.

Damage caused by abuse of authority when an accounting professional is acting as a trustee or chief financial officer.

Misrepresentation in the practice of public accountancy.

Failing to perform services in accordance with professional standards:

• Giving incorrect tax advice or making tax return errors
• Manipulating financial statements or providing incorrect reports to stockholders or partners
• Wrongful certification or failure to properly audit financial statements