Features and benefits common in ProDefender plans include:
- Limits: Primary $10 million per claim / $10 million aggregate, with a broad range of deductible options. For excess limits, contact us.
- Premium credits available for engagement letter usage and longevity as a policyholder
- Definition of professional services includes consulting, investment advisory service, pro bono, personal fiduciary services, advertising injury, and personal injury (includes emotional distress and mental anguish)
- Accountants Professional Liability Hotline, available exclusively and without cost for ProDefender clients, provides guidance regarding claims, potential claims, and situations that could possibly lead to a claim.
- 50% reduction in deductible up to $50,000 maximum for use of engagement letters other than audit or attest ($5,000 maximum), or use of mediation ($50,000 maximum)
- Pre-claims expenses not charged against the deductible or liability limit even if a claim results. Deductible and liability limit not triggered until an actual claim is made
- Subpoena assistance for legal advice and testimony preparation
- Regulatory proceedings expense coverage up to $25,000
- Defense of third-party discrimination demands
- Innocent insureds provision applies to criminal, dishonest, illegal, fraudulent or malicious acts
- Loss of earnings coverage for attendance at trial $100 per hour with no aggregate
- Separate limit of defense coverage available in most states
- Prior acts coverage available for continuously maintained professional liability insurance
- Unlimited "tail coverage" for retiring solo practitioners
This content is provided for informational purposes and is not a legally binding description of coverage that may exist in any policy issued through ProDefender, its affiliates, or the insurance companies ProDefender represents. All conditions of coverage, terms, and limitations are defined in the policy issued to you. Programs and products may not be available in all states.
We believe many of the most serious claims scenarios can be avoided through a proactive approach to risk management.
Most of our accountant’s professional liability plans include free risk-management services provided by partner firms to our insured accountants and accounting firms.
Services include guidance to ProDefender clients regarding claims, potential claims, and situations that could possibly lead to a claim. Experts can also address questions concerning best practices, claim avoidance, engagement and disengagement of services, and general practice questions.
Risk management advice is provided by experienced attorneys from law firms specializing in accountant’s professional liability. These attorneys are well-versed in all aspects of the accounting business, from audits, compilations and reviews of financials, to tax matters and other business issues.
Our risk management partners help accountants minimize, if not eliminate, potential claims by clients and non-clients, disciplinary proceedings, and even criminal prosecution.
Insureds who make a written request will receive an engagement letter that spells out the terms of their attorney-client relationship with our partner firm assuring confidentiality.