Even for the most cautious and conscientious accounting professional, mistakes may happen and disputes arise. Early involvement by a Great American claims expert can often be extremely beneficial when these situations occur. A significant benefit of being insured with Great American is the availability of pre-claims assistance. Pre-claims assistance allows for reporting of an incident or circumstance that may lead to a claim with all expenses being paid by the insurer. The claims specialist will have discussions with all relevant parties, review documentation and recommend an appropriate strategy.
Some insureds remain concerned that reporting a pre-claim will negatively affect their premium upon renewal expiration. Under the Great American Accountants Professional Liability Insurance Policy, any pre-claim related costs incurred by Great American before any demand for money or services has occurred, will be paid by the insurer and will not be considered during the renewal underwriting process.
Historically, early involvement by a Great American claims specialist and our panel of specialist accounting professional legal counsel has shown to reduce the accounting professional’s potential exposure. Additionally, any amounts paid under Pre-claims Assistance will not reduce the available Limits of Liability.
Please see Section VI.G. Pre-Claim Assistance for complete information on this coverage.
Please reach out to us at the Landy Insurance Agency for more information on the benefits of being insured with Great American Insurance.
Disclosure: The information presented is intended to provide guidance and is not intended as a legal interpretation of any federal, state or local laws, rules, or regulations applicable to your business. The risk management information provided is intended only to assist policyholders with recognizing possible exposures. In providing such information, Great American does not warrant that all potential exposures have been evaluated or can be controlled. It is not intended as an offer to write insurance for such exposures. The liability of Great American Insurance Company and its affiliated insurers (“Great American”) is limited to the terms, limits and conditions of the insurance policies underwritten by any of them. Scenarios are provided to illustrate possible exposures faced by your business. The facts of any situation which may actually arise, and the terms, conditions, exclusions, and limitations in any policy in effect at that time, are unique. Thus, no representation is made that any specific insurance coverage applies to the above claims scenarios.
Coverage description is summarized. Refer to the actual policy for a full description of applicable terms, conditions, limits and exclusions. Policies are underwritten by Great American Insurance Company and Great American Assurance Company, authorized insurers in all 50 states and DC. Great American Insurance Group, 301 E. Fourth Street, Cincinnati, OH 45202. 5259-PLD-31 (12/18)
Phil Howard is the Divisional AVP - Claims, at The Great American Insurance Group, Professional Liability Division in Exton, Pennsylvania. You can contact Phil at pjhoward@gaic.com
The Landy Insurance Agency is a national leader in providing non-medical, professional liability and cybercrime insurance for accountants, attorneys, and real estate professionals. John can be reached at 781‐292‐5417 or johnt@landy.com. Visit www.landy.com for more information.
If you are an insurance producer looking to register with us or obtain coverage for your client, please visit our Partner Resource Center for information.