CAMICO, a CPA-directed program of insurance and risk management for the accounting profession, and Berkley Alliance Managers (“BAM”), a W. R. Berkley Company, are offering new insurance policies with enhanced coverage.

Policies are issued by W. R. Berkley Insurance Group members.

The companies said that highlights of the enhancements include:

Continuity of coverage for potential claims. Designed specifically for CPAs, this feature broadens protection for policyholders who continuously renew their CAMICO or BAM policies. The new feature helps to eliminate coverage gaps that might otherwise arise due to the late reporting of potential claims.

Cyber coverage. Responding to cyber security and privacy breaches, the coverage includes response and advisory services on how to best avoid losses and how to respond if and when they occur.

Extended coverage for certain late-reported claims. This coverage has been enhanced to increase the policy sublimit, subject to a maximum. The sublimit is in excess over and not reduced by the per claim deductible.

Deductible discount for early reporting of potential claims. A way for CPA firms to lower their deductible, this policy provision encourages early reporting and enables CAMICO to proactively manage problems before they become claims against the CPA.

Per claim limit of liability above the deductible. The full limit is not reduced by the deductible, providing more protection toward liability for damages and any applicable defense costs.

Reported subpoenas deemed to be reports of potential claims. This preserves coverage for the policyholder should a subpoena matter eventually give rise to a claim. CAMICO specialists also assist policyholders with subpoenas and other requests for information at no additional cost.

Coverage for crisis management/public relations events. The new policies include a sublimit to reimburse policyholders for costs incurred from consulting with a public relations firm to avert negative publicity or impacts on a firm's reputation in the event of a crisis.

Pro bono services. Policies now clarify that such services are covered as long as they were authorized by a partner, principal, officer, or owner prior to the services being rendered.