Facing a lawsuit that could take away your home, savings, and retirement is scary.
But it happens more often than you might think. Luckily, AICPA Umbrella Insurance can help.
It protects your assets and gives you peace of mind.
AICPA Umbrella Insurance is different from regular policies like homeowners’ or auto insurance.
It gives you extra protection. When your main policies can’t cover everything, this insurance steps in. It covers expensive lawsuits from things like:
- Accidents on your property
- Personal injury claims
- Damage to your reputation
- Dog bites
- Being accused of saying bad things about someone
Overview of AICPA Umbrella Insurance
AICPA Insurance adds another layer of protection to your existing auto and homeowners’ policies.
It’s crucial for those worried about:
Going beyond policy limits: When lawsuits exceed what your primary policies cover, umbrella insurance steps in, potentially saving you millions.
Safeguarding assets: Lawsuits can drain your savings, retirement, and home.
Umbrella insurance protects these assets from being taken to pay judgments.
Peace of mind: With comprehensive liability protection, you can live with less worry about financial consequences from unexpected events.
Key Features
- Coverage from $1 million to $5 million (higher options available).
- Protection for property damage, bodily injury, libel, slander, and dog bites.
- Coverage for recreational vehicles like boats and RVs.
- Legal defense costs covered, even if you win.
- Optional add-ons like identity theft protection and kidnap and ransom coverage.
Important notes
- Umbrella insurance supplements, not replaces, primary policies.
- Exclusions exist, so review policy details carefully.
- Premiums vary based on factors like coverage, location, and claims history.
Contact Details Of AICPA
| Contact Method | Information |
|---|---|
| Website | Visit https://www.cpai.com/ for detailed coverage information. |
| Phone | Dial 1-800-223-7473 to talk to an AICPA Risk Advisor. |
| Direct inquiries to [email address removed]. |
Policy Duration and Renewals
Standard period: AICPA Umbrella Insurance policies usually last for one year, matching most primary insurance policies for easier renewal.
Exceptions: Longer policy terms may occur under special circumstances or negotiated agreements, although they’re rare.
Renewals
Renewal date: All policies typically renew on November 1st, simplifying administration and ensuring consistency.
Pro-rated premiums: If you buy coverage outside of November, your initial premium will be adjusted based on the remaining policy term.
Renewal notification: You’ll receive a notification close to the renewal date with updated premium details and payment instructions.
Renewal options: You can renew, adjust your coverage, or cancel your policy before the renewal date.
Non-renewal: The insurance company can choose not to renew your policy based on factors like claims history or changes in risk.
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Understanding the financial strength and transparency of an insurance program is vital for securing your finances.
Let’s explore the financial details and openness provided by AICPA Umbrella Insurance:
Underwriter Strength
Aon, a globally recognized leader in insurance and risk management, underwrites the program.
They boast strong financial ratings from agencies like A.M.
Best (A+) and Standard & Poor’s (AA-), ensuring they can meet claims obligations and offer stability.
Premium Transparency
Quote process
Receive personalized quotes directly from the AICPA website or licensed agents, allowing for clear comparisons and informed decisions.
Premium factors
Your premium is based on factors like coverage, location, claims history, and risk profile.
Understanding these factors helps you make informed choices and possibly lower your premium by managing risks.
Renewal adjustments
Expect potential premium changes at renewal due to claims, inflation, and risk assessment.
The insurer communicates these adjustments beforehand for transparency.
Claims Process
AICPA Professional Liability Insurance
For claimants: If you want to make a claim against a CPA with AICPA Professional Liability Insurance, contact the insurance company directly.
The AICPA doesn’t handle specific claims or their process.
For insured CPAs: If you’re a CPA with coverage facing a claim, check your insurance policy and contact your provider.
They’ll guide you through the process and address your queries.
AICPA Member Insurance Programs
Managed by CNA and available to AICPA members, these programs offer various insurance options like professional liability and business owner’s insurance.
For claimants:
If you need to file a claim against a covered AICPA member, reach out to CNA Claim Services via phone or online.
For insured members
If you’re an AICPA member with a claim, report it promptly to CNA Claim Services. They’ll assist you throughout the process.
Other AICPA Affiliates
Certain affiliates like the AICPA Benevolent Fund might have financial aid programs with their own claims process.
Visit their websites or contact them directly for details.
Affiliations of AICPA
Compare AICPA’s claims payout ratios with industry standards to gauge their performance and gain a broader perspective.
The AICPA (American Institute of Certified Public Accountants) has various affiliations, which fall into two main groups:
Affiliate organizations
These organizations closely work with the AICPA to advance the accounting profession. Some key ones include:
- Accounting Research Association (ARA): Funds studies and research on accounting principles and standards.
- AICPA Benevolent Fund: Assists AICPA members during financial difficulties.
- AICPA Foundation, Inc: Advances accountancy and accounting education.
- AICPA PAC: Raises funds and supports candidates who back the CPA profession.
- AICPA Insurance Trust: Provides insurance plans for members and their families.
- Beta Alpha Psi: An honor organization for Financial Information students and professionals.
International Affiliations
The AICPA also collaborates with international organizations to stay updated on global accounting developments and represent its members globally. Some key ones include:
- The International Federation of Accountants (IFAC): A global organization for the accounting profession.
- The International Accounting Standards Board (IASB): Sets International Financial Reporting Standards (IFRS).
- The Chartered Institute of Management Accountants (CIMA): A global professional body for management accountants.
Benefits Of AICPA Umbrella Insurance
Professional Development
- Take advantage of a wide range of online and in-person CPE courses to meet licensing requirements and stay updated on accounting and finance trends.
- Access publications, webinars, and guidance to stay informed about emerging issues and best practices in accounting and finance.
- Connect with CPAs and finance professionals through local chapters, online communities, and conferences.
Career Advancement
- Explore a targeted job board featuring postings from leading employers seeking qualified CPAs.
- Utilize resources and programs for career coaching and mentorship to develop your skills and navigate your career path.
- Engage in leadership programs and committees to gain experience and advance your career.
Advocacy and Representation
- Benefit from the AICPA’s active lobbying efforts for policies that support the CPA profession, businesses, and taxpayers.
- Gain exposure to public awareness campaigns promoting the value of the CPA profession to the public and policymakers.
- Receive support and resources from the AICPA when facing ethical or legal challenges.
Additional Benefits
- Enjoy discounts on insurance, software, travel, and other professional and personal services.
- Stay updated with AICPA magazines and newsletters covering the latest accounting and finance news and trends.
- Connect with fellow CPAs through online forums, discussion groups, and social media platforms.