Advisory
CAMICO Partners with Underwriting Company to Expand Insurance for Accounting Firms
The program will further strengthen and expand CAMICO’s capacity for providing coverage and risk management services, especially to mid-sized and larger accounting firms of 15 or more professional staff.
Sep. 29, 2014
CAMICO, a provider of insurance and risk-management services for CPAs and accounting firms, has partnered with Berkley Design Professional Underwriters (BDP) to service CPA firms nationally.
The program will further strengthen and expand CAMICO’s capacity for providing coverage and risk management services, especially to mid-sized and larger accounting firms of 15 or more professional staff. Firms will continue to have direct access to the comprehensive range of CAMICO’s advisory, loss prevention, and claims services and resources. In addition, CAMICO will now be able to offer Accountants Professional Liability coverage with limits of up to $15 million.
“Camico currently works with Liberty International Underwriters on a similar program and this new program with Berkley Design is going to replace the LIU program” said Tom Pytel, vice president of marketing and communications for CAMICO. “The new Berkley Design program is going to become effective January 1, 2015. The program with LUI provided professional liability coverage with limits up to $10 million versus this new program, which will provides limits up to $15 million.”
This new program will be administered through CAMICO’s wholly owned subsidiary, CAMICO Insurance Services (CIS). It will focus primarily on policies with limits of $3 million and higher and will be underwritten by BDP, on behalf of W. R. Berkley Insurance Group member companies, rated A+ (Superior) Financial Size Category XV by A.M. Best Company.
“CAMICO’s market position and specialized expertise in the accounting profession, combined with W. R. Berkley Insurance Group’s financial strength and capacity, give us an exciting opportunity to provide mid-size and larger CPA firms with the best program available,” said Ric Rosario, CPA, CAMICO CEO.
The CAMICO-BDP program will help protect CPA firms against malpractice claims and damages from errors committed while providing professional services. It will operate in 45 states and the District of Columbia.
“The program enables policyholders to benefit from our expertise in professional liability along with the CAMICO services that CPAs have come to rely on for their day-to-day practice needs,” said Stephen L. Porcelli, president of Berkley Design Professional Underwriters.
“The combination of the strength, resources and expertise of our two organizations in this program enables us to effectively respond to the needs policyholders may have now and in the future,” said W. Robert Berkley, Jr., president and chief operating officer of W. R. Berkley Corporation. “We believe CPAs will find this to be a highly attractive offering.”