Hatboro, PA, July 22, 2009 – Responding once again to escalating exposures around network risks and information privacy matters, the AICPA Professional Liability Insurance Program – nationally administered by Aon Insurance Services, a division of Aon Corporation, and underwritten by CNA® – has introduced the new CPA NetProtect® endorsement to the policy.
Available for an additional premium and designed with separate limits, CPA NetProtect provides privacy event expense coverage for reasonable and necessary costs incurred in responding to a privacy breach. Examples include costs to comply with breach response notice laws or to provide credit monitoring on behalf of affected individuals.
The AICPA Professional Liability Insurance policy currently provides coverage for a claim alleging damage to a client’s network in the rendering of professional services. CPA NetProtect extends this coverage to address claims brought by non-clients if a CPA firm’s network is used to attack their networks.
CPA NetProtect also provides an extensive risk control program, including CNA’s School of Risk Control Excellence, which provides education on techniques that can help reduce exposure to a privacy breach. Other risk management resources include client advisories, risk control primers, a claim hotline, and pre-arranged services with breach response vendors to assist with notifying affected individuals, offering credit monitoring, managing press relations, and more.
“Bringing CPA NetProtect to this policy demonstrates our continued ability to create innovative solutions to help the accounting profession control risk and manage opportunities,” says Ken Mackunis, President of Aon Insurance Services, the National Program Administrator for the AICPA Insurance Programs. “Delivering these unique products to CPA firms along with our expertise in underwriting, risk control, and claims helps firms to stay one step ahead of new exposures relating to information technology.”
CPA NetProtect follows an earlier coverage enhancement to the policy introduced late last year, continuing to address rising policyholder needs to safeguard sensitive information.
“Privacy events are on the rise, and the regulations meant to address these events continue to gain traction across the country,” says Jeffrey Day, Assistant Vice President, Accountants Professional Liability, CNA Specialty. “We are pleased to offer this coverage enhancement to our current market-leading policy.”
AICPA Professional Liability Insurance Program
Established in 1967, the AICPA Professional Liability Insurance Program has a long-standing reputation for meeting the diverse insurance needs of CPAs. The Program leads the industry in serving the broad spectrum of CPA practices — from sole practitioners to members of the Major Firms Group — and over 25,000 CPA firms are insured with the Program, making it the largest single provider of accountants professional liability insurance in the nation.
One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. CNA is a registered trademark of CNA Financial Corporation. Copyright © 2009 CNA. All rights reserved.
CNA is the country’s seventh largest commercial insurance writer and the 13th largest property and casualty company. CNA’s insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. CNA's services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit CNA at www.cna.com.
Aon Insurance Services
Aon Insurance Services (AIS) is a division of Affinity Insurance Services, Inc.; in CA, MN & OK, (CA License #0795465) Aon Insurance Services is a division of AIS Affinity Insurance Agency, Inc.; and in NY, AIS Affinity Insurance Agency.
Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon’s industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance’s listing of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com.
Alvin Fennell III