Hatboro, Pa., Sept. 4, 2008 – Responding to growing concerns about network risk and privacy exposure, Aon Insurance Services, CNA, and the American Institute of Certified Public Accountants (AICPA) have added a network risk and privacy claim endorsement to every policy issued under the AICPA Professional Liability Insurance Program.
This endorsement – an amendment to the existing policy – modifies the definition of “claim” within the policy to include privacy claims and client network damage claims.
In addition, the regulatory inquiry supplementary benefit has been expanded to include an actual or alleged violation of a privacy breach notice law or privacy injury and identity theft laws that occurred in the rendering of professional services. These policy amendments will be rolled out to policyholders as they are approved by each state’s department of insurance.
“Advancements in technology have created additional risks that our policyholders need to manage,” said Ken Mackunis, President of Aon Insurance Services, a unit of Aon Corporation (NYSE: AOC). “The network risk and privacy claim endorsement clarifies coverage definitions so that the policy is relevant to new exposures relating to information technology. Policyholders can be confident that they’re safeguarded against financial consequences of increasingly devastating threats, such as a security breach or identity theft.”
“Privacy breaches are increasing and we have seen them impact a number of accounting firms,” adds Jeff Day, Assistant Vice President of CNA’s Accountant’s Professional Program.
“That, coupled with escalating regulatory scrutiny, has increased awareness of this exposure. CNA has responded to our insureds’ growing need for this type of coverage.”
As part of its broad package for CPAs, the AICPA Professional Liability Insurance Program provides policyholders with educational tools and risk management strategies to help protect the confidentiality, integrity, and availability of data.
“Combining these products with expert underwriting, risk control, and claim support enables us to offer customized solutions and unwavering value to our policyholders in an ever-changing business climate,” Mackunis said.
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 broadest 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 service mark registered with the United States Patent and Trademark Office. Copyright © 2008 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. CNA is a registered service mark, trade name and domain name of CNA Financial Corporation.
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, human capital and management consulting. Through its 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world's best broker by Euromoney magazine's 2008 Insurance Survey. In 2008, Aon ranked highest on the Business Insurance ranking of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues. Aon also was ranked by A.M. Best as the number one insurance broker based on brokerage revenues in 2007 and 2008, and 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