Who is eligible for coverage, who underwrites this coverage, and how much liability protection is available?
Any AICPA member who is a United States resident can apply for this coverage. It is underwritten by Continental Casualty Company (a CNA company), one of the largest property & casualty underwriters in the U.S., and rated A (Excellent) by A.M. Best & Co. You may apply for $1 million to $5 million with a premium rate that is progressively lower.
When can I apply for coverage and where am I covered?
You may apply any time during the year, and the Plan renews annually November 1st ― policies are issued on the 1st of every month with a pro-rata premium charged after the application is approved. Even though your underlying coverage may have geographic restrictions, you’ll have 24-7 worldwide coverage with the AICPA PLUS Plan.
Is this coverage automatic or is underwriting required?
The Plan requires limited underwriting of your driving records. Major violations can cause denial of coverage.
Who is covered under the AICPA PLUS Plan?
The Plan insures you (AICPA member) and your spouse. It also covers any relatives living in your household and any other person under the age of 21 in the care of you or a relative in your household—at no additional charge. Your children away at school are considered residents of your household and are covered under the policy.
Must I have a minimum amount of coverage on my primary auto and homeowner’s policies?
Yes. You must maintain $250,000/$500,000 of coverage for bodily injury and $100,000 for property damage or $300,000 combined single limits ($325,000 in Texas) under your auto policy. You must maintain $300,000 of liability coverage under your homeowner’s or rental policy. Please see the underlying liability insurance requirements for other required limits.
In addition to my primary residence, are rental housing properties covered under the AICPA PLUS Plan?
Qualifying rental housing property is covered provided each property does not exceed a four family dwelling. There is no additional premium charge for vacation or rental housing properties you own.
Are recreational vehicles covered?
Yes. The policy covers all terrain vehicles; antique, classic or replica vehicles; dune buggies; golf carts; snowmobiles; motor homes not used as a residence for more than 100 consecutive days; motorcycles; trail bikes; mopeds; motorized bikes; mini-bikes; and pedacycles. Your single premium covers all of these RVs and the cars you own.
In the event of a claim, are defense costs covered?
Yes. In addition to the payment up to your policy limit, the policy provides unlimited legal defense for covered claims.
Is any liability for business pursuits covered?
The Plan has a business pursuits exclusion. However, there are some exceptions where coverage may be in effect:
- Occasional or part-time business pursuits of an insured under age 18
- Your ownership, maintenance, use, loading or unloading of a car, RV or watercraft for your business purposes
- Ownership, maintenance, use, loading, or unloading of a car, RV, or watercraft by an insured or partner, agent, employee of an insured
- Your household or domestic employee while performing their duties as directed by an insured
- Injury to a fellow employee by an insured
- Occurrence covered by a business pursuits endorsement on the required underlying insurance (this exception does not apply to underlying professional liability or home day care endorsements)
I am a director of an organization. Am I covered under the PLUS Plan?
No. Directors’ and officers’ liability is not covered under this policy. However, a bodily injury, personal injury or property damage claim arising from an insured’s actions as a director or officer of a not-for-profit organization can be covered if the insured does not receive any salary, fee, or compensation.
My children live in the household and have their own automobile insurance and vehicles. Does this coverage apply?
No. This coverage only applies to automobiles that you and your spouse own. But, if you lend your automobile to your children then their use is covered.
If and when I buy additional properties and/or cars, do I have to report this to the insurance company?
No. Once you are insured under the AICPA PLUS Plan, there is no requirement to report additional vehicles, homes, or housing properties to us. They are automatically covered.
What is personal liability?
Personal liability risks can include all of the following: libel; slander; defamation of character; false arrest; detention; wrongful eviction; malicious prosecution and invasion of the right of privacy. These exposures are covered under the AICPA PLUS Plan.
Is the use of my condominium covered?
Yes. Your condominium is covered provided you have the required primary insurance and the policy also provides $50,000 of loss assessment coverage for your share of covered loss assessment that you are liable for as a condominium owner.
Is my watercraft covered under my umbrella policy?
Yes, if the watercraft is not capable of speeds exceeding 60 miles per hour. Watercrafts are covered subject to required primary insurance.
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