CAMICO Contract Goes Into Effect

By Simon Eskow

The New York State Society of CPAs has renewed its contract with Camico Mutual Insurance Company to be the Society’s exclusively endorsed liability insurance carrier. The contract went into effect on Jan. 1.

Under the renewed, five-year agreement, approved late last year by the NYSSCPA Board of Directors, the Society agreed to endorse Camico, and the insurer agreed to provide certain services in addition to its liability insurance program, including loss-prevention seminars and materials for CPE.

“They’ve lived up to and, in some areas, surpassed our expectations,” NYSSPCA Professional Liability Insurance Committee Chair Andrew Eassa said. “As a result, we felt they deserved to have their contract renewed for another five-year period.”

Eassa said the insurer’s outreach program and loss-prevention activities, including seminars at chapter events, were exemplary.

The insurer now covers nearly 1,500 NYSSCPA members under 415 policies, representing more than $2.5 million in annual premiums. The California-based insurer has similar endorsements from 11 other Societies, serving almost 7,000 policy-holding firms throughout the U.S.

Under the contract, insured firms will have 24-hour toll-free telephone numbers for reporting claims and incidents, with claims specialists responding on a prompt basis. Calls not answered immediately by a claims specialist are returned within one hour during business hours and by 10 a.m. (EST) the following business day during nonbusiness hours.

Camico provides policyholders direct, in-person claims services as needed; for claims involving litigation, outside counsel will be assigned and required to meet with the insured within seven days following the assignment.

Also, under the contract, insured firms have access to a policyholder-only website containing resource information about loss-prevention programs, including on-line CPE courses. Insured firms will also have access to a hotline for assistance with tax-related research and assistance with engagement letter reviews, client screening and disengagement issues, and billing and collection issues.

Camico will continue to provide loss-prevention seminars and speakers and materials for CPE events, as it has in the past, providing ethics sessions at chapter visitations and other local events.

Camico also currently sponsors a $500 scholarship for accounting students.