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Society Writes New Contract Endorsing Camico Insurance

By Kate Prouty

The New York State Society of CPAs Board of Directors voted to renew its endorsement of Camico’s Mutual Liability Insurance Program for a five-year term starting Jan. 1, 2005.

Based on recommendations made by the Professional Liability Insurance Committee, chaired by Society Vice President Andrew Eassa, the Board of Directors approved the revised contract at its Sept. 22 meeting.

“In the first five years of our contract, Camico has proven its commitment to our membership and that they’re here to stay,” Eassa said. “Given the success of the program, we felt it was appropriate to renew the contract for another five-year period.”

Camico President and Director John A. Dodsworth, CPA, attended the September meeting to present an overview of Camico’s recent achievements. It now either endorses or runs joint marketing campaigns with 11 state CPA societies.

Camico, a California-based professional liability insurance carrier, offers a loss prevention program designed exclusively for CPAs. Of the seven insurers the Society originally considered for endorsement, only Camico and one other remain today.

The Society has consistently endorsed the Camico program since 2000. In that time, it has provided coverage to a large number of Society members. As of August 31, 2004, Camico insured 404 New York firms, covering a total of 1,319 CPAs. This generated $2,333,440 in annual premiums.

The new contract renegotiates prior terms under which the Camico endorsement would have automatically renewed at each year-end for a one-year period. Now the endorsement will stand for a five-year term.

Each year while under the terms of the five-year contract, Camico will present goals for the ensuing calendar year for the Society’s approval. The new contract also asks for more transparency in Camico’s reporting practices.

Camico’s service includes a 24-hour toll-free telephone line to report claims and incidents. 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. The company provides outside attorneys and in-person claims specialists to insureds on an as-needed basis.

For more information on the Camico program, call Society Member Services Representative Stephanie Smith at 212-719-8307.

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