OPERATIONS DIVISION

Professional Liability Insurance Committee

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About the Professional Liability Insurance Committee

The Professional Liability Insurance Committee oversees the Society's professional liability insurance (PLI) program and monitors the market place for malpractice coverage available to Society members. It educates members in the need for professional liability insurance, evaluates the strengths and weaknesses of the various insurance providers available, meets with insurers to improve the quality of coverage available, endorses insurance providers of coverage for members in public practice (referred to as “approved provider”) and provides risk management and loss prevention tools and resources to Society members in general.

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What we do:

The following are some of the responsibilities of the Committee:

  • To closely monitor and evaluate the performance of the approved provider under the terms of the endorsement contract with the Society.
  • To meet quarterly with approved provider representatives, review policy and claims statistics for the New York State program and discuss membership marketing initiatives.
  • To discuss and keep abreast of insurance, risk management and loss prevention issues pertaining to CPAs.
  • To evaluate the competitive marketplace for CPA liability insurance in general, and compare and contrast the approved provider with other companies offering liability insurance to CPAs.
  • To report to the Executive Community or Board of Directors on the state of the program, as requested.
  • To assist in the development and provision of risk management and loss prevention education and resources to Society members through CPE sessions, articles for publication in The CPA Journal, The Trusted Professional and Society online publications, and speaking engagements.
  • To communicate and collaborate with Society staff to the extent necessary to further the goals of the Society's PLI Program.

Who should join:

Participation is open to all Society members. However, members in public practice are especially encouraged to join, as are approved provider policyholders. Knowledge of the insurance industry is helpful and desired, though not required.

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