Section 20 Coverage Section of the Policy

• Library: Prof Liability 2005

The typical accountant’s professional liability policy provides coverage for:

• an amount of money that the insured may become legally obligated to pay
• as a result of a wrongful act by the insured or an individual or entity for which the insured is responsible
• provided that the wrongful act occurred after either the effective date or the prior acts date, and
• for which a claim is first made against the insured before the last day of the policy period

Under this framework, a “wrongful act” is typically...