THE CLAIMS PROCESS
Being the subject of an insurance claim can be an overwhelming experience. We understand how you may feel. After all, we have been facilitating the claims process for the accounting profession for over 35 years. With decades of experience, we are uniquely skilled at guiding you through the process, so that you can get back to your practise and continue to serve your clients.
What is a claim
Your policy contains a formal definition. However, in simple terms, a claim is an allegation of wrongdoing that results in damages to another party and there is a request, or sometimes a demand, for restitution.
It is very important that you report any claim or potential claim to us without delay. It is important to remember not to admit liability and to notify CPA PLI of any developments immediately.
Identify a claim or potential claim
A potential claim could come in the form of a complaint from a client, or it could be more formal, like a lawsuit, or subpoena. Both scenarios must be reported.
When to report a claim
Avoid trying to fix it yourself. Promptly report any allegation of an error, or an omission in the performance of professional services. The timing of reporting may impact your coverage, so prompt attention is extremely important.
Submitting your claim
We have created a form to assist you in reporting a claim. It may be found here. Please complete the form as fully as possible, gathering information as required. The requested information assists us in handling the matter on your behalf. If immediate assistance is required, please call 1-800-267-4734.
Assignment of a Claims Examiner
After submitting the claim form, a Claims Examiner will be assigned to assist you through the entire process. Facilitating the claims process for accountants is what they do.
Assessment of coverage and liability
Your Claims Examiner will assess the claim presented and the coverage available. They will evaluate liability based on the circumstances described, and consider any applicable laws or regulations that may apply.
Engaging third-party experts
In some cases, we may seek insights and assistance from external experts such as legal counsel, independent adjusters or other professionals. For example, their assistance may be required to assess complex issues related to coverage, damages and/or liability.
Assessing damages
We will estimate the damages associated with your claim. This involves an in-depth analysis of the impact of the allegations raised and the damages being claimed by other parties.
Negotiation and claim resolution
Once all the assessments are complete, the negotiation process begins. This involves discussions with you and, if necessary, any third parties involved to reach a mutual agreement on handling and resolving the claim. The final step in the claims process is resolution.