AICPA Professional Liability Insurance Program Introduces CPA NetProtect (sm) to Address Privacy Event and Network Damage Claims

Hatboro, Pa.– Responding once again to escalating exposures around network risks and information privacy matters, the AICPA Professional Liability Insurance Program — nationally administered by Aon Insurance Services, a division of Aon Corporation, and underwritten by CNA® — has introduced the new CPA NetProtectsm endorsement to the policy.

Available for an additional premium and designed with separate limits, CPA NetProtect provides privacy event expense coverage for reasonable and necessary costs incurred in responding to a privacy breach. Examples include costs to comply with breach response notice laws or to provide credit monitoring on behalf of affected individuals.

The AICPA Professional Liability Insurance policy currently provides coverage for a claim alleging damage to a client’s network in the rendering of professional services. CPA NetProtect extends this coverage to address claims brought by non-clients if a CPA firm’s network is used to attack their networks.

CPA NetProtect also provides an extensive risk control program, including CNA’s School of Risk Control Excellence, which provides education on techniques that can help reduce exposure to a privacy breach. Other risk management resources include client advisories, risk control primers, a claim hotline, and pre-arranged services with breach response vendors to assist with notifying affected individuals, offering credit monitoring, managing press relations, and more.

“Bringing CPA NetProtect to this policy demonstrates our continued ability to create innovative solutions to help the accounting profession control risk and manage opportunities,” says Ken Mackunis, President of Aon Insurance Services, the National Program Administrator for the AICPA Insurance Programs. “Delivering these unique products to CPA firms along with our expertise in underwriting, risk control, and claims helps firms to stay one step ahead of new exposures relating to information technology.”

CPA NetProtect follows an earlier coverage enhancement to the policy introduced late last year, continuing to address rising policyholder needs to safeguard sensitive information.

“Privacy events are on the rise, and the regulations meant to address these events continue to gain traction across the country,” says Jeffrey Day, Assistant Vice President, Accountants Professional Liability, CNA Specialty. “We are pleased to offer this coverage enhancement to our current market-leading policy.”