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TMCNet:  General Star Adds Features to Accountants Professional Liability Program

[January 10, 2013]

General Star Adds Features to Accountants Professional Liability Program

STAMFORD, Conn. --(Business Wire)--

General Star Management Company today announced a series of revisions to the policy for its Accountants Professional Liability program. Available exclusively via program administrator Pearl Insurance, the product is currently available in 28 states. The coverage is written on an admitted basis by General Star National Insurance Company which is rated A++ (Superior) by A.M. Best Company and carries an AA+ Insurance Financial Strength Rating from Standard & Poor's Corporation.

The enhancements include an innovative deductible incentive program which offers three ways to reduce or completely waive the accountant's deductible: Settlement through alternative dispute resolution, Engagement Letter usage and Early Claim resolution. Insureds who are eligible for all three can receive up to a maximum reduction of $25,000 per policy.

The <>elimination of the "hammer clause" is another improvement to General Star's standard policy for the program. This provides peace of mind to policyholders, in regard to their reputation and the ultimate resolution of claims made against them.

A new Equity Plus endorsement contains five features designed for the risks associated with the equity interests of the owner, or a partner, officer, director or managing member of a firm. Moonlighting coverage for tax preparation services, additional protection for the cost of investigating alleged Internal Revenue Code ยง7216 violations, temporary replacement coverage for a totally disabled equity partner, extended reporting period options, and deductible incentives mark the Equity Plus endorsement.

"General Star and Pearl Insurance are pleased to deliver a unique policy that combines basic protection with a variety of special coverage enhancements designed for accountants and equity participants," said Thomas Gersch, VP and Professional E&O Manager for General Star.

General Star President and CEO Robert Jones added, "We are delighted to respond to the needs of our Accountant professionals, and offer a variety of fresh features to supplement our foundation promise of dependable protection from a financially solid insurer."

General Star National Insurance Company is licensed in all states, the District of Columbia and Puerto Rico. General Star National Insurance Company has its principal place of business in Stamford, CT and operates under NAIC Number 0031-11967. Insurance is placed with the General Star companies by licensed producers.

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