|[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
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
§7216 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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