MRSI launches excess accountants’ professional liability solution

Munich Re Specialty Insurance (MRSI) has introduced an excess accountants’ professional liability (APL) solution to help protect accounting businesses from the unique risks in the financial services industry.

MRSI highlighted that accounting firms face myriad professional liability risk exposures, and have a growing need for protection.

The excess APL solution provides comprehensive coverage, including up to $5mn in limits and a wide range of exposures.

“MRSI offers excess professional liability coverage that addresses the critical risks and needs of accounting practices, especially at a time when the profession is seeing increased claims frequency and severity,” said Marcia Blanco, head of financial lines, excess and surplus underwriting at MRSI.

She added: “Client firms will benefit from our customised solutions, underwriting expertise and an unmatched level of service through our select and appointed broker network.”

The offering is for various claims scenarios including negligent tax preparation, negligent advice, damage caused by abuse of authority when an accounting professional is acting as a trustee or CFO, misrepresentation in the practice of public accountancy, and failing to perform services in accordance with professional standards.

Coverage is underwritten by MRSI’s A+ rated carrier and is offered on a non-admitted basis for excess protection.