Ca cpa insurance

All CPAs are required to have professional liability insurance since April 1, 2013. Read below to find out why. who exactly is concerned. how the plan works and how much it costs to meet this requirement.

To fill out your declaration and pay your premium, go to the plan administrator’s (ACPAI Insurance) website. To do so, you will need your CPA member number. If you do not know your CPA member number, consult your member file .

Since April 1, 2013, membership to the Order's group professional liability insurance plan is mandatory for all CPAs under the Règlement sur l’assurance de la responsabilité professionnelle des membres de l’Ordre des comptables professionnels agréés du Québec . Following the recommendations of the Office des professions du Québec, lawmakers decided to make this a requirement for CPAs, regardless of whether they provide their services directly to third parties, are employed by a company, an institution a government, or are retired.

All CPAs are required to take out the Order’s professional liability insurance so that they are all covered by the same insurer, even if they work outside Quebec or Canada. For that purpose, you must submit your declaration to the plan administrator selected by the Order. This declaration makes it possible for all CPAs to determine which category of insureds they belong to and pay the corresponding premium based on the professional activities they perform and the value of the professional services they provide to third parties. All CPAs must submit the declaration to the plan administrator and pay the premium by March 15 of each year .

The insurance premium is based on the risk associated with the various categories of professional activities. It varies from $30 to $1,750 and is tax deductible. CPAs who are employed by a company, an institution or a government and provide few or no services at all to third parties, which is the case of most of the Order's members, merely have to pay the modest premium of $60. This premium insures them in the event that a professional liability proceeding is instituted and their employer's insurance is insufficient or non-existent, and in case they occasionally provide some professional services to third parties, including those they provide for free. For example, CPAs who prepare tax returns for their friends and family, assist in the bookkeeping of an association or sports club or give financial management advice to acquaintances incur their own professional liability and can be taken to court as a result.

It should be noted that the policy covers $1 million per claim, has no total annual limit, and that in the event that you cease to practice or cease to be a member of the Order, you continue to be covered for any professional liability proceeding for six years afterward.

Here are the main categories of insureds and the corresponding premiums:

Service of suite clause (Canada)/Action against insurer

In any action to enforce the obligations of the Underwriters they can be designated or named as “Lloyd’s Underwriters” and such designation shall be binding on the Underwriters as if they had each been individually named as defendant. Service of such proceedings may validly be made upon the Attorney In Fact in Canada for Lloyd’s Underwriters, whose address for such service is:

1155, rue Metcalfe
Suite 2220
Montreal (Quebec) H3B 2V6

Need more clarification on what is covered by the mandatory professional liability group insurance plan and the categories of insureds, the selected plan administrator and insurers or other aspects of the plan?

Contact the plan administrator, ACPAI Insurance. by phone at 1 800 267.4734 or by email at [email protected]

If you still have questions, contact the Order by phone at 514 789.1233, or toll free at 1 800 363.4688 [2611], or by email at [email protected]

Related Posts

Ca dept of disability insurance

Long-Term Disability (LTD) insurance is private insurance that helps people who can’t wo...

Ca health insurance penalty

According to the Affordable Care Act, if you do not get health insurance coverage, you will be...

Ca insurance commissioner elected

This is the end of the preview. Sign up to access the rest of the document. Unf...

Ca state auto insurance laws

Here are some things you need to know about recent vehicle liability insurance changes: ...

Ca unemployment insurance phone number

Next Caller's Advanced Caller ID ® has the largest phone number database linking telephone nu...

Caa cancellation insurance travel

Whether you're traveling within Canada or abroad, you will feel reassured knowing that CAA Tra...

Caa car insurance niagara

Along the way in the past 10 years my wife and I realized we used CAA quite often. So we upgra...

Caa insurance sarnia ontario

Find out more about EVs here, including how much they cost to operate, what models are availab...

Caa travel insurance windsor ontario

We understand that an unforeseen medical emergency can lead to large, out-of-pocket expenses a...

Cab shield insurance dundee

YP - The Real Yellow Pages SM - helps you find the right local businesses to meet your specifi...

Cacchioli general insurance agency

Sylvan Kew Garage LLC, 8002 Kew Gardens Rd Xapt Garage, Jamaica, NY (5.78 miles) Phone (718) 2...

Cai insurance cincinnati

YP - The Real Yellow Pages SM - helps you find the right local businesses to meet your specifi...