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Requirements for Professional Liability Insurance:
Members are reminded that effective with all new policies or renewals of existing policies taking effect
after May 1, 2007; professional liability insurance coverage must be maintained in an amount at least equal
to
(i) $1,000,000 per occurrence, where one member is engaged or employed in the practice of public
accounting;
(ii) $1,500,00 per occurrence, where two or three members are engaged or employed in the practice of public
accounting in the same firm; or
(iii) $2,000,000 per occurrence, where four or more members are engaged or employed in the practice of public
accounting in the same firm.
Members are required to notify the Chief Executive Officer of the Institute of the cancellation of
insurance coverage or reduction below the levels indicated above. If professional liability insurance is not
maintained the member will be suspended immediately.
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