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In a joint underwriting agreement, QBE North America of QBE Insurance Group Ltd. and specialist professional liability managing general underwriter, Jorgensen & Co. said Wednesday that they will provide accountants and consultants professional liability insurance.
This program provides liability coverage to accounting firms and is designed specifically for professional firms and service providers, according to a QBE North America statement.
Coverage includes up to $50,000 for attorney fees and other reasonable costs or fees paid to third parties as a result of a discrimination complaint filed with a government body or commission, supplemental claims expenses coverage, reputation protection coverage, and network security coverage, according to a Jorgensen & Co. statement.
“We have been able to negotiate a substantial upgrade on the quality of coverage and service provided to our members,” Rickard Jorgensen, president of Jorgensen & Co. said in the statement. “QBE is a very strong and innovative insurer with an experienced team of professional liability insurance specialists. With QBE as our partner-insurer, we are confident of the continued success of the CPAGold program.”
Shareholders of Australia-based QBE Insurance Group Ltd. have sued the insurer for over $200 million Australian ($140.3 million) over a profit downgrade in 2013 that wiped $2.82 billion off its market value in one day, reports Reuters.