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G. A. MacDonald Associates, Inc.

Financial Management & Insurance Services
2200 Lake Avenue, Suite 120, Fort Wayne, IN 46805
Phone: (260) 422-5377 Fax: (260) 423-6780

 Tax Preparers Professional Liability Insurance

Errors and Omissions Coverage

- States of Indiana & Michigan -

Protection When You Need It Most...

It's that time of year.  Your clients wait until the last minute...and expect you to meet the IRS deadline.  There aren't enough hours in the day.  And when the pressure's on, it's easy to make mistakes.

Thousands of tax preparers are insured by CNA Surety.  More and more, tax preparers are finding that they need protection against legal action.  Even in an unjustified case, the legal fees incurred simply to defend oneself can be staggering.

For example:

• An insured made an error in calculating the beginning accounts receivable balance, which resulted in an understatement of gross receipts, which was carried through to the return.  The state assessed a penalty of 20%. CNA Surety settled the claim for over $2,500.
• Another insured filed a fourth quarter sales tax return late, causing the state to assess a penalty of over $2,000.  The claim was paid under the terms of the insured's policy.
• An insured's client was penalized by the IRS, and interest was assessed when the insured incorrectly used the cash method of accounting when the accrual method should have been used.  The claim was settled for over $1,500.

     Because the tax preparers in these examples were protected by professional liability (E & O) insurance, their losses were covered.  And CNA Surety was there to help pay for the damages and legal costs.

Why CNA Surety?

     Our agency has chosen to represent CNA Surety as the exclusive provider for tax preparers errors and omissions coverage for our Indiana and Michigan clients:

• CNA Surety gives one-day service to all new business.  Everything is answered the day it is received.
• They write more bonds than any other company in the country.
• They have specialized in the bond business since 1900.  They are THE bond experts.
• They have experienced claim specialists for bonds and errors and omissions insurance.
• They have an A.M. Best rating of A+, Superior.

Plan Highlights

• Covers claims against you and your clients up to the policy limit.
• Coverage of defense costs (subject to policy provisions).
• Protection against errors and omissions.
• Covers both your full-time and part-time employees, even if they only work during tax season.
• $100 deductible
• Cost-effective coverage...as little as $0.46 per day!

     Can you afford a lawsuit because you made an innocent mistake and were an easy target for someone trying to recover losses?  Tax Preparers' Errors and Omissions Insurance safeguards you against costly and time-consuming lawsuits. Even if the suit is not valid, you could still be faced with a legal bill for defending yourself.  If you aren't insured, you'll pay those defense costs out of your own pocket, win or lose.

     For a nominal premium, you can purchase a policy with a limit which suits your needs.  Protect yourself and those who depend on you now.   Consider Tax Preparer E & O insurance to protect yourself against innocent mistakes plus defense costs:

How much does it cost?

Discounts:

Additional Coverage Options:

Limit:	$10,000/$20,000	$25,000/$50,000	$50,000/$100,000	$100,000/$200,000
1 Year Retroactive	(included)	(included)	(included)	(included)
2 Year Retroactive	$125	$250	$375	$500
Bookkeeping
1-10%	1.15 factor
11-25%	1.25 factor
25% +	1.33 factor
Extended Reporting	0.50 factor

   This page contains only a brief summary of coverage and policy provisions.  All statements herein are subject to the provisions, exclusions, and conditions of the applicable policy.  Coverages afforded are only those for which application is made and for which a premium charge is paid as indicated in the Declarations of the policy.

Apply Now

1. Complete the application. This can be typed from your computer if you open the file and place your cursor in the "Name of Business" field of the application.  Complete this field and press the "Tab" key to move from field to field through the rest of the application.
   
2. Print the application.  After printing, please sign and date the application where indicated.
   
3. Recheck your application for accuracy. Incomplete applications may need to be returned for completion prior to policy issuance.
   
4. Calculate the premium payment due (see How much does it cost?)
   
5. Remit your application and payment (check or money order payable to
   G. A. MacDonald Associates).  Mail or Overnight your completed application to:

G. A. MacDonald Associates, Inc.
Attention: E & O Department
2200 Lake Avenue, Suite 120
Fort Wayne, IN 46805
Phone: (260) 422-5377

Upon receipt, G. A. MacDonald Associates will review your application for completeness and submit it to CNA Surety. We process all applications the same business day they are received.

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