An Oklahoma City insurance agent has developed a professional liability product which has helped some state accounting firms save thousands on their insurance premiums.
Richard Beale, owner of M.R. Brackin Inc., is offering the CPA Advantage, a professional liability program from the CNA Insurance Companies and Herbert H. Landy Insurance Agency Inc.
Regionalized pricing is the reason this product has been able to save firms money because Oklahoma is in the lowest priced region, he said.
Most accounting firms had purchased their coverage through a program sponsored by the American Institute of Certified Public Accountants. Its pricing is done on a national basis.
The CNA product, which any CNA agent can write, is tailored to smallo mediumzed accounting firms with up to 50 professionals. It is a "claimsde" policy, which means it gives coverage based on when the claims are filed rather than when the action occurred. Beale noted, however, that a company that had not had previous liability coverage probably would not qualify.
Beale worked to develop the product for Oklahoma because of his connection with accounting firms. The Brackin agency is administrator for a life, health and disability insurance program sponsored by the Oklahoma Society of Public Accountants. He noted that the new liability product is not sponsored by the society.
"I am always on the lookout for programs that would assist our Oklahoma accountants," he said. "I had been looking for several years for a market such as this one."
The CPA Advantage program covers a firm's accountants, officers, directors, stockholders and employees against loss from errors, negligent omissions or negligent acts in the performance of professional accounting services. Limits of liability range from $100,000 per claim and $200,000 annually to $5 million per claim and $5 million annually. Deductibles begin at $1,000 and go higher for qualified firms.
"This has proven to be a lower cost product than what is out there," Beale said.
CNA introduced the product last year, and it was available in Oklahoma in December. Because of renewal dates on most policies, word is just now getting around to firms that the product is available.
The liability policy program is underwritten by Continental Casualty Co., one of the CNA Insurance Companies. CNA is one of the largest writers of professional liability insurance and has provided coverage for accountants since 1962. The Herbert H. Landy agency has worked with accountants for 30 years.
M.R. Brackin founded the Oklahoma City agency more than 35 years ago. It was later owned by M.R. Brackin Jr., who sold it to Beale in December 1986. It is located at 2301 NW 39th Expressway. Besides the state certified public accountants group, it also represents the Oklahoma Bar Association. . . The life insurance industry presented the following awards at its second annual Oklahoma City Insurance Awards Gala Thursday:
The Oklahoma City Chapter of the American Society of Chartered Life Underwriters and Chartered Financial Consultants presented the Hall of Fame Award to Dorothy L. Seikman for her service during her 33-year involvement with the industry in Oklahoma City.
She has worked on every committee of the local group and was noted for being the chairman of the membership committee of the Oklahoma City Association of Life Underwriters the year that the group had a record 600 members. She was the first woman to complete the Life Underwriter Training Council program and earned her Chartered Life Underwriter designation in 1970. She also received the Life Underwriter of the Year Award in 1981.
The Oklahoma Chapter of Women's Life Underwriters Confederation named Rita Wallenberg its Woman of the Year. She was recognized for her work in implementing the group's biannual continuing education seminars. …