CAMICO Mutual Insurance
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| Type | Mutual |
|---|---|
| Industry | Insurance |
| Founded | 1986 |
| Headquarters | San Mateo |
| Key people | Louis J. Barbich, CPA, chairman Ric Rosario, CPA, CFE, CEO |
| Products | Professional Liability, Employment Practices Liability |
| Website | http://www.camico.com |
CAMICO provides professional liability (malpractice) insurance, employment practices liability insurance, and practice and risk management services to CPA firms. The program was founded in the 1980s, introducing a proactive way of approaching accountant’s professional liability insurance that focuses on helping firms reduce their risk exposure. Coverage is available to firms of all sizes at stable rates. CPAs need professional liability insurance to cover damages from potential errors committed by their firm in providing professional services; and to protect the assets of their firm and partners from the financial consequences of a claim.
One program, two coverage options
CAMICO offers protection for smaller firms with up to $2 million in limits with coverage through CAMICO Mutual Insurance Company which is an American mutual liability insurance company, owned by its Certified Public Accountant (CPA) policyholders.
For mid-size to large firms requiring limits of $3 million and above, the program is administered by CAMICO Insurance Services with coverage provided by Liberty Insurance Underwriters Inc.[1] a part of Liberty Mutual Group companies that are rated 'A' (excellent) by A.M. Best Company.
Sponsored by state CPA societies and associations in 16 states (Arizona, California, Colorado, Greater Washington (DC)[2], Indiana, Kentucky, Mississippi, Missouri, Nevada, New Jersey, New York, South Carolina, Tennessee, Utah, Virginia and Washington), CAMICO operates in 45 states and the District of Columbia. Company headquarters are in San Mateo, California.
CAMICO Risk Management Services
CAMICO focuses on risk management for CPAs through discussion, risk assessment, and action. Our experience and claims data indicate that the more familiar CPAs become with risk management techniques, the better equipped they are to avert or minimize a liability claim. CAMICO's goal is to provide risk management services and products to help CPAs adapt to a more volatile marketplace so that they can grow their practices.
[edit] History
The name CAMICO is derived from California Accountants Mutual Insurance Company. The company was formed in California in 1986 to resolve difficulties faced by CPAs in that state who were unable to afford liability insurance from commercial companies. In the mid-1980s, after a rate-cutting war, the major insurance carriers found themselves with insufficient funds to cover their claims liabilities. Some companies stopped selling professional liability insurance coverage for CPAs, while others imposed large rate increases that led some CPA firms to drop their liability insurance, leaving them exposed to possible professional liability lawsuits without insurance protection.
A task force of the California Society of CPAs recommended forming a mutual insurance company to resolve the crisis by providing CPAs with professional liability coverage at stable rates. Following that recommendation, CAMICO began operation on June 24, 1986. Initially the staff consisted of just three people: two full-time employees reporting to CEO John A. Dodsworth, CPA. Within CAMICO's first month, 1,250 firms were insured by the company.[3] A decade later CAMICO had expanded beyond California to four other western states, and by the end of 2000 the company was doing business in 37 states.
CAMICO operates in 45 states and the District of Columbia, employs 94 people and insures more than 8,000 policyholder firms and approximately 56,000 staff members. It has total assets of $153.7 million (12/31/09), gross written premiums of $60.8 million (12/31/09) and surplus of $32.1 million (as of 12/31/09). In 2008 CAMICO began offering employment practices liability insurance to CPAs and offers such coverage in 44 states. As a mutual insurance company, any revenue remaining after paying claims and administrative costs is returned to policyholders in the form of dividends.
Ric Rosario, CPA, CFE, succeeded John Dodsworth, CPA, as the president and CEO of CAMICO on Jan. 1, 2009. Dodsworth continues to serve on the CAMICO board of directors. Louis J. Barbich, CPA has served as chairman of the board since its inception in 1986.
[edit] References
- ^ Insurance Journal, Liberty Mutual, CAMICO Insurance Program Targets Larger CPA Firms
- ^ WebCPA, CAMICO Receives Washington CPAs’ Endorsement
- ^ About CAMICO, CAMICO website
[edit] External links
- CAMICO Mutual Insurance Company website
- California CPA Education Foundation
- Arizona Society of CPAs
- California Society of CPAs
- Colorado Society of CPAs
- Greater Washington Society of CPAs
- Indiana CPA Society
- Kentucky Society of CPAs
- Mississippi Society of CPAs
- Nevada Society of CPAs
- New Jersey Society of CPAs
- New York Society of CPAs
- South Carolina Association of CPAs
- Tennessee Society of CPAs
- Utah Association of CPAs
- Virginia Society of CPAs
- Washington Society of CPAs
