Professional Liability Insurance (PLI)
In accordance with Bylaw 871, firms who provide public accounting services and/or other regulated services are required to maintain professional liability insurance.
An initial declaration of professional liability insurance is required at the time of initial registration with an annual declaration due each October 1 thereafter as part of the renewal process.
Firms are able to choose their liability insurance provider provided that the policy meets the minimum requirements. CPA Professional Liability Plan Inc. and Prolink are two examples of liability insurance providers.
Bylaw policy 871(1) requires a firm to obtain and maintain professional liability insurance coverage that meets the requirements of the Association, the Institute or the Society as at August 31, 2015 including the requirement to maintain discovery insurance for a period of time following the cessation of practice.