Florida Administrative Code
61 - DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
61H1 - Board of Accountancy
Chapter 61H1-26 - NAMES, TERMS, BRANCH OFFICES
Section 61H1-26.002 - Minimum Capitalization or Adequate Public Liability Insurance for Florida Firms with the Exception of a Sole Proprietorship

(1) Assets in excess of liabilities and professional liability insurance combined are at least equal to $50, 000 per shareholder, officer, member, or partner and any Florida licensed certified public accountant to a maximum of $2, 000, 000 or

(2) It has an irrevocable letter of credit of at least equal to $50, 000 per shareholder, officer, member, or partner and any Florida licensed certified public accountant to a maximum of $2, 000, 000, which meets the following criteria:

(3) The corporation, each shareholder, and each officer who has authority over the practice of public accountancy, the LLC or the limited liability company and each member of the LLC, or the LLP and each partner have executed the waiver of limitation on liability approved by the Board which must be set forth as follows:

WAIVER ON LIMITATION OF LIABILITY

The shareholders, officers, members, or partners of ___ (Name of Firm), do jointly and severally convenant and agree that they will pay any award or judgment arising out of any claim the basis of which is grounded upon an allegation of negligence, incompetence, misconduct, fraud or deceit in the firm's or its owners', officers', members', or employees' practice of public accounting as soon as the same shall become payable regardless of any limitation on liability provided by Chapters 621, 608, and 620, F.S. (2009).

Unless executed by a partnership and its partners, the members intend this agreement as a mutual covenant of assumption and not as a partnership, but should any court of competent jurisdiction construe same to be a partnership then it is the intention of the parties that such partnership be limited in scope to the uses for which this contract is executed and no other.

Any individual who, subsequent to the date of this instrument, becomes a shareholder, officer, member, or partner in ____________ (Name of Firm), shall immediately become a party to this waiver and be bound to the conditions thereof. Said shareholder, officer, member, or partner shall execute an amended Waiver on Limitation of Liability which shall become a part of the original Waiver on Limitation of Liability.

We the undersigned shareholders, officers, members, or partners in ___________________________ (Name of Firm), do hereunto set our hands and seals to certify our acceptance of the Waiver on Limitation of Liability dated this ________ day of ____, 20___.

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(Signatures of all shareholders, officers, members, or partners)