Thank you for your past support of the CPAGold™ program.
Since 1998 we have worked to secure high quality, competitively priced professional liability coverage for the best CPA firms.
But what is CPAGold™?
In simplest terms, it is a risk purchasing group formed under the auspices of the Federal Liability Risk Retention Act of 1986. This type of bulk purchase arrangement permits firms with similar exposures to form a type of purchasing cooperative to achieve savings in the commercial insurance market. The individual members of CPAGold™ assume no liability and transfer professional liability risk to an appropriate and financially strong insurer.
CPAGold™ was founded by Jorgensen & Company, a specialist professional liability insurance agency and underwriting manager to serve the needs of CPA clients across the country. Since inception, the program has grown to serve more than 25,000 CPAs and is represented by some of the most skilled specialist insurance agents.
Some common questions:
What is a Risk Purchasing Group (RPG)?
Risk Purchasing Group is a legal entity that allows a group of unassociated businesses with similar exposures to join together to take advantage of a joint insurance purchase. CPAGold™ was established under the Federal Liability Risk Retention Act of 1986.
Is a Risk Purchasing Group an insurance company?
No, a Risk Purchasing Group is not an insurance company; it is a pool of like professionals that buy insurance as a group from an insurance company. There is no additional risk assumed. Further, it allows the group to gather purchasing strength to buy insurance at a significant cost savings with broadened coverage.
What are the 3 main reasons to join the CPAGold™?
- Immediate premium cost savings;
- Broad coverage at no additional cost;
- Additional Risk Management services which are free of charge.
Will I have separate limits or do all members share one aggregate limit?
Each member has their own limits of liability for their risk, separate and distinct from the other members.
Why did Jorgensen & Company form CPAGold™?
For many years, Jorgensen & Company and affiliated partner-producers have specialized in insurance for CPAs. Our goal has always been to provide a better product with lower premiums.
Who is the insurance company?
Although we have partnered with other insurance companies, the insurer for the past three years has been QBE Insurance Corporation (part of QBE Insurance), which is rated by A.M. Best “A” [Excellent] FSC XV. See here. Why is the financial strength of an insurance company important?
Why was this insurance company selected to be the insurer for CPAGold™?
It was selected because of its strong financial rating coupled with its expertise with the class of accountants’ professional liability business. It has insured this class for many years.
How long will it take to get a quote?
Once we receive your completed application and all of the other necessary information, you will get a quote within 48 hours.
What level of service does CPAGold™ provide?
CPAGold™ offers a pre-claims assistance line via Ralph Picardi, Esq., a twelve (12) hours CPE QAS approved online loss control course, risk management seminars, engagement letter review, and a variety of other risk management services tailored to your practice.
How is Jorgensen & Company compensated for its insurance brokerage and underwriting services?
We are compensated through commission paid by the insurance company. No additional fees are charged.
If another member firm in the CPAGold™ program has large losses, will that affect my rates?
No. Your rates are based on your experience. There is no pooling of limits or losses. Each member stands alone.
Will my rates be guaranteed for more than a year?
No. Similar to how standard insurance works, your account will be reviewed each year on its own merits unless you qualify for a two-year policy.
I have contracts that require an insurance company that is admitted and A rated. Does CPAGold™ meet these requirements?
Yes. Greenwich Insurance Company is admitted in all states and has an A.M. Best rating of A [Excellent].
Can I get certificates of insurance quickly?
Yes. We issue certificates of insurance the day the request is received, whenever possible.
If I join, am I locked into CPAGold™?
No. Similar to your current insurance, you can leave CPAGold™ at any time and receive a return premium of the unearned portion. There would be a short-rate penalty on the earned premium similar to other insurance policies. CPAGold™ does not charge membership dues.
Does CPAGold™ offer unique coverages?
Yes. Your policy can be extended to include Electronic Media risks, Client Identity Theft, Personal Financial Planning exposures, First Party Cyber liability, outside Not For Profit Directorships, Reputation Protection Coverage, and Additional Defense Coverage if the limit is eroded. See the policy for full details. We are also working on new enhancements to keep pace with the risks faced by the profession.
Can I ask my broker or agent to set up an RPG?
Anyone can form an RPG. It requires considerable research, expertise and time. If your agent does not have a lot of CPA clients, it would be very difficult to start one.
If I complete the application, am I guaranteed a quote?
No. Certain underwriting criteria must be met in order to qualify for the program, such as good loss history, firm size, and areas of practice.
Can you provide higher limits of liability?
The RPG provides up to $10 million in limits per firm. Jorgensen & Company or your agent can arrange higher limits outside the RPG program.
Are there any other costs in addition to the premium?
No. Loss control, certificate issuance, claims handling, pre-claims assistance and other services are included in the premium.
Can I keep my same renewal date or is there a common date for all members?
You can get a quote now and maintain your existing renewal date or choose any date you prefer.
How do I join CPAGold™ ?
Membership is free and you can get a quote without joining, but if you want to take the coverage offered, your membership is automatic.
Please direct any questions about CPAGold™ to your agent, or I would be happy to speak to you on (201) 345-2440.