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Coverage for independent subcontractors via the CPAGold™ program.

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By Rickard Jorgensen, FCII, ARM, ACIArb We recently received an inquiry from a CPAGold™ policyholder about whether there was coverage for subcontractors under the program.  Simple, there is but only in regard to services performed on behalf of the Named Insured. While it is prudent and good risk management to verify that any subcontractors have […]

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A cyber coverage “Fire Drill” – professional liability insaurance implications of the CCH Axcess (Wolters Kluwer Tax & Accounting) malware attack.

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By Rickard Jorgensen, FCII, ARM, ACIArb Last Monday we received a flurry of frantic phone calls from clients about the denial of access to the CCH Axcess program.  On Monday May 6, between the hours of 8-10 a.m. E.T., accountants across the country started realizing their CCH products, which are based in the cloud, were […]

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Private Company Management Liability Claims

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by Rickard Jorgensen, FCII, ARM, ACIArb We recently developed and filed a new endorsement for the CPAGold™ program which add coverage for Management Liability (otherwise known as Directors’ and Officers’ liability) claims.  Coverage is subject to a specific application and provides for defense and indemnification for a variety of scenarios arising from the management of […]

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Management Liability for CPA firms

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by Rickard Jorgensen, FCII, ARM, ACIArb. Recently CPAGold™ added a new optional endorsement to the program which provides protection from management liability claims against the executive team of a CPA firm. Many professional partnerships now employ a more corporate, business-like style to firm management.  When a management or executive committee (or sometimes one individual) assumes […]

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How To Protect Your Accounting Firm From a Cyber Attack

Facts you need to know on cyber attacks

By Nick Matarazzo A data breach can wreak havoc on your business and its reputation. Not to mention the fines incurred and countless hours you will spend reviewing your computers and the source of the threat. Research suggests that 90% of cyber attacks stem from a phishing or social engineering attack. Educate your employees about […]

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De-mergers and prior acts coverage.

There is an old proverb that “all good things come to an end.” This may also apply to an accounting firm. If a once successful partnership decides, for whatever reason, that it should dissolve, there are a variety of options available to the partners with respect to professional liability insurance for prior acts. Generally the […]

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Protecting Confidential Data

Acting Reasonably Before and After a Breach By Ralph G. Picardi, Esq. You are a partner in a public accounting firm. When you return to your office Monday morning you discover with horror that someone broke into your firm’s office space over the weekend and removed a server. That server contains a broad range of […]

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How to Assess the Financial Strength of Insurance Companies

Four major independent agencies – A.M. Best, Fitch, Moody’s and Standard & Poor’s -rate the financial strength of insurance companies. Each has its own rating scale, its own analysis standards, a group of insurance companies and subscribers. Each agency uses numbers or letters, with plusses and minuses to indicate discrete variations in rating and qualifiers. […]

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What is CPAGold™?

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 […]

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Being Careful with New Clients – Spotting Scams as a Lawyer or Certified Public Accountant

Exercising Skepticism When Assessing Prospective Clients (Your Best Protection Against Falling Victim to a Scam) By Ralph G. Picardi, Esq. In February I wrote in this space about the importance of your firm’s engagement risk assessment function, i.e., your policies and procedures surrounding whether to accept or continue with an engagement. At the foundation of […]

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