By Seth L. Laver, Andrew P. Carroll and Sean P. Beiter of Goldberg Segalla Guest bloggers from the law firm Goldberg Segalla posted the following which we thought is timely and pertinent: One of the most common problems facing a would-be plaintiff considering a malpractice case is when to file suit. Similarly, those that defend professionals […]
What are you really covered for and why a comprehensive definition of professional services is necessary for total firm protection?
by Rickard Jorgensen, FCII, ACIArb., ARM A recent podcast in Accounting Today highlighted the fact that CPA firms aren’t just merging with other CPA firms any more – they are looking to acquire practices in Human Resource, Information Technology, Cyber Security, Web Services, Marketing, Asset Management and financial planning. The interesting presentation by Transition Advisors’ […]
How comprehensive is your coverage? Why a limitation in your professional liability policy for negligence only is a very bad idea.
by Rickard Jorgensen, FCII, ACIArb., ARM Recently one of our competitors relaunched and rebranded its accountants’ professional liability program. The new program was promoted as broader coverage and an enhancement upon the previously terminated program. There were various “bells and whistles” added to the program but one important feature was conspicuously overlooked and omitted from […]
by Rickard Jorgensen, FCII, ARM, ACIArb. There has been a lot of publicity about hacking attacks on CPA firms. Most recently, the big four CPA firms have been targeted by a sophisticated hack that compromised communications, documents and plans of some of their biggest clients. An article in The Guardian newspaper described an attack on […]
by Rickard Jorgensen, FCII, ACIArb., ARM Some of the following coverage options may not be available to all insured firms, and the final decision on how the merger will be covered is left to the insurer concerned. Scenario 1 One policy: new policy for Firm AB providing Prior Acts coverage for Firm A and Firm B […]
by Rickard Jorgensen, FCII, ACIArb., ARM We received an enquiry recently from a firm that was reviewing their compliance standards. The compliance process required the firm ensure that there was a particular form of errors and omissions in place, either through the firm’s professional liability program or as a separate investment professionals’ policy. This coverage […]
What happens to your exposure for past acts when you cease practicing? Over the past years we have often received inquiries from clients that are considering retirement and are concerned about residual prior acts exposure. No-one wants to have their golden years disturbed by an ugly, uninsured malpractice lawsuit. Before packing the golf clubs or […]
Documentation can help you avoid, or at least minimize, professional liability claims. It helps improve communication between your clients and staff. Documentation also provides value-added service to clients, while creating potential new services. Certain engagements tend to increase client perception problems because the scope and areas of responsibility are unclear. Documentation is absolutely vital in […]
by Rickard Jorgensen, FCII, ACIArb., ARM Things Beyond Your Control That Precipitate Lawsuits With the advent of the computer era and information age, the cultural and business climate of the nation, and world, has shifted. Businesses have become more complicated, as attitudes sanction greater and greater risk-taking. No longer are there sure-fire lifetime jobs […]