The first accountants’ professional liability insurance policy was written in the late 1930s following the decision in Ultramares Corporation v. Touche, 174 N.E. 441 (1932). Coverage was basic – limiting the risks insured to claims made by clients arising from negligence acts. In fact, the doctrine of negligence arose from the Scottish law case of […]
We’ve had some really positive feedback about the excellent claims specialists at QBE. Fast, efficient and expert are some of the admiring words we’ve heard. But who are the good folks and what do they look like? I asked the guys to give us a quick bio and photograph so if you ever need to […]
By Seth L. Laver, Michael P. Luongo and Sarah J. Delaney of Goldberg Segalla Guest bloggers from the law firm Goldberg Segalla posted the following which we thought is timely and pertinent: Professionals assume a duty of care to their clients. Accordingly, professionals may be held liable for damages to clients that are proximately caused by […]
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 […]