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The future of privacy starts in California

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By Rickard Jorgensen, FCII, ARM, ACIArb You may recall the recent blog postings in connection with the CCPA in California: http://cpagold.com/2018/11/consent-armageddon-is-coming/ http://cpagold.com/2018/11/are-new-statutory-claims-covered-by-your-cyber-policy/ http://cpagold.com/2018/11/california-privacy-laws-gdpr-ii/ The California Consumer Privacy Act of 2018 ["CCPA"] is effective Jan. 1, 2019  will give Golden State residents the right to find out what a company knows about them and get it […]

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Minimizing the risk of malpractice claims from lateral hires

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By Rickard Jorgensen, FCII, ARM, ACIArb Many accounting firms have aggressive plans to build their practices and expand the range of services available to clients.   Growth strategy is often comprises of several elements: Organic growth is the simplest and arises from marketing, business and employee development and cross selling services to clients. Mergers and acquisition […]

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Professional Liability for CPAs Understanding your coverage – Part II – the declarations page

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By Rickard Jorgensen, FCII, ARM, ACIArb The Declarations Page The declarations page summarizes the coverage in an easy to read one or two page document.  It comprises: The preamble: Usually this is a statement about the basis of coverage which reiterates the wording that appears on the application and in the preamble of the policy.  […]

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Professional Liability for CPAs – Understanding your coverage – Part I – the insurance application

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By Rickard Jorgensen, FCII, ARM, ACIArb This is the first of a series of 5 articles that together provide a good description of the underwriting process for accountants’ professional liability insurance and the coverage for CPA firms. ————————————————————— The insurance application is the primary document required by the insurer to “underwrite” a risk.  This underwriting […]

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Using Indemnification Clauses to protect your firm

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by Rickard Jorgensen, FCII, ARM, ACIArb All CPAs know that a signed engagement letter is a crucial tool in the defense of a professional negligence lawsuit. The engagement letter memorializes the terms of the engagement, details what services you are performing and more importantly, the services you are NOT offering (i.e. you will not detect […]

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Up in Smoke II – What’s happening in Banking?

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by Rickard Jorgensen, FCII, ARM, ACIArb Although not directly connected to the practice of accounting it is useful to know what is happening in other industries. In this case in particular, we are talking about the highly controversial cannabis business. Big Tobacco and the brewing industry are watching with great interest developments at the Department […]

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Fundamental Coverage Deficiency – delayed notice of claims

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by Rickard Jorgensen, FCII, ARM, ACIArb WHY IS THIS IMPORTANT – if you have a multi-partner or multi-office firm and communication regarding potential claims might be delayed, then it is important to ensure that your insurer will not deny coverage if you don’t advise a potential claim until after the renewal date. —————————————————————————————————————— When reviewing the […]

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Why Full Tort coverage is crucial for CPAs.

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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 […]

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Who handles my claim at QBE?

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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 […]

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Is a Client’s Criminal Prosecution Foreseeable?

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 […]

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