Click Fraudulent Wire Transfers – the latest word
by Rickard Jorgensen, FCII, ARM, ACIArb. In the past few years we have seen quite a few of these costly and tragic situations and paid a number of claims made against our CPA firm and investment professionals clients. The essence is that a CPA or adviser (or Trustee) is induced by a trick, artifice or […]
- Posted by
Rickard Jorgensen - Posted in coverage limitations, Cyber Liability, Cyber resources, Cyber risk management, Data protection, Fraud, Fraudulent Wire Transfers, Phishing scams, social engineering, Uncategorized
Feb, 08, 2019
No Comments.
What is an Extended Reporting Period?
by Shirley Fraser, CPCU, AMIM. AVP – Jorgensen & Company Most Malpractice policies are written on a claims made and reported basis, which means all claims must be made against the policyholder and reported to the insurer during the policy period. Other than a mini-extended reporting period (usually for 60 days) there is no coverage […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Bad policies, being sued, Claims, Coverage, coverage limitations, Extended Reporting Periods, insurance, policy coverage, policy wording, prior acts coverage, professional liability claims, risk management, Tails, Uncategorized
- Jan, 09, 2019
- No Comments.
Control of client funds
by Rickard Jorgensen, FCII, ARM, ACIArb If your CPA firm has control of client funds and can write checks on clients’ bank or investment accounts you may have an exposure to CPAs or firm staff abusing the signatory authority by stealing or misusing the client funds in the firm’s custody and control. This could apply to bill […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, being sued, Client relations, Coverage, coverage limitations, Crime coverage, criminal behaviour, policy coverage, policy wording, risk management, security
- Jan, 03, 2019
- No Comments.
Fundamental Coverage Deficiency – delayed notice of claims
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 […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Accountants' risk management, Bad policies, Claims, claims notification, Coverage, coverage limitations, known claims exclusion, policy wording, prior acts coverage, professional liability claims, Uncategorized
- Sep, 10, 2018
- No Comments.
Why Full Tort coverage is crucial for CPAs.
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 […]
- Posted by Rickard Jorgensen
- Posted in Accountants' risk management, Bad policies, being sued, Coverage, coverage limitations, full tort coverage, insurance, negligence only policy, policy coverage, professional liability claims, Uncategorized
- Aug, 12, 2018
- No Comments.
Your Malpractice Insurance Policy May Not Cover You for Fraudulent Wire Transfers
by Rickard Jorgensen, FCII, ACIArb., ARM Back in July 2017 we posted a blog about a protocol to minimize the possibility of a social engineering claim (Go here for the posting). This topic has become of interest to CPAs as the number of spoofing claims has increased. A recent posting on the KnowBe4 website (go here […]
- Posted by Rickard Jorgensen
- Posted in being sued, Claims, Coverage, coverage limitations, Cyber Liability, insurance, lawsuit, Phishing scams, policy coverage, professional liability claims, social engineering, Uncategorized
- May, 02, 2018
- Comments Off
The 10 Worst Corporate Accounting Scandals of All Time
If there is one theme to rival terrorism for defining the last decade-and-a-half, it would have to be corporate greed and malfeasance. Many of the biggest corporate accounting scandals in history happened during that time. In acknowledgement of the excellent webinar about Fraud Detection recently offered by the CPAFMA, here’s a chronological look back at […]
- Posted by Rickard Jorgensen
- Posted in Bad policies, being sued, checklist, coverage limitations, definition of professional services, due diligence, Fraud, lawsuit, professional liability claims, risk management, Uncategorized
- Apr, 08, 2018
- Comments Off
Does your malpractice insurance cover you for criminal acts?
A Florida CPA was sentenced in federal court in Boston for multiple counts of tax fraud and obstructing the Internal Revenue Code. Greg Takesian, 54, of Miami, Fla., was sentenced last Thursday by U.S. District Court Judge William G. Young to two years in prison and one year of supervised release, and was ordered to […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Bad policies, Claims, coverage limitations, criminal behaviour, due diligence, Fraud, insurance, lawsuit, policy coverage, policy wording, Uncategorized
- Mar, 09, 2018
- No Comments.
How Long Is Too Long to Wait for Malpractice Actions?
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 […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Accountants' risk management, being sued, Claims, claims notification, coverage limitations, lawsuit, professional liability claims, Uncategorized
- Feb, 05, 2018
- No Comments.
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’ […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Accountants' risk management, Bad policies, checklist, Coverage, coverage limitations, definition of professional services, due diligence, insurance, lawsuit, policy coverage, policy wording, professional liability claims
- Jan, 04, 2018
- No Comments.
Join Us On Facebook
Join Us On Twitter
Join Us On In.com
Subscribe to Our Blog