Click Professional Liability for CPAs – Understanding your coverage – Part III – the coverage grant
By Rickard Jorgensen, FCII, ARM, ACIArb Each insurer’s policy is arranged differently, and the items listed above can be located in different places and with different headings in each policy. However, by reading the explanations below, you should be able to locate them no matter where they are found within a policy. 1. Coverage Agreements […]
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Rickard Jorgensen - Posted in Accountants' professional liability insurance, Bad policies, coverage limitations, definiti0on of professional services, definition of professional services, due diligence, insurance, policy coverage, policy wording, risk management, Uncategorized
Aug, 12, 2019
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The Most Expensive Insurance Policy is Always the Cheapest One.
This following is an article by guest blogger, Aaaron Lipson of FounderPro about the perils of buying coverage based upon price considerations alone. In the past we have spent much time blogging about quality of coverage. Even our competitors often focus upon coverage over costs (even when we can point to coverage flaws in their […]
- Posted by jorgcpa
- Posted in Bad policies, Coverage, coverage limitations, full tort coverage, lawsuit, Uncategorized
- Jul, 10, 2019
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Professional Liability for CPAs Understanding your coverage – Part II – the declarations page
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. […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Bad policies, checklist, Comprenhensive coverage, coverage limitations, Declarations page, definition of professional services, professional liability claims, risk management
- Jul, 10, 2019
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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
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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
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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
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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
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