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When to disengage

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by Rickard Jorgensen, FCII, ACIArb., ARM Suspending services to a client can be fraught with problems and if not handled carefully could result in a malpractice lawsuit.  The following scenarios may be the most obvious signs that it is time for you and your client to go your separate ways. Unresponsive or evasive clients If […]

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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’ […]

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New Media Communication and Professional Liability Insurance

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by Rickard Jorgensen, FCII, ACIArb., ARM Last week we received an inquiry from a CPAGold™ member firm regarding text messaging with clients. After discussions with Ralph Picardi the risk consultant for the CPAGold™ program and outside counsel, the consensus was use of texts to communicate with clients is not effective risk management practice. The problem […]

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Mergers and Acquisitions: Malpractice Risk Management

Due diligence is an essential part of the mergers and acquisitions evaluation process. It goes without saying that the partners of the acquiring firm have strong financial analytical skills but there are additional factors to be taken into consideration. Recognizing these elements during the due diligence process will reduce the risk of a malpractice claim […]

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Claims 1: Where the rubber meets the road.

This is the first in a series of blog posting on the subject of claims.  The first article addresses the subject of what and when to notify a potential claim. An accountants’ professional liability policy is written on a claims made basis.  This means claims – or incidents that might give rise to a claim […]

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A Retrospective:

It’s been over a year and a half since we started posting blogs. I thought it would be helpful if this month we posted a list of the topics to allow our members to look at some of our past blogs. 10 “Get Out of Court Free” Cards – Segregation of risk in an accounting […]

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Coordinating Accountants’ Professional Liability Insurance and Cyber Liability Insurance

CPA firms make substantial investments in systems and software for the effective management of their practice, including the safeguarding of client information. With the frequent publicity surrounding cyber attacks on businesses and government there is also an increase interest in the purchase of cyber liability insurance, primarily in response to increased scrutiny by clients as […]

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Risk & Insurance Implications Of Mergers & Acquisitions

This article was originally published in 2011 but given the increase in M&A activity for CPA firms it seems a repost is appropriate. In the past few years we have received many requests from clients for advice on the insurance and risk management features of a merger with, or acquisition of, another firm. Most of these […]

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Coverage Denied for Failing to Report

October 27, 2015 Seth L. Laver, Michael P. Luongo and Angeline N. Ioannou (with additional remarks by Rickard Jorgensen). Obtaining malpractice insurance is an essential component of risk management for professionals. But, the obligations continue beyond the purchase. Like any contract, both sides are bound to comply with the contractual terms: the insurer and the […]

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