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How Long Is Too Long to Wait for Malpractice Actions?

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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 […]

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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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W2 Phishing scams

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What has become a common feature of the post-Holiday season is the W2 phishing scam.  This is a sophisticated social engineering attack to dupe clients’ payroll and HR departments into providing W-2 data on employees, to enable the crooks can file fraudulent tax returns.  For several years, these criminals have been the cause of identity […]

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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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How comprehensive is your coverage? Why a limitation in your professional liability policy for negligence only is a very bad idea.

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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 […]

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Trade Errors – Is Your Wealth Management Practice Covered?

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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 […]

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How To Minimize The Damage Of Lawsuits

by Rickard Jorgensen, FCII, ACIArb., ARM   Things Beyond Your Control That Precipitate Lawsuits With the advent of the computer era and information age, the cultural and business climate of the nation, and world, has shifted. Businesses have become more complicated, as attitudes sanction greater and greater risk-taking. No longer are there sure-fire lifetime jobs […]

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An overview of the client screening process

By Rickard Jorgensen, FCII, ACIArb, ARM Extracted from Evaluating Clients – Engagement risk screening for CPA firms. There are solid reasons for screening new clients.  Many involve not getting paid, exposure to lawsuits or even the stress related to difficult individuals.  Effective client screening can avoid these problems. Implementing a formal screening process is the […]

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Road Map of a Malpractice Lawsuit

By Jason Subbie & Ralph Picardi, Esq. Litigation is a punishing marathon. The process exacts an exhausting toll on the parties.  A complex dispute can take several years from the date of the initial client dispute to the final verdict. And then, just when you think the dust has settled, there are almost always appeals. […]

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