Click Management Liability for CPA firms
by Rickard Jorgensen, FCII, ARM, ACIArb. Recently CPAGold™ added a new optional endorsement to the program which provides protection from management liability claims against the executive team of a CPA firm. Many professional partnerships now employ a more corporate, business-like style to firm management. When a management or executive committee (or sometimes one individual) assumes […]
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jorgcpa - Posted in Accountants' professional liability insurance, Comprenhensive coverage, Corporate Indemnification, D&O, Management liability, policy coverage, policy wording
Apr, 11, 2019
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Data Breach and Insider Trading
CPAs practicing in mergers and acquisitions are familiar with the sensitive nature of their work and the potential for abuse of the information obtained. In addition to the conflict of interest created by trading on that information themselves, they must take extensive precautions to ensure that they do not allow that information to slip to […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Client records, Client relations, Cyber Liability, Cyber resources, Cyber risk management, Data protection, Fraudulent Wire Transfers, policy coverage, risk management, security, Uncategorized
- Mar, 11, 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
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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.
How To Protect Your Accounting Firm From a Cyber Attack
By Nick Matarazzo A data breach can wreak havoc on your business and its reputation. Not to mention the fines incurred and countless hours you will spend reviewing your computers and the source of the threat. Research suggests that 90% of cyber attacks stem from a phishing or social engineering attack. Educate your employees about […]
- Posted by jorgcpa
- Posted in Cyber Liability, Cyber resources, Cyber risk management, Data protection, policy coverage, policy wording, risk management, security, sextortion, social engineering, social media, Uncategorized
- Dec, 14, 2018
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Early Notice to insurers and claims mitigation has many benefits
by Rickard Jorgensen, FCII, ARM, ACIArb. From a purely risk management perspective, bringing your insurer into the claims process is extremely prudent and can save you a lot of money. The following outlines reasons why you should contact your malpractice insurer or insurance agent: Reporting a potential claim enables your malpractice insurer to work on […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, being sued, Claims, claims notification, due diligence, insurance, policy coverage, professional liability claims, risk management, Uncategorized
- Oct, 03, 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
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Comparing Cyber Insurance Policies
I know this is a little off topic as regards CPA professional liability insurance but cyber attacks are increasing in frequency and size (dollar value). At least monthly (and some times more) we receive calls from panicked firms because of a cyber attack. Good risk management is the best way to reduce the impact of cyber […]
- Posted by Rickard Jorgensen
- Posted in Cyber Liability, Cyber resources, Phishing scams, policy coverage, policy wording, prior acts coverage, social engineering, social media, Uncategorized
- Jun, 06, 2018
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Mergers and Acquisitions – due diligence and the risk management process
There has been a spate of firm consolidations in the past few years and the pace is unlikely to slow down. Retirements, business expansion, consolidation of practice areas or acquisition of a new specialty drive the reasons to merge firms together. Due diligence is essential in the evaluation of the firm. Identifying issues before a […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, due diligence, mergers, policy coverage, prior acts coverage, risk management
- Jun, 06, 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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