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COVID-19 and management liability: how can D&O coverage help in this pandemic

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by Rickard Jorgensen, FCII, ARM, ACIArb. There has been a lot of news about the desire to obtain coverage for COViD-19 claims under a business interruption policy.  The legal fights with insurers and proposed laws to retroactively secure coverage for various business are reported every week (see a recent article about a law proposed in […]

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act – Good Faith Certification

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By Rickard Jorgensen, FCII, ARM, ACIArb The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently signed into law contains an important provision known as the Paycheck Protection Program (PPP) designed to provide relief to small businesses affected by the coronavirus pandemic. The PPP directs $349 billion towards job retention and business operating expenses designed […]

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Police Warn of New ‘Line-Trapping Technology’ Being Used to Scam People Over the Phone

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A new piece of sophisticated technology is being used by fraudsters to scam unsuspecting people over the phone. Police said a woman in the New York Region received a call earlier this month and was told by the scammers she had been a victim of identity theft. Police said the woman was directed to call […]

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Outsourcing – malpractice risk management perils concerning subcontractor’s indemnification provisions.

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by Rickard Jorgensen, FCII, ARM, ACIArb. We have received several inquiries from CPAGold™ members about QBE’s coverage position when it comes to the use of sub-contractors for the provision of professional services to clients. The CPAGold™ policy is comprehensive and contains a broad definition of who is covered via DEFINITIONS 8,28 wherein its states: 8.28 […]

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Embezzlement 101

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By Rickard Jorgensen, FCII, ARM, ACIArb This month we thought you might find an article about employee theft from the perspective of the crime insurer, Hiscox Insurance. If you were to ask a group of business owners about the biggest risks they face, you’d probably get a lot of different answers. Some might say external […]

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Professional Liability for CPAs – Understanding your coverage – Part III – the coverage grant

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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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Gotcha! Three cyber policy traps to look out for (and a postcript to the CCH hack)

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The following is an article published by CFC Underwriting, a leading cyber insurer based in London. The original article appears here. ——————————————————————————————————————— Cyber insurance is projected to experience major growth in the years ahead and new insurers are regularly entering the market. While this is creating greater competition and providing more choice for customers, some insurers […]

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Coverage for independent subcontractors via the CPAGold™ program.

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By Rickard Jorgensen, FCII, ARM, ACIArb We recently received an inquiry from a CPAGold™ policyholder about whether there was coverage for subcontractors under the program.  Simply speaking there is but only in regard to services performed on behalf of the Named Insured. While it is prudent and good risk management to verify that any subcontractors […]

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Private Company Management Liability Claims

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by Rickard Jorgensen, FCII, ARM, ACIArb We recently developed and filed a new endorsement for the CPAGold™ program which adds coverage for Management Liability (otherwise known as Directors’ and Officers’ liability) claims.  Coverage is subject to a specific application and provides for defense and indemnification for a variety of scenarios arising from the management of […]

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Management Liability for CPA firms

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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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