Click Police Warn of New ‘Line-Trapping Technology’ Being Used to Scam People Over the Phone
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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jorgcpa - Posted in Client relations, coverage limitations, criminal behaviour, Cyber Liability, Cyber resources, Cyber risk management, data breach, Data protection, due diligence, email risk management, Fraud, Fraudulent Wire Transfers, Phishing scams, policy coverage, policy wording, social engineering
Jan, 13, 2020
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Outsourcing – malpractice risk management perils concerning subcontractor’s indemnification provisions.
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 […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Client relations, indemnification agreements, indemnification clause, insurance, lawsuit, policy coverage, policy wording, professional liability claims, risk management, subcontractors, Tax Services, Uncategorized
- Dec, 15, 2019
- No Comments.
Embezzlement 101
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 […]
- Posted by Rickard Jorgensen
- Posted in Crime coverage, criminal behaviour, Defalcation, embezzlement, Fraud, policy wording, professional liability claims, Uncategorized
- Nov, 05, 2019
- No Comments.
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 […]
- Posted by 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
- No Comments.
Gotcha! Three cyber policy traps to look out for (and a postcript to the CCH hack)
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 […]
- Posted by Rickard Jorgensen
- Posted in Comprenhensive coverage, Cyber Liability, Cyber resources, due diligence, email risk management, Fraudulent Wire Transfers, insurance, Phishing scams, policy coverage, policy wording, risk management, Uncategorized
- Jun, 04, 2019
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Coverage for independent subcontractors via the CPAGold™ program.
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 […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, indemnification clause, insurance, policy coverage, policy wording, subcontractors
- May, 13, 2019
- No Comments.
Private Company Management Liability Claims
by Rickard Jorgensen, FCII, ARM, ACIArb We recently developed and filed a new endorsement for the CPAGold™ program which add 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 […]
- Posted by jorgcpa
- Posted in Claims, D&O, Management liability, policy wording, risk management, Uncategorized
- Apr, 11, 2019
- No Comments.
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 […]
- Posted by 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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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
- No Comments.
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.
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