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 […]

Post Tagged with claims, CPA firm mangement, crime coverage, criminal acts, embezzlement, fraud, professional liability, professional liability claims, risk management

Posted by Rickard Jorgensen
Posted in Crime coverage, criminal behaviour, Defalcation, embezzlement, Fraud, policy wording, professional liability claims, Uncategorized
Nov, 05, 2019
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Up in Smoke III – The SAFE Banking Act is Major Step Towards Access to Banks and Credit Unions (and Service Providers) for Legalized Cannabis Industry

By Rickard Jorgensen, FCII, ARM, ACIArb This past month the majority of Democratic and ninety-one Republican members of the House of Representatives passed the landmark Secure and Fair Enforcement Banking Act of 2019, commonly known as the SAFE Banking Act. This law has been in development for six years and is intended to reduce the […]

Post Tagged with accountants professional liability, cannabis, criminal acts, errors and omissions, professional liability claims, risk management

Posted by Rickard Jorgensen
Posted in being sued, cannabis, Coverage, coverage limitations, Crime coverage, criminal behaviour, marijuana, professional liability claims, Uncategorized
Oct, 08, 2019
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Equifax breach settlement

by Rickard Jorgensen, FCII, ARM, ACIArb. You may recall that in September 2017 we reported on the data breach suffered by the national credit reporting agency. Go here for the article. According to Reuters — Credit reporting company Equifax Inc. will pay up to $700 million to settle U.S. federal and state probes into a […]

Post Tagged with accountants professional liability, credit agency, cyber insurance, Cyber Liability, Data breach, equifax, Information Security, malware, risk management

Posted by jorgcpa
Posted in Cyber Liability, Cyber resources, Cyber risk management, data breach, Data protection, equifax, Phishing scams, professional liability claims, risk management, security, Uncategorized
Jul, 22, 2019
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Professional Liability for CPAs Understanding your coverage – Part II – the declarations page

By Rickard Jorgensen, FCII, ARM, ACIArb The Declarations Page The declarations page summarizes the coverage in an easy to read one or two page document. It comprises: The preamble: Usually this is a statement about the basis of coverage which reiterates the wording that appears on the application and in the preamble of the policy. […]

Post Tagged with accountants professional liability, bad policies, comprehensive coverage, Declarations, professional liability, risk management

Posted by jorgcpa
Posted in Accountants' professional liability insurance, Accountants' risk management, Bad policies, checklist, Comprenhensive coverage, coverage limitations, Declarations page, definition of professional services, professional liability claims, risk management
Jul, 10, 2019
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Limiting Malpractice through Scope of Engagement

by guest bloggers Jennifer H. Feldscher and Seth L. Laver. A recent NY Appellate Division decision serves as another reminder of the importance of carefully defining the scope of engagement in an engagement letter. This is because, under New York law, an attorney may not be held liable for failing to act outside the scope […]

Post Tagged with accountants professional liability, claims, client letter, comprehensive coverage, documentation, engagement letters, lawsuit, litigation, professional liability claims

Posted by Rickard Jorgensen
Posted in Accountants' professional liability insurance, Claims, Client relations, engagement letters, engagement letters, indemnification clause, Jennifer H. Feldscher, professional liability claims, risk management, Seth l. Laver
Mar, 11, 2019
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Evaluating Clients – Part Four – A Suggested Questionnaire

By Rickard Jorgensen, FCII, ARM, ACIArb You may recall the blog postings on the subject of client screening which appeared last year. To recap, these postings are: Evaluating Clients – Part One – Why you should evaluate clients? Evaluating Clients – Part Two – Assessing Potential Clients Evaluating Client – Part Three – Using Client […]

Post Tagged with accountants professional liability, claims, client screening, errors and omissions, professional liability, risk management

Posted by Rickard Jorgensen
Posted in Accountants' professional liability insurance, Client relations, Client screening, professional liability claims
Jan, 28, 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 […]

Post Tagged with accountants professional liability, comprehensive coverage, errors and omissions, extended reporting periods, lawsuit, prior acts, professional liability claims, Tails

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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A new variation on Comfort letters – Third Party Verification Letter requests from Investment Professionals

by Rickard Jorgensen, FCII, ARM, ACIArb Comfort letters issued to lenders and mortgage companies have been a quite common practice for Tax Professionals. Such letters are used to verify income for the purchase of a home or other asset. The provision of comfort letters is relatively simple and merely require a review of tax return […]

Post Tagged with accountants professional liability, accredited investor, comfort letters, risk management, Wealth Management

Posted by Rickard Jorgensen
Posted in Accountants' professional liability insurance, accredited investor, comfort letters, due diligence, insurance, lawsuit, Personal Financial Planning, professional liability claims, risk management
Nov, 13, 2018
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Using the engagement letter to reduce cyber liability exposure

By Nick Matarazzo In this digital age, accountants are being forced to deal with all sorts of cyber threats. A well-worded engagement letter can help guard you against a cyber-related liability claim from your client and minimize your overall firm liability. Even if you are careful about your clients’ data, you may still be held […]

Post Tagged with accountants professional liability, CPA claims, cyber insurance, engagement letters, errors and omissions, professional liability claims, risk management

Posted by Rickard Jorgensen
Posted in Cyber Liability, Cyber resources, engagement letters, engagement letters, professional liability claims, risk management, security, Uncategorized
Oct, 03, 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 […]

Post Tagged with accountants professional liability, claims, CPA claims, lawsuit, Limitation of Liability, Mediation, professional liability claims

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
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Category Archives: professional liability claims