Click Fundamental Coverage Deficiency – delayed notice of claims
by Rickard Jorgensen, FCII, ARM, ACIArb WHY IS THIS IMPORTANT – if you have a multi-partner or multi-office firm and communication regarding potential claims might be delayed, then it is important to ensure that your insurer will not deny coverage if you don’t advise a potential claim until after the renewal date. —————————————————————————————————————— When reviewing the […]
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Rickard Jorgensen - Posted in Accountants' professional liability insurance, Accountants' risk management, Bad policies, Claims, claims notification, Coverage, coverage limitations, known claims exclusion, policy wording, prior acts coverage, professional liability claims, Uncategorized
Sep, 10, 2018
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SEXTORTION – a new aspect to cyber crime and CPAs.
by Rickard Jorgensen, FCII, ARM, ACIArb Sextortion attacks against professional firms, including CPAs, are not uncommon and increasing in frequency. Sextortion is a form of blackmail in which sexual information or images are used to extort sexual favors or cash from the victim. The FBI offers an explantion of this new crime here. However, recently […]
- Posted by Rickard Jorgensen
- Posted in Cyber Liability, Cyber resources, Fraud, Phishing scams, risk management, security, sextortion, social engineering, Uncategorized
- Aug, 12, 2018
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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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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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The 10 Worst Corporate Accounting Scandals of All Time
If there is one theme to rival terrorism for defining the last decade-and-a-half, it would have to be corporate greed and malfeasance. Many of the biggest corporate accounting scandals in history happened during that time. In acknowledgement of the excellent webinar about Fraud Detection recently offered by the CPAFMA, here’s a chronological look back at […]
- Posted by Rickard Jorgensen
- Posted in Bad policies, being sued, checklist, coverage limitations, definition of professional services, due diligence, Fraud, lawsuit, professional liability claims, risk management, Uncategorized
- Apr, 08, 2018
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Does your malpractice insurance cover you for criminal acts?
A Florida CPA was sentenced in federal court in Boston for multiple counts of tax fraud and obstructing the Internal Revenue Code. Greg Takesian, 54, of Miami, Fla., was sentenced last Thursday by U.S. District Court Judge William G. Young to two years in prison and one year of supervised release, and was ordered to […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Bad policies, Claims, coverage limitations, criminal behaviour, due diligence, Fraud, insurance, lawsuit, policy coverage, policy wording, Uncategorized
- Mar, 09, 2018
- No Comments.
Is a Client’s Criminal Prosecution Foreseeable?
By Seth L. Laver, Michael P. Luongo and Sarah J. Delaney of Goldberg Segalla Guest bloggers from the law firm Goldberg Segalla posted the following which we thought is timely and pertinent: Professionals assume a duty of care to their clients. Accordingly, professionals may be held liable for damages to clients that are proximately caused by […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Accountants' risk management, Coverage, criminal behaviour, lawsuit, Seth l. Laver, Uncategorized
- Mar, 09, 2018
- No Comments.
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’ […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Accountants' risk management, Bad policies, checklist, Coverage, coverage limitations, definition of professional services, due diligence, insurance, lawsuit, policy coverage, policy wording, professional liability claims
- Jan, 04, 2018
- No Comments.
How comprehensive is your coverage? Why a limitation in your professional liability policy for negligence only is a very bad idea.
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 […]
- Posted by Rickard Jorgensen
- Posted in Accountants' risk management, Bad policies, being sued, Coverage, lawsuit, negligence only policy, policy coverage, professional liability claims, risk management, Uncategorized
- Dec, 04, 2017
- No Comments.
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