Click Conservation Easements – the next wave of malpractice claims against accountants and tax preparers?
By Ralph Picardi, Esq. and Rickard Jorgensen, FCII, ARM, ACIArb. Because of a recent uptick in enforcement actions by the Internal Revenue Service, accountants’ professional liability insurers are beginning to pay attention to the potential of claims arising from the sale of these alternative investment products. They are a type of tax shelter which is […]
- Posted by
jorgcpa - Posted in Accountants' professional liability insurance, Accountants' risk management, Claims, claims notification, conservation easements, Fraud, IRS audits, risk management, Uncategorized
Jul, 12, 2020
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Some Broad Guidance for CPAs on the Post-COVID-19 Reopening of Your Office
By Rickard Jorgensen, FCII, ARM, ACIArb CPA Firms have a number of questions when planning the office reopening process. The most significant challenge is staff safety, as well as clients and other visitors. Liability if someone is contaminated, especially staff, is uncertain and Government guidance often. It is wise to continually monitor guidelines from the […]
- Posted by jorgcpa
- Posted in Accountants' risk management, Back to work, Coronavirus, COVID, lawsuit, Management liability, reopening your office, risk management, Uncategorized
- Jun, 09, 2020
- No Comments.
Our first COVID-19 related claim against a CPA Client
by Rickard Jorgensen, FCII, ARM, ACIArb. We have been scanning the metaphorical horizon to see how the pandemic is impacting CPAs and generally, although many firms have seen a depression or shift in fees to later in the year, there have been very fee actual professional liability claims against CPAs. However, there is always an […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, being sued, Claims, Coronavirus, COVID, engagement letters, lawsuit, PPP loans, SBA loans
- May, 01, 2020
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Does failure to notify your insurer of a subpoena void your professional liability insurance coverage?
By Rickard Jorgensen, FCII, ARM, ACIArb We have frequently been contacted by members of the CPAGold™ program for assistance to respond to a subpoena, either for documents or for testimony. In fact, the CPAGold™ policy provides a specific coverage extension a follows: 1.2.2 Subpoena Expenses We will pay on your behalf Defense Expenses approved by […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Claims, claims notification, denial of coverage, risk management, subpoenas, Uncategorized
- Mar, 06, 2020
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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.
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 […]
Fraudulent Wire Transfers – the latest word
by Rickard Jorgensen, FCII, ARM, ACIArb. In the past few years we have seen quite a few of these costly and tragic situations and paid a number of claims made against our CPA firm and investment professionals clients. The essence is that a CPA or adviser (or Trustee) is induced by a trick, artifice or […]
- Posted by Rickard Jorgensen
- Posted in coverage limitations, Cyber Liability, Cyber resources, Cyber risk management, Data protection, Fraud, Fraudulent Wire Transfers, Phishing scams, social engineering, Uncategorized
- Feb, 08, 2019
- No Comments.
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 […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Client relations, Client screening, professional liability claims
- Jan, 28, 2019
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Using Indemnification Clauses to protect your firm
by Rickard Jorgensen, FCII, ARM, ACIArb All CPAs know that a signed engagement letter is a crucial tool in the defense of a professional negligence lawsuit. The engagement letter memorializes the terms of the engagement, details what services you are performing and more importantly, the services you are NOT offering (i.e. you will not detect […]
- Posted by Rickard Jorgensen
- Posted in Accountants' risk management, being sued, client communications, Client relations, due diligence, engagement letters, engagement letters, file documentation, indemnification clause, insurance, Mediation, risk management, settlement negotiation, Uncategorized
- Jan, 28, 2019
- Comments Off
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
- 1 Comment.
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