Back to Work: Assistance for Employers

Our friends over at the law firm of Kaufman Dolowich & Voluck ["KDV"] have created a variety of useful documents to help make the transition back to business as smooth as possible . Government authorities around the United States have strongly suggested that employers implement a Safety Plan outlining the steps being taken by businesses to prevent the spread of COVID-19. To […]
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jorgcpa
- Posted in Accountants' risk management, Back to work, being sued, Coronavirus, COVID, KVD, Limit of liability, reopening your office, risk management
Jun, 09, 2020
1 Comment.
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 […]
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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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COVID-19 and management liability: how can D&O coverage help in this pandemic

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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jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Coronavirus, Corporate Indemnification, coverage limitations, COVID, D&O, definition of professional services, Directors and Offices, indemnification clause, insurance, Management liability, Outside Directorships, policy wording, professional liability claims, Professional Services
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 […]
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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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The Statute of Limitations in Professional Malpractice

Both Accountants and Wealth Advisers are “professionals” for the purpose of the various statutes of limitations. This means that firms’ decisions concerning document retention and the purchase of an extended reporting period can be heavily influence by a firm’s State of domicile (or the States where a firm practices). The longest statute of limitation is […]
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jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, claims notification, Extended Reporting Periods, lawsuit, Limit of liability, prior acts coverage, Statutes of Limitation, Uncategorized
Feb, 05, 2020
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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 […]
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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
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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 […]
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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
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The Most Expensive Insurance Policy is Always the Cheapest One.

This following is an article by guest blogger, Aaaron Lipson of FounderPro about the perils of buying coverage based upon price considerations alone. In the past we have spent much time blogging about quality of coverage. Even our competitors often focus upon coverage over costs (even when we can point to coverage flaws in their […]
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jorgcpa
- Posted in Bad policies, Coverage, coverage limitations, full tort coverage, lawsuit, Uncategorized
Jul, 10, 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. […]
- 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
1 Comment.
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Recent Posts
- Pandemic-related challenges likely to impact your firm in the immediate future
- Conservation Easements – the next wave of malpractice claims against accountants and tax preparers?
- Some Broad Guidance for CPAs on the Post-COVID-19 Reopening of Your Office
- Back to Work: Assistance for Employers
- Our first COVID-19 related claim against a CPA Client