Click 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 […]
- Posted by 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 […]
- Posted by 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.
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.
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 […]
- Posted by 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.
Professional Liability for CPAs – Understanding your coverage – Part I – the insurance application
By Rickard Jorgensen, FCII, ARM, ACIArb This is the first of a series of 5 articles that together provide a good description of the underwriting process for accountants’ professional liability insurance and the coverage for CPA firms. ————————————————————— The insurance application is the primary document required by the insurer to “underwrite” a risk. This underwriting […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, checklist, Comprenhensive coverage, insurance, Insurance application, underwriting process, Utmost good faith
- Jun, 04, 2019
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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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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 […]
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