Click 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 […]
- Posted by jorgcpa
- Posted in Bad policies, Coverage, coverage limitations, full tort coverage, lawsuit, Uncategorized
- Jul, 10, 2019
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Private Company Management Liability Claims
by Rickard Jorgensen, FCII, ARM, ACIArb We recently developed and filed a new endorsement for the CPAGold™ program which add coverage for Management Liability (otherwise known as Directors’ and Officers’ liability) claims. Coverage is subject to a specific application and provides for defense and indemnification for a variety of scenarios arising from the management of […]
- Posted by jorgcpa
- Posted in Claims, D&O, Management liability, policy wording, risk management, Uncategorized
- Apr, 11, 2019
- No Comments.
Control of client funds
by Rickard Jorgensen, FCII, ARM, ACIArb If your CPA firm has control of client funds and can write checks on clients’ bank or investment accounts you may have an exposure to CPAs or firm staff abusing the signatory authority by stealing or misusing the client funds in the firm’s custody and control. This could apply to bill […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, being sued, Client relations, Coverage, coverage limitations, Crime coverage, criminal behaviour, policy coverage, policy wording, risk management, security
- Jan, 03, 2019
- No Comments.
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 […]
- 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 […]
- 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
- No Comments.
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 […]
- Posted by 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
- No Comments.
How to Make a Professional Liability Insurance Claim in Six Easy Steps
Making a professional liability insurance claim is a straightforward process. Usually, you have to: Contact your insurer or agent. Read your policy. Confer with your agent. Gather records and document all communications with your client. Dissatisfied clients sue. It’s a fact of business. Claims can arise for a variety of reasons, some justified, some not. […]
- Posted by Rickard Jorgensen
- Posted in Claims, claims notification, client communications, Client records, Client relations, due diligence, email risk management, policy wording, professional liability claims, Ralph G. Picardi, risk management, Uncategorized
- Jun, 06, 2018
- No Comments.
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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Who handles my claim at QBE?
We’ve had some really positive feedback about the excellent claims specialists at QBE. Fast, efficient and expert are some of the admiring words we’ve heard. But who are the good folks and what do they look like? I asked the guys to give us a quick bio and photograph so if you ever need to […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Accountants' risk management, Claims, claims notification, insurance, lawsuit, Uncategorized
- Mar, 09, 2018
- No Comments.
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