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 […]

Post Tagged with accountants professional liability, bad policies, comprehensive coverage, coverage, CPA claims, due diligence, errors and omissions, professional liability claims, risk management

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
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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 […]

Post Tagged with accountants professional liability, bad policies, comprehensive coverage, coverage, CPA claims, errors and omissions, professional liability claims

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 […]

Post Tagged with accountants professional liability, CPA claims, CPA firm mangement, D&O coverage, firm management liability, lawsuit, professional liability claims, risk management

Posted by jorgcpa
Posted in Claims, D&O, Management liability, policy wording, risk management, Uncategorized
Apr, 11, 2019
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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 […]

Post Tagged with accountants professional liability, Client funds, comprehensive coverage, CPA claims, crime coverage, employee theft, engagement letters, fraud, Limitation of Liability, risk management

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
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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 […]

Post Tagged with accountants professional liability, CPA claims, cyber insurance, engagement letters, errors and omissions, professional liability claims, risk management

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 […]

Post Tagged with accountants professional liability, claims, CPA claims, lawsuit, Limitation of Liability, Mediation, professional liability claims

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
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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 […]

Post Tagged with accountants professional liability, bad policies, claim, comprehensive coverage, CPA claims, errors and omissions, known claims exclusion, litigation, risk management, trial

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
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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. […]

Post Tagged with accountants professional liability, CFlaims notification, CPA claims, errors and omissions

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
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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 […]

Post Tagged with accountants professional liability, bad policies, claims, comprehensive coverage, coverage, CPA claims, errors and omissions, fraud, lawsuit, professional liability claims, risk management

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 […]

Post Tagged with accountants professional liability, claims, CPA claims, errors and omissions, lawsuit, professional liability claims, risk management, subpoenas, trial

Posted by Rickard Jorgensen
Posted in Accountants' professional liability insurance, Accountants' risk management, Claims, claims notification, insurance, lawsuit, Uncategorized
Mar, 09, 2018
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Tag Archives: CPA claims