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Tag Archives: CPA claims

Private Company Management Liability Claims

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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 […]

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Control of client funds

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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 […]

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Using the engagement letter to reduce cyber liability exposure

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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 […]

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Early Notice to insurers and claims mitigation has many benefits

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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 […]

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Fundamental Coverage Deficiency – delayed notice of claims

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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 […]

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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.  […]

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The 10 Worst Corporate Accounting Scandals of All Time

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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 […]

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Who handles my claim at QBE?

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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 […]

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Does your malpractice insurance cover you for criminal acts?

A Florida CPA was sentenced in federal court in Boston for multiple counts of tax fraud and obstructing the Internal Revenue Code. Greg Takesian, 54, of Miami, Fla., was sentenced last Thursday by U.S. District Court Judge William G. Young to two years in prison and one year of supervised release, and was ordered to […]

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How Long Is Too Long to Wait for Malpractice Actions?

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By Seth L. Laver, Andrew P. Carroll and Sean P. Beiter  of Goldberg Segalla Guest bloggers from the law firm Goldberg Segalla posted the following which we thought is timely and pertinent: One of the most common problems facing a would-be plaintiff considering a malpractice case is when to file suit. Similarly, those that defend professionals […]

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