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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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 […]

Post Tagged with accountants professional liability, bad policies, comprehensive coverage, CPA claims, criminal acts, litigation

Posted by Rickard Jorgensen
Posted in Accountants' professional liability insurance, Bad policies, Claims, coverage limitations, criminal behaviour, due diligence, Fraud, insurance, lawsuit, policy coverage, policy wording, Uncategorized
Mar, 09, 2018
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How Long Is Too Long to Wait for Malpractice Actions?

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 […]

Post Tagged with accountants professional liability, claim, claims, CPA claims, errors and omissions, lawsuit, litigation, malware, Seth L. Laver

Posted by Rickard Jorgensen
Posted in Accountants' professional liability insurance, Accountants' risk management, being sued, Claims, claims notification, coverage limitations, lawsuit, professional liability claims, Uncategorized
Feb, 05, 2018
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Tag Archives: CPA claims