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Tag Archives: CPA claims

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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When to disengage

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by Rickard Jorgensen, FCII, ACIArb., ARM Suspending services to a client can be fraught with problems and if not handled carefully could result in a malpractice lawsuit.  The following scenarios may be the most obvious signs that it is time for you and your client to go your separate ways. Unresponsive or evasive clients If […]

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How comprehensive is your coverage? Why a limitation in your professional liability policy for negligence only is a very bad idea.

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by Rickard Jorgensen, FCII, ACIArb., ARM Recently one of our competitors relaunched and rebranded its accountants’ professional liability program. The new program was promoted as broader coverage and an enhancement upon the previously terminated program.  There were various “bells and whistles” added to the program but one important feature was conspicuously overlooked and omitted from […]

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An overview of the client screening process

By Rickard Jorgensen, FCII, ACIArb, ARM Extracted from Evaluating Clients – Engagement risk screening for CPA firms. There are solid reasons for screening new clients.  Many involve not getting paid, exposure to lawsuits or even the stress related to difficult individuals.  Effective client screening can avoid these problems. Implementing a formal screening process is the […]

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The Growing Insider Threat

By LIFARS Reposted from here A security threat originating from within the organization which is targeted or attacked is an insider threat. Insider attacks are rapidly increasing and becoming more prevalent in organizations. In the past year, believe insider attacks have become more frequent. Any present or former employee who at one point had access […]

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Road Map of a Malpractice Lawsuit

By Jason Subbie & Ralph Picardi, Esq. Litigation is a punishing marathon. The process exacts an exhausting toll on the parties.  A complex dispute can take several years from the date of the initial client dispute to the final verdict. And then, just when you think the dust has settled, there are almost always appeals. […]

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Fee Collection – a malpractice risk

Counter suits arising from fee disputes are one of the most common sources of malpractice claims against CPAs. In fact, such suits are a great risk for many professionals. Any steps taken to avoid a collection becoming a malpractice claim are essential. One of the key areas of attention should be a documented Collection Procedure.  […]

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How to get sued……

There have been many articles about how to avoid law suits and what you should not do to attract problems with clients. So with a tongue firmly implanted in the cheek, we thought it would be fun to tell you what you should do to get sued. Accept an assignment that is beyond your expertise […]

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Claims 1: Where the rubber meets the road.

This is the first in a series of blog posting on the subject of claims.  The first article addresses the subject of what and when to notify a potential claim. An accountants’ professional liability policy is written on a claims made basis.  This means claims – or incidents that might give rise to a claim […]

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The application of the doctrine of utmost good faith when applying for (or renewing) your professional liability insurance.

What is utmost good faith? Utmost good faith is a common law principle (sometimes called Uberrimae Fidei).  Uberrima fides a Latin phrase meaning most abundant faith”. It is the name of a legal doctrine that governs insurance contracts. This means that all parties to an insurance contract must deal in good faith, making a full […]

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