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Tag Archives: errors and omissions

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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W2 Phishing scams

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What has become a common feature of the post-Holiday season is the W2 phishing scam.  This is a sophisticated social engineering attack to dupe clients’ payroll and HR departments into providing W-2 data on employees, to enable the crooks can file fraudulent tax returns.  For several years, these criminals have been the cause of identity […]

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Example IRS Circular 230 Email Disclaimer

A client recently requested an appropriate disclaimer for email communications. Ralph Picardi, risk management consultant to CPAGold™, suggested the following clause.  This is a repeat of our earlier posting here but worth restating. Example IRS Circular 230 Email Disclaimer (Following 2014 Revisions to Treasury Regulations) This example email disclaimer is intended solely for general educational […]

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What are you really covered for and why a comprehensive definition of professional services is necessary for total firm protection?

by Rickard Jorgensen, FCII, ACIArb., ARM A recent podcast in Accounting Today highlighted the fact that CPA firms aren’t just merging with other CPA firms any more – they are looking to acquire practices in Human Resource, Information Technology, Cyber Security, Web Services, Marketing, Asset Management and financial planning.  The interesting presentation by Transition Advisors’ […]

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New Media Communication and Professional Liability Insurance

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by Rickard Jorgensen, FCII, ACIArb., ARM Last week we received an inquiry from a CPAGold™ member firm regarding text messaging with clients. After discussions with Ralph Picardi the risk consultant for the CPAGold™ program and outside counsel, the consensus was use of texts to communicate with clients is not effective risk management practice. The problem […]

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Coverage for Theft of Clients’ Commercial Information.

by Rickard Jorgensen, FCII, ARM, ACIArb. There has been a lot of publicity about hacking attacks on CPA firms.  Most recently, the big four CPA firms have been targeted by a sophisticated hack that compromised communications, documents and plans of some of their biggest clients. An article in The Guardian newspaper described an attack on […]

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Professional Liability Coverage Options for Effective Mergers

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by Rickard Jorgensen, FCII, ACIArb., ARM Some of the following coverage options may not be available to all insured firms, and the final decision on how the merger will be covered is left to the insurer concerned. Scenario 1 One policy: new policy for Firm AB providing Prior Acts coverage for Firm A and Firm B […]

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Trade Errors – Is Your Wealth Management Practice Covered?

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by Rickard Jorgensen, FCII, ACIArb., ARM We received an enquiry recently from a firm that was reviewing their compliance standards. The compliance process required the firm ensure that there was a particular form of errors and omissions in place, either through the firm’s professional liability program or as a separate investment professionals’ policy. This coverage […]

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How To Minimize The Damage Of Lawsuits

by Rickard Jorgensen, FCII, ACIArb., ARM   Things Beyond Your Control That Precipitate Lawsuits With the advent of the computer era and information age, the cultural and business climate of the nation, and world, has shifted. Businesses have become more complicated, as attitudes sanction greater and greater risk-taking. No longer are there sure-fire lifetime jobs […]

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