Up in Smoke III – The SAFE Banking Act is Major Step Towards Access to Banks and Credit Unions (and Service Providers) for Legalized Cannabis Industry

By Rickard Jorgensen, FCII, ARM, ACIArb This past month the majority of Democratic and ninety-one Republican members of the House of Representatives passed the landmark Secure and Fair Enforcement Banking Act of 2019, commonly known as the SAFE Banking Act. This law has been in development for six years and is intended to reduce the […]

Post Tagged with accountants professional liability, cannabis, criminal acts, errors and omissions, professional liability claims, risk management

Posted by Rickard Jorgensen
Posted in being sued, cannabis, Coverage, coverage limitations, Crime coverage, criminal behaviour, marijuana, professional liability claims, Uncategorized
Oct, 08, 2019
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Professional Liability for CPAs – Understanding your coverage – Part IV – Exclusions

AKA what’s not covered…. By Rickard Jorgensen, FCII, ARM, ACIArb Whereas the coverage grant provides affirmative coverage, the exclusions take coverage away. If an activity is listed in the exclusions section of the policy, you do not have any coverage, no matter what the other sections of the policy state. It is the absolute […]

Post Tagged with accountants professional liability, coverage, CPA firm mangement, D&O coverage, errors and omissions, exclusions, Fee disputes, fraud, professional liability claims

Posted by jorgcpa
Posted in Bad policies, coverage limitations, due diligence, exclusion, Fraud, Uncategorized
Sep, 09, 2019
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Minimizing the risk of malpractice claims from lateral hires

By Rickard Jorgensen, FCII, ARM, ACIArb Many accounting firms have aggressive plans to build their practices and expand the range of services available to clients. Growth strategy is often comprises of several elements: Organic growth is the simplest and arises from marketing, business and employee development and cross selling services to clients. Mergers and acquisition […]

Post Tagged with accountants professional liability, CPA firm mangement, due diligence, employee screening, errors and omissions, lateral hire exposure, lawsuit, Limitation of Liability, new hires, professional liability claims, risk management

Posted by Rickard Jorgensen
Posted in Accountants' professional liability insurance, Accountants' risk management, due diligence, Hiring practices, indemnification clause, Lateral hires, new partners, problem clients, risk management, Tails, Uncategorized
Aug, 12, 2019
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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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Professional Liability for CPAs – Understanding your coverage – Part I – the insurance application

By Rickard Jorgensen, FCII, ARM, ACIArb This is the first of a series of 5 articles that together provide a good description of the underwriting process for accountants’ professional liability insurance and the coverage for CPA firms. ————————————————————— The insurance application is the primary document required by the insurer to “underwrite” a risk. This underwriting […]

Post Tagged with accountants professional liability, Application, comprehensive coverage, disclosures, errors and omissions, fee disputes avoidance, professional liability claims

Posted by jorgcpa
Posted in Accountants' professional liability insurance, Accountants' risk management, checklist, Comprenhensive coverage, insurance, Insurance application, underwriting process, Utmost good faith
Jun, 04, 2019
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Coverage for independent subcontractors via the CPAGold™ program.

By Rickard Jorgensen, FCII, ARM, ACIArb We recently received an inquiry from a CPAGold™ policyholder about whether there was coverage for subcontractors under the program. Simply speaking there is but only in regard to services performed on behalf of the Named Insured. While it is prudent and good risk management to verify that any subcontractors […]

Post Tagged with accountants professional liability, coverage, CPA firm mangement, errors and omissions, professional liability, professional liability claims, risk management, subcontractors

Posted by jorgcpa
Posted in Accountants' professional liability insurance, indemnification clause, insurance, policy coverage, policy wording, subcontractors
May, 13, 2019
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A cyber coverage “Fire Drill” – professional liability insurance implications of the CCH Axcess (Wolters Kluwer Tax & Accounting) malware attack.

By Rickard Jorgensen, FCII, ARM, ACIArb Last Monday we received a flurry of frantic phone calls from clients about the denial of access to the CCH Axcess program. On Monday May 6, between the hours of 8-10 a.m. E.T., accountants across the country started realizing their CCH products, which are based in the cloud, were […]

Post Tagged with accountants professional liability, Cyber Liability, cyber security, errors and omissions, fraud, malware, ransomeware, risk management, tax filings

Posted by jorgcpa
Posted in CCH Axcess, Cyber Liability, Cyber resources, Cyber risk management, Data protection, Fraud, Phishing scams, security, Tax Services, Third party exposure, Uncategorized
May, 13, 2019
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Evaluating Clients – Part Four – A Suggested Questionnaire

By Rickard Jorgensen, FCII, ARM, ACIArb You may recall the blog postings on the subject of client screening which appeared last year. To recap, these postings are: Evaluating Clients – Part One – Why you should evaluate clients? Evaluating Clients – Part Two – Assessing Potential Clients Evaluating Client – Part Three – Using Client […]

Post Tagged with accountants professional liability, claims, client screening, errors and omissions, professional liability, risk management

Posted by Rickard Jorgensen
Posted in Accountants' professional liability insurance, Client relations, Client screening, professional liability claims
Jan, 28, 2019
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Using Indemnification Clauses to protect your firm

by Rickard Jorgensen, FCII, ARM, ACIArb All CPAs know that a signed engagement letter is a crucial tool in the defense of a professional negligence lawsuit. The engagement letter memorializes the terms of the engagement, details what services you are performing and more importantly, the services you are NOT offering (i.e. you will not detect […]

Post Tagged with accountants professional liability, claims, engagement letters, errors and omissions, Fee disputes, indemnification clause, Limitation of Liability, professional liability claims, risk management, settlement negotiation

Posted by Rickard Jorgensen
Posted in Accountants' risk management, being sued, client communications, Client relations, due diligence, engagement letters, engagement letters, file documentation, indemnification clause, insurance, Mediation, risk management, settlement negotiation, Uncategorized
Jan, 28, 2019
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Tag Archives: errors and omissions