Click Conservation Easements – the next wave of malpractice claims against accountants and tax preparers?
By Ralph Picardi, Esq. and Rickard Jorgensen, FCII, ARM, ACIArb. Because of a recent uptick in enforcement actions by the Internal Revenue Service, accountants’ professional liability insurers are beginning to pay attention to the potential of claims arising from the sale of these alternative investment products. They are a type of tax shelter which is […]
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jorgcpa - Posted in Accountants' professional liability insurance, Accountants' risk management, Claims, claims notification, conservation easements, Fraud, IRS audits, risk management, Uncategorized
Jul, 12, 2020
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Our first COVID-19 related claim against a CPA Client
by Rickard Jorgensen, FCII, ARM, ACIArb. We have been scanning the metaphorical horizon to see how the pandemic is impacting CPAs and generally, although many firms have seen a depression or shift in fees to later in the year, there have been very fee actual professional liability claims against CPAs. However, there is always an […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, being sued, Claims, Coronavirus, COVID, engagement letters, lawsuit, PPP loans, SBA loans
- May, 01, 2020
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Does failure to notify your insurer of a subpoena void your professional liability insurance coverage?
By Rickard Jorgensen, FCII, ARM, ACIArb We have frequently been contacted by members of the CPAGold™ program for assistance to respond to a subpoena, either for documents or for testimony. In fact, the CPAGold™ policy provides a specific coverage extension a follows: 1.2.2 Subpoena Expenses We will pay on your behalf Defense Expenses approved by […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Claims, claims notification, denial of coverage, risk management, subpoenas, Uncategorized
- Mar, 06, 2020
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What You Don’t Know About The Coronavirus
Since the new coronavirus began it’s spread from Wuhan, China, to other countries public health officials have struggled to keep up with the potential threat that it poses to millions of people around the world. The first case in the US was reported this week. This virus, called the “novel coronavirus,” or COVID-19, is a […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Coronavirus, insurance, Management liability, professional liability claims
- Feb, 28, 2020
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The future of privacy starts in California
By Rickard Jorgensen, FCII, ARM, ACIArb You may recall the recent blog postings in connection with the CCPA in California: http://cpagold.com/2018/11/consent-armageddon-is-coming/ http://cpagold.com/2018/11/are-new-statutory-claims-covered-by-your-cyber-policy/ http://cpagold.com/2018/11/california-privacy-laws-gdpr-ii/ The California Consumer Privacy Act of 2018 ["CCPA"] is effective Jan. 1, 2019 will give Golden State residents the right to find out what a company knows about them and get it […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, Accountants' risk management, CCPA, Client records, Client relations, Cyber Liability, Cyber resources, Cyber risk management, data breach, Data protection, file documentation, GCPR, Privacy, Uncategorized
- Nov, 05, 2019
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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 […]
- 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 […]
- 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 […]
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 […]
- 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
- No Comments.
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 […]
- Posted by jorgcpa
- Posted in Bad policies, Coverage, coverage limitations, full tort coverage, lawsuit, Uncategorized
- Jul, 10, 2019
- No Comments.
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