Click Why Full Tort coverage is crucial for CPAs.
The first accountants’ professional liability insurance policy was written in the late 1930s following the decision in Ultramares Corporation v. Touche, 174 N.E. 441 (1932). Coverage was basic – limiting the risks insured to claims made by clients arising from negligence acts. In fact, the doctrine of negligence arose from the Scottish law case of […]
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Rickard Jorgensen - Posted in Accountants' risk management, Bad policies, being sued, Coverage, coverage limitations, full tort coverage, insurance, negligence only policy, policy coverage, professional liability claims, Uncategorized
Aug, 12, 2018
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Best Practices to Keep Your Firm’s Accounting Software Secure
By guest blogger – Ella Watson. Data is one of the most valuable commodities today. Aside from being used by companies as basis for all kinds of business strategies, it is also what powers most of today’s transformative technologies, such as artificial intelligence, automation tools, and analytics. With big data’s growing importance, several strategic processes […]
- Posted by Rickard Jorgensen
- Posted in Uncategorized
- Jun, 21, 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. […]
- 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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Mergers and Acquisitions – due diligence and the risk management process
There has been a spate of firm consolidations in the past few years and the pace is unlikely to slow down. Retirements, business expansion, consolidation of practice areas or acquisition of a new specialty drive the reasons to merge firms together. Due diligence is essential in the evaluation of the firm. Identifying issues before a […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, due diligence, mergers, policy coverage, prior acts coverage, risk management
- 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 […]
- 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 […]
- 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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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 […]
- 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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When to disengage
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 […]
- Posted by Rickard Jorgensen
- Posted in being sued, Client relations, Disengagement, insurance, lawsuit, professional liability claims, risk management, Uncategorized
- Feb, 05, 2018
- No Comments.
W2 Phishing scams
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 […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, criminal behaviour, Cyber Liability, lawsuit, Phishing scams, risk management, security, social engineering, Uncategorized
- Jan, 04, 2018
- No Comments.
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 […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, email risk management, professional liability claims, Ralph G. Picardi, risk management, Tax Services, Uncategorized
- Jan, 04, 2018
- No Comments.
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