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Tag Archives: lawsuit

Early Notice to insurers and claims mitigation has many benefits

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by Rickard Jorgensen, FCII, ARM, ACIArb. From a purely risk management perspective, bringing your insurer into the claims process is extremely prudent and can save you a lot of money.  The following outlines reasons why you should contact your malpractice insurer or insurance agent:  Reporting a potential claim enables your malpractice insurer to work on […]

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Up in Smoke II – What’s happening in Banking?

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by Rickard Jorgensen, FCII, ARM, ACIArb Although not directly connected to the practice of accounting it is useful to know what is happening in other industries. In this case in particular, we are talking about the highly controversial cannabis business. Big Tobacco and the brewing industry are watching with great interest developments at the Department […]

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Why Full Tort coverage is crucial for CPAs.

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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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Your Malpractice Insurance Policy May Not Cover You for Fraudulent Wire Transfers

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by Rickard Jorgensen, FCII, ACIArb., ARM Back in July 2017 we posted a blog about a protocol to minimize the possibility of a social engineering claim (Go here for the posting). This topic has become of interest to CPAs as the number of spoofing claims has increased.  A recent posting on the KnowBe4 website (go here […]

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The 10 Worst Corporate Accounting Scandals of All Time

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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 […]

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Who handles my claim at QBE?

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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 […]

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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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Can a Single Lawsuit = Multiple Claims?

by Seth L. Laver, Michael P. Luongo and Michael T. Glascott Professional liability insurance is necessary to any responsibly-run professional practice. The limits of coverage available under an E&O policy help to protect professionals against financial loss.  However, the limits of coverage between different policies do not necessarily offer the same protection, even if the […]

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