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Tag Archives: professional liability claims

Does failure to notify your insurer of a subpoena void your professional liability insurance coverage?

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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 […]

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What You Don’t Know About The Coronavirus

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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 […]

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The Statute of Limitations in Professional Malpractice

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Both Accountants and Wealth Advisers are “professionals” for the purpose of the various statutes of limitations. This means that firms’ decisions concerning document retention and the purchase of an extended reporting period can be heavily influence by a firm’s State of domicile (or the States where a firm practices).  The longest statute of limitation is […]

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Engagement Letter Defense Rejected

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This month, guest blogger Seth L. Laver of Goldberg Segalla writes about a recent legal development concerning the use of engagement letters in the defense of accountants’ malpractice claims. ——————————————————————————————————————— We often write about the importance of engagement letters, in fact we have an entire sub-category devoted to engagement letter defenses. That’s because the engagement […]

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UP IN SMOKE IV – A Bill to end marijuana prohibition in the U.S. passes key committee

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Late last month a congressional committee approved a piece of legislation to end marijuana prohibition in the United States. According to a press release, the Marijuana Opportunity, Reinvestment, and Expungement Act, better known as The MORE Act (HR 3884), would remove marijuana from the Controlled Substances Act and impose a minor excise tax on the […]

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Outsourcing – malpractice risk management perils concerning subcontractor’s indemnification provisions.

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by Rickard Jorgensen, FCII, ARM, ACIArb. We have received several inquiries from CPAGold™ members about QBE’s coverage position when it comes to the use of sub-contractors for the provision of professional services to clients. The CPAGold™ policy is comprehensive and contains a broad definition of who is covered via DEFINITIONS 8,28 wherein its states: 8.28 […]

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Embezzlement 101

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By Rickard Jorgensen, FCII, ARM, ACIArb This month we thought you might find an article about employee theft from the perspective of the crime insurer, Hiscox Insurance. If you were to ask a group of business owners about the biggest risks they face, you’d probably get a lot of different answers. Some might say external […]

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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

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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 […]

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Professional Liability for CPAs – Understanding your coverage – Part IV – Exclusions

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  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 […]

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Minimizing the risk of malpractice claims from lateral hires

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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 […]

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