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 […]
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 […]
By Rickard Jorgensen, FCII, ARM, ACIArb The Declarations Page The declarations page summarizes the coverage in an easy to read one or two page document. It comprises: The preamble: Usually this is a statement about the basis of coverage which reiterates the wording that appears on the application and in the preamble of the policy. […]
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 […]
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 […]
What are you really covered for and why a comprehensive definition of professional services is necessary for total firm protection?
by Rickard Jorgensen, FCII, ACIArb., ARM A recent podcast in Accounting Today highlighted the fact that CPA firms aren’t just merging with other CPA firms any more – they are looking to acquire practices in Human Resource, Information Technology, Cyber Security, Web Services, Marketing, Asset Management and financial planning. The interesting presentation by Transition Advisors’ […]
What happens to your exposure for past acts when you cease practicing? Over the past years we have often received inquiries from clients that are considering retirement and are concerned about residual prior acts exposure. No-one wants to have their golden years disturbed by an ugly, uninsured malpractice lawsuit. Before packing the golf clubs or […]