There has been a great deal of buzz about Net Protect, Cyber PLUS, Web Coverage and a variety of new enhancements being promoted by various insurance companies. Many of these “new” coverage features are a great leap in the right direction to provide affirmative coverage for CPAs and liability arising from web based activities, hacking…
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This article was originally published in 2011 but given the increase in M&A activity for CPA firms it seems a repost is appropriate. In the past few years we have received many requests from clients for advice on the insurance and risk management features of a merger with, or acquisition of, another firm. Most of…
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Due diligence is an essential part of the mergers and acquisitions evaluation process. It goes without saying that the partners of the acquiring firm have strong financial analytical skills but there are additional factors to be taken into consideration. Recognizing these elements during the due diligence process will reduce the risk of a malpractice claim…
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Some of the following coverage options may not be available to all insured firms, and the final decision on how the merger will be covered is left to the insurer concerned. Scenario 1 One policy: new policy for Firm AB providing Prior Acts coverage for Firm A and Firm B by an appropriate Retroactive Date. The…
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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…
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When you call the CPAGoldTM risk management hotline at (866) 668 7475 the person responding to your inquiry will be Ralph G. Picardi, Esq. Ralph is a partner in the law firm of Lapping & Picardi, LLP and has fielded questions from CPAGoldTM members since 1998. Ralph is a member of the Massachusetts and District of Columbia…
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By Rickard Jorgensen, FCII, ARM, ACIArb. Staff and firms have been eager to get back to work but the reality is that the workplace has changed for ever. It is likely that this “new normal” will continue until there is a widely available and effective vaccine. This leaves firms in a state of limbo. The…
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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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By Rickard Jorgensen, FCII, ARM, ACIArb CPA Firms have a number of questions when planning the office reopening process. The most significant challenge is staff safety, as well as clients and other visitors. Liability if someone is contaminated, especially staff, is uncertain and Government guidance often. It is wise to continually monitor guidelines from the…
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Our friends over at the law firm of Kaufman Dolowich & Voluck [“KDV”] have created a variety of useful documents to help make the transition back to business as smooth as possible . Government authorities around the United States have strongly suggested that employers implement a Safety Plan outlining the steps being taken by businesses to prevent the spread of COVID-19. To…
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