The purpose of a Risk Purchasing Group (RPG) is to allow like risks to be able to purchase liability insurance on a group basis.  In 1981 Congress enacted the Products Liability Risk Retention Act that allowed the formation of groups to be formed to purchase liability insurance on a group basis.  This federal law superseded many state insurance laws that prohibited the formation of specialized exclusive groups to purchase insurance.  The law only applies to casualty or liability...

Much has been made about the April 12 US Court of Appeals decision in Travelers vs Portal Healthcare Solutions where the court found that the Travelers Commercial General Liability policy (CGL) did not exclude coverage for data breach.   Portal Healthcare had argued that it was required a defense by Travelers over the data breach suit of New York Hospital patients where the firm was hired to protect Hospital’s data. The ruling only covered defense costs and was very specific to ...

Attorney Malpractice Insurance and Accountant Malpractice Insurance are written on a claims-made basis.  One of the issues is when should a claim be reported and to which insurance carrier on a claims-made policy.  The liability portion of your Business Owners and Workers Compensation policies are written on an occurrence policy form.  Again the question arises as to when to report a claim and to whom.   The 1st time purchaser of a claims made professional liability in...

A recent decision by the Tax Court Avrahami  v IRS and Feedback Insurance Co V IRS highlighted that the IRS is now looking more closely at captive insurance companies being used for tax avoidance.  The Avrahamis own 3 jewelry stores and 3 shopping malls in the Phoenix area.  Their CPA McEntee recommended that they set up a captive insurance company to reduce their taxes.  Based on that recommendation the Avrahami’s retained Attorney Hiller for estate planning services...

Ralph Picardi - Wednesday, August 15th at 1 pm EST (1 CPE) This webinar will focus on how to respond once you become aware of an actual or suspected claim or potential claim (often referred to as an incident). The session will explain how to utilize the CPAOnePro Risk Management Hotline to determine when and how to report a claim or incident to the insurance carrier, and how to proceed relative to the matter while awaiting the carriers response to your report. The session will also explain when...

2019 Webinar Series for Accounting Professionals A Risk Management Resource for Accounting Professionals This program is offered as a benefit for current Travelers insureds. Participants will earn 1 Continuing Professional Education credits in the Specialized Knowledge Field of Study. Additional information on ho...