Most professional liability insurance policies for CPAs, including CAMICO’s, are “claims made and reported” policies, which means that claims and potential claims must be made and reported to the insurance company during the policy period, or within a grace period for reporting claims, such as 60 days, after the policy period.
The U.S. Court of Appeals for the Ninth Circuit earlier this year affirmed a U.S. District Court ruling in favor of a CPA firm in the case Mosier v. Stonefield Josephson, filed Feb. 23, 2016. The appellate court’s decision is significant and breaks new ground in California’s laws governing claims against auditors (and other professionals).
By Emily Franchi
With the creation of the National Labor Relations Board (NLRB) and the passing of the National Labor Relations Act (the Act) in 1935, employees have enjoyed protection to speak freely with one another about their employer. This was commonly done over the office water cooler with office rumors and gossip being freely discussed. Fast forward 80 years, and the water cooler has been replaced with social media sites such as LinkedIn, Facebook and Twitter.