Two Major Approaches Adopted by Courts Assessing Claims This article discusses the challenges that COVID-19 and other recent catastrophes present when calculating business interruption claims. It surveys the two common approaches adopted by courts, examines their outsized impact on an insured’s recovery, and discusses how the influx of new decisions will change the business interruption landscape. It also a ...

Following a Ransomware Attack As businesses continue to rely on computers and digital storage of important data, cyberattacks are a growing potential threat to these organizations—especially now, as businesses have transitioned their workforces to work remotely. There are many types of cyber threats, and the pandemic has driven a surge in ransomware attacks. Ransomware is malware specifically designed to di ...

Related to Property Contaminated by COVID-19? Insurance policies for business interruption generally require the interruption of business operations to be the result of a “direct physical loss of or direct physical damage to property.” The crucial issue that business owners will face when making a claim for the losses that they will undoubtedly incur will be whether COVID-19 can constitute a “direct physica ...

In 2014, sixth-grader Lilli Hicks was diagnosed with acute myeloid leukemia, setting into motion a rush of tests, treatments and prescriptions that would consume her family's life for the next several years. Nearly five years later, while the family’s eldest daughter has recovered physically, the Hicks’ are fighting a protracted battle to restore their financial health. Treating cancer and the unexpected co ...

Planning their daily routine in retirement could be less complicated than most clients think, writes a Wall Street Journal columnist. In fact, most of what they will do as retirees are found in their current daily chores. "[T]he average day in retirement involves a fair amount of puttering," which "typically doesn't cost a lot of money," the columnist writes. It is good news for clients who are worried abou ...

Some baby boomers are taking out loans or using their retirement savings to help fund their children's education. This, in turn, is contributing to the significant debt burden facing some families headed by people over 60. To read the full article in Think Advisor, click: Grappling with the College Debt Burden. ...

Elder financial fraud happens "at an alarming rate" and is often perpetrated by relatives, said Ted Sarenski, CPA, PFS.  Protect against elder financial fraud by safeguarding assets, following scam alerts, and monitoring accounts. To read the full article in The Lifeline Blog, click: Don’t Get Ripped Off!  What You Need to Know About Elder Financial Fraud. ...

The Social Security cost-of-living adjustment could be more than 3% next year, but seniors are grappling with increases in household expenditures that are even higher, according to a report. To read the full article in Think Advisor, click: Social Security COLA Could Exceed 3% Next Year, Report Says. ...

Are You Properly Insured? Expert witnesses face many of the same risks other businesses face; from first-party losses such as damage to property, to third-party losses from legal liability. While the nature of a business dictates specific insurance needs, most businesses carry a portfolio of insurance that includes property and business interruption, commercial general liability and excess liability, automo ...

Opportunities for Valuation Pros The widespread destruction left in the path of Hurricanes Harvey, Irma, and Maria provides ample ground and opportunities for CVA professionals to assist the public. In this article, the author, a CVA, details those opportunities. ...

CBO: Partial Repeal of ACA Could Lead to 18M People Losing Insurance Some 18 million people could lose health insurance in the first year after a partial repeal of the Affordable Care Act, and the number could grow to 32 million by 2026, according to a Congressional Budget Office report.  However, Sen. Orrin Hatch, R-Utah, said the analysis represented "a one-sided hypothetical scenario" that did not accoun ...

Part I of III This is Part I of a three-part series discussing the basic components of a professional liability lawsuit brought against an accounting firm and its partners; and the factors a firm’s managing partner should consider before and during this type of litigation for utilizing applicable insurance coverage, maximizing effectiveness of defense and, where possible, bringing the controversy to conclus ...

Modeling Uncertainty to Gain Better Insight and Create Value Gary Lynch, founder and CEO of The Risk Management Project, proposes that uncertainty is the new normal and that firms that espouse risk management can create and preserve value. In this article, Lynch describes how his firm used quantitative models to assist a manufacturer assess how it should respond to a competitor’s price-reduction strategy an ...

A Fitch Ratings report has shared serious doubts that the practice principles of the International Financial Reporting Standards (IFRS) would be fully implemented in the U.S. anytime in the near future, as the Financial Accounting Standards Board (FASB) turns colder on the idea. Three sticking points to the merger of the methods remain financial instruments, insurance and leasing. Financial products with U. ...

Compensation for PCPs is increasing The increasing supply shortage of primary care physicians (PCPs) will have a significant impact on physician compensation. In turn; this will have an equally powerful effect on the valuation of PCP practices. ...

Preparing yourself and your clients for a natural disaster By taking steps before a natural disaster strikes, the firm can position itself to thrive in the aftermath. A meeting with your casualty insurance professional is suggested. The agenda should include a review of the current coverage and discussion of changes in your firm operation since the last review. ...

A Solid Checklist to Help Businesses Deal with the Immediate Hours after Discovery of Fraud The discovery of fraud within a company can be extremely unnerving and can introduce a certain amount of panic in business owners and accounting professionals. Here’s a checklist of things you should be sure to do—from contacting law enforcement and insurers to preserving evidence and communicating with employees. ...

Organizations with a Market Capitalization of Less than $300 Million may be Paying Higher Insurance Premiums Catastrophic risk is of increased concern to insurers, and small businesses without losses will likely face increased premiums of 10-20 percent on renewal next year. Why? Wildfires, cyber-crime, cloud computing risk, and workers compensation rates are some reasons insurers cite. ...

A Smart Approach to Board Level Risk Management As the economy recovers, companies that cut costs or deferred spending at the bottom of the recession are now looking to reinvest: in hiring, new debt, facilities or equipment, or business acquisitions. How much risk is too much?  This presentation details critical internal and external factors to examine. ...