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L Squared Insurance Agency Blog: 8_2016

View the latest blog posts from L Squared Insurance Agency.

In the case of Westport Insurance v Mylonas, the attorney finds out true cost of not buying high enough Attorney Malpractice Liability Insurance Limits.  First the Pennsylvania State court stated that coverage was limited to $500,000 in 2015.  Now the US District Court of Pennsylvania has affirmed that decision on summary judgement. READ MORE >>

Whether it is office supplies, time theft, privileged information or money, employee theft can create a significant cost for firms.  According to the U.S. Chamber of Commerce approximately 75% of all employees steal from work in some way, and about 30% of all corporate bankruptcies are a direct result of employee theft. READ MORE >>

It is not always in the best interests of a solo attorney to switch attorney malpractice insurance carriers if they are close to retirement.  The savings of a couple of hundred dollars could cost them thousands of dollars later.  See below for the attorney's inquiry and L Squared's response. READ MORE >>

Two Florida men were arrested for allegedly preying on homeowners that were close to foreclosure or behind in their payments.   The two men, Anton Hilton and Adam Forman recruited lawyers on Craigslist to be able to use the attorney’s bar numbers and names to add legitimacy to their illegal endeavor. READ MORE >>

We work with many distressed firms to place Lawyers Professional Liability Insurance Coverage.  Most of the time the firm is in the distressed or surplus lines market because of claims.  Distressed firms depending how much work they are willing to put into the disclosing claims informat... READ MORE >>

An important part of managing your attorney malpractice exposure is getting the proper Legal Management Software.  The proper system software coupled with the procedures and standards being integrated into the software can go a long way in preventing a professional liability insurance claim. READ MORE >>

According the link to the attached Wall Street Journal Article, ransomware attacks have quadrupled this year from a year ago.  The FBI has stated that the attacks cost victims over $209 Million in the 1st 3 months of this year.  Average cost of the attack is around $10,000. http://www.wsj. READ MORE >>

In a recent blog referenced a study by Hiscox Insurance about employee embezzlement with small companies.  The following link references the study previously mentioned: http://www.hiscox.com/shared-documents/14537-US-2016-Hiscox-Embezzlement-Study.pdf   READ MORE >>

With non E&O commercial insurance it is normal practice for Insurance carriers to require loss runs to provide a quotation.  Insurance carrier loss runs are a report produced by an insurance carrier that provides information on all claims that have been reported to an insurance carrier during the time that the insurance carrier provided insurance coverage. READ MORE >>

Choosing lawyers professional liability insurance is one of the most important decisions you can make for your firm. The following are some helpful tips:   1.   Evaluate the whole program Keep in mind the carrier is a very important piece, but not the only piece. You need to evaluate the entire program. READ MORE >>

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