L Squared Insurance Agency Blog: attorney malpractice insurance
View the latest blog posts from L Squared Insurance Agency.
Thursday, May 6, 2021Contractual Liability is a common attorney malpractice policy exclusion. As there is not a common policy form this ‘exclusion’ may or may not be found in the policy exclusion section. The different exclusion wording appears in many different policy form sections. READ MORE >>
Tuesday, May 4, 2021Your law firm is closing. You decide to purchase an Extended Reporting Period Endorsement (ERP/Tail) to cover past acts. This endorsement is attached to your last in-force policy. Other than amending the reporting period (for a specified time from 1-year to unlimited), the endorsement does not normally amend any coverage or policy terms. READ MORE >>
Wednesday, April 28, 2021A little discussed issue is the remaining Extended Reporting Period (ERP or Tail) aggregate policy limit. An ERP is attached to the last inforce policy. The ERP does not change the terms of the policy or reinstate policy liability limits used during policy term. A little claims-made insurance background READ MORE >>
Tuesday, April 20, 2021Many years ago, a law firm’s attorney malpractice insurance was being non-renewed because of claims severity and frequency. No malpractice insurer would provide a replacement attorney malpractice Insurance policy with prior acts. This 13 member firm was looking at premiums of around $125,000 for a million dollars coverage without prior acts. READ MORE >>
Thursday, April 1, 2021I was meeting with a medium sized insurance defense law firm partners a few years ago and trying to understand why they were paying what seemed like about 3 times what their attorney malpractice premium should be. According to the area of practice grid (AOP) the firm did 100% insurance defense. READ MORE >>
Thursday, March 4, 2021If a law firm has claims, disciplinary activity, or insurance coverage non-renewed or rescinded, insurance carrier loss runs likely will be required to provide a quote and/or bind new coverage. Insurance carrier loss runs are a report(s) that shows claims reported to a malpractice insurer during the time the firm was insured by that insurer. READ MORE >>
Wednesday, February 24, 2021Question from Attorney: I am still looking at alternatives for renewing my attorney malpractice coverage and cannot get firm terms until I get Insurance Carrier Loss runs from my incumbent insurer. If I am a “few” days late renewing coverage is that going to be a problem? READ MORE >>
Tuesday, February 23, 2021“My Friend does the same thing I do but is paying half what I pay for Attorney Malpractice Insurance.” This often asked question only comes from the attorney that may be paying more than his friend. I say, ‘may be’, because occasionally they are both paying the same premium. READ MORE >>
Thursday, February 4, 2021Because attorney malpractice insurance is written on a claims-made policy form, the prior acts date is important to determine if there is coverage for an act that may have occurred many years ago. To determine if the claims made policy covers the loss, the claims department checks: 1. READ MORE >>
Friday, January 22, 2021The Law Firm’s office gives our insurance agency name and e-mail so that the lender can contact us to add a certificate for a mortgagee to an attorney malpractice insurance policy. While we are more than happy to do this for a law firm’s business owner’s policy (BOP), we decline when it is specifically for the malpractice insurance. READ MORE >>
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