L Squared Insurance Agency Blog: attorney malpractice
View the latest blog posts from L Squared Insurance Agency.
Thursday, November 17, 2022 Intellectual Property (IP) is a highly specialized practice area. Intellectual Property attorneys need to be aware that not all insurers cover this exposure. The body of the policy may not have an exclusion such as the following: “INTELLECTUAL PROPERTY READ MORE >>
Tuesday, November 15, 2022 Claims Prior Knowledge/Notice is a leading cause for malpractice claims denials. This happens when incorrectly completing the attorney malpractice renewal application claims questions or a different insurer’s new business application. Whether intentional or by accident, misinformation on a malpractice application causes claims denials. READ MORE >>
Monday, November 14, 2022 A law firm may have substantial exposure for assets that are in their care, custody, or control. An Attorney malpractice insurance policy may exclude coverage if the asset is lost or stolen. Assets can be anything from a gold watch to a IOLTA or trust account. READ MORE >>
Monday, November 14, 2022 A law firm may attempt to bind an insurer to a 3rd party contract. The insured law firm’s client contract with the law firm may require certain language in the insured law firm’s insurance policy that is not there. The insured firm hopes that the insurer will be bound to that contract. READ MORE >>
Friday, November 11, 2022 An attorney malpractice insurance policy excludes coverage for Bodily Injury/Property Damage. Law firms needing these coverages should obtain a Business Owners Policy (BOP) or a Commercial Auto Insurance policy. Attorney malpractice insurance policy do cover personal injury. READ MORE >>
Friday, November 11, 2022 Through tough times law firms stick together and work things out. But when things go bad in a law firm between attorneys, they can really go bad. Once communication breaks down it leads to more drastic action. Attorneys suddenly find law office locks changed, access to client files restricted, and the access to computer systems denied. READ MORE >>
Thursday, November 10, 2022 Closely held entity exclusions are frequently overlooked on Attorney Malpractice Insurance Policies. Every attorney malpractice insurance policy has restrictions/exclusions for this issue. It is common for insurers to have a supplement to list the firm ‘clients’ that an attorney has an equity interest in. READ MORE >>
Thursday, November 10, 2022 Attorney Malpractice Insurance policies exclude coverage for attorneys acting as a director or officer of a client organization. Attorneys need to be careful when asked to sit on a client’s board or become an officer of a client organization not to jeopardize malpractice coverage. READ MORE >>
Tuesday, November 1, 2022 Attorney malpractice insurance paid via installments by financing with a premium finance company or direct bill payments through the insurer helps manage cash flow. Problems happen when a law firm allows their attorney malpractice insurance to cancel for premium non-payment. READ MORE >>
Wednesday, October 26, 2022 An attorney malpractice claim resulted in a loss of over $200,000. Unfortunately, the attorney only had a policy limit of $100,000 per claim. The insurer wrote their check(s) for $100,000 and close their claim file. The insurer fulfilled their contract. The attorney defended themselves after that and paid any additional damages due. READ MORE >>
|
Blog Archive
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2013
2011
|
|