L Squared Insurance Agency Blog: attorney malpractice
View the latest blog posts from L Squared Insurance Agency.
Wednesday, July 14, 2021Not only can you vary the deductible amount, but you can apply different options to help balance the insurance claims costs with the amount of exposure you are willing to take. Not all attorney malpractice deductibles are created equal. Deductible options can be packaged into policies or added as an endorsement for an additional charge. READ MORE >>
Wednesday, June 30, 2021Career Coverage provides an individual attorney with prior acts coverage for work done prior to their association with their current law firm. The reasons an attorney may want this coverage is:
1. To cover past acts if their old firm did not contin... READ MORE >>
Friday, May 28, 2021This is a frustration shared by firms that have changed their practice to lower risk AOPs (Areas of Practice). At renewal, the premium did not go down. The firm with prior higher risk AOPs will not see a rate reduction for another year. Legal malpractice insurance applications capture firm history. READ MORE >>
Tuesday, May 11, 2021Why you do not need both. 1st dollar defense (FDD) is also called a loss only deducible. Whichever name is used they mean the same thing. With FDD the insured is only responsible for the deductible if there is an indemnity payment required on the claim. READ MORE >>
Monday, May 10, 2021 The restaurant revitalization fund (RRF) is a great program to help businesses struggling by the impact of COVID-19. While it may very well help these businesses, CPAs need to be vigilant and study the many nuances of the new program. Client screening, documentation, and engagement letters are essential in avoiding professional liability claims. READ MORE >>
Friday, May 7, 2021The Innocent Insured Clause provides coverage for individuals that are firm members for deliberate acts that normally are excluded from coverage providing that those individuals had no knowledge and/or did not participate in the acts. READ MORE >>
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 >>
Wednesday, April 21, 2021Attorney Malpractice policies are written on a claims-made policy form. With claims-made policy forms, when the policy terminates so does the coverage and there is no coverage for claims reported after the coverage termination date. READ MORE >>
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