L Squared Insurance Agency Blog: claims made
View the latest blog posts from L Squared Insurance Agency.
Wednesday, February 14, 2018Attorney Malpractice, Accountant Professional Liability and Title Agency Errors and Omissions Insurance are written on a claims-made policy form on behalf of the named insured firm. Coverage extends from the firm to the employees, contractors, and partners/members of the firm. READ MORE >>
Thursday, February 8, 2018It is amazing the problems an accounting firm or law firm can create for themselves by failing to notify their Malpractice agent/insurer of changes to the firm. Malpractice Insurance Policies Require Timely Notification of Firm Changes. READ MORE >>
Tuesday, February 6, 2018When I asked why malpractice insurance policy premium went up, the agent stated that it was because of “step rating”. What is step rating and why did my premium go up? Most malpractice insurance policies are Claims Made Policies. And most Claims Made Policies are Step Rated. READ MORE >>
Monday, January 29, 2018When does misrepresentation or non-disclosure on the attorney malpractice insurance application cross the line between having coverage declined to having the coverage rescinded? Having coverage declined because of properly disclosing application information is a problem. READ MORE >>
Wednesday, December 6, 2017 Prior acts along with a ‘claims-made’ policy form are two of the most misunderstood concepts with malpractice insurance. It is a shame, because this misunderstanding costs many professional s millions of dollars in coverage every year. READ MORE >>
Monday, December 4, 2017During a closing on a real estate transaction, cyber criminals sent new instructions via e-mail for sending the monies. Insured did not verify by a phone call or other means that the new instructions changing the account numbers was correct. $150,000 was sent to the cyber criminals via ACH as a result and the money is gone. READ MORE >>
Thursday, November 30, 2017The attorney was with a high risk insurance carrier letting his coverage lapse in 2016. He wrongly assumed that it would not be a big deal to get his prior acts back after more than a year and ½.. He had been paying around $7,000 annually to cover his past acts. READ MORE >>
Tuesday, June 20, 2017Claims made policies normally contain a prior acts date. Firms face a dilemma when they have trouble renewing claims made coverage at a ‘reasonable’ price. Sometimes it is tempting to renew coverage without the prior acts being maintained to save money. READ MORE >>
Thursday, February 23, 2017We get this request frequently. A law firm’s practice has changed. They are no longer doing the big time plaintiff cases or the mergers and acquisition work. They are looking to cut costs. One of the Law Firm’s larger expenses is Attorney Malpractice Insurance. READ MORE >>
Monday, February 6, 2017It is not always clear when the line of misrepresentation or non-disclosure on the Lawyers Professional Liability Insurance application crosses the line between having a specific claim denied to having the coverage rescinded. READ MORE >>
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