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L Squared Insurance Agency Blog: 12_2016

View the latest blog posts from L Squared Insurance Agency.

Indicted KY Attorney Eric C Conn appeared to be a godsend to people that were initially rejected by the Social Security Administration for disability benefits.  Now according to the attached ABC News Article hundreds of past clients that may or may not be entitled to benefits are now in dire financial straits. READ MORE >>

Background: This firm had 6 attorneys at the beginning of the policy year and is going to dissolve on December 31, 2017.  The firm is planning on purchasing a 1 year Extended Reporting Period Endorsement (ERP) for the firm.  Their current carrier Medmarc Casualty’s policy allows the purchase of individual attorney and firm ERP’s. READ MORE >>

Many recent examples point out that law firms are not immune to Cyber Crimes.  An ABA article asks whether your firm has Cyber Insurance.  It gives as an example a 2015 incident where a four-attorney California Law Firm had a cyber attack experiencing the “Cryptolocker Ransomware ”. READ MORE >>

A few months ago wrote about a San Diego attorney, Richard Medina,   that was using the Law Firm’s Trust Account to help hide the source of $12 Million in violation of the Bank Secrecy Act.  By using the firm’s trust account he was able to evade the bank reporting laws that are meant to report on large money transactions. READ MORE >>

Background: This firm had 6 attorneys at the beginning of the policy year and is going to dissolve on December 31, 2017.  The firm is planning on purchasing a 1 year Extended Reporting Period Endorsement (ERP) for the firm.  Their current carrier Medmarc Casualty’s policy allows the purchase of individual attorney and firm ERP’s. READ MORE >>

This scam was done the old fashion way and brought in over $1.66 Million.  Artashes Darbinyan and Orbel Hakobyan admitted to running a mass mailing scam through companies called Trademark Compliance Center(TCC) and Trademark Compliance Office (TCO).  According to the Justice Department Website Link:          READ MORE >>

Background: This firm had 6 attorneys at the beginning of the policy year and is going to dissolve on December 31, 2017.  The firm is planning on purchasing a 1 year Extended Reporting Period Endorsement (ERP) for the firm.  Their current carrier Medmarc Casualty’s policy allows the purchase of individual attorney and firm ERP’s. READ MORE >>

We have covered this in the past, but the question continues to come up.  A case in Alaska, ALPS v Ingaldson Fitzgerald PC, is another example of the courts refusing to force an insurance carrier to cover attorney’s fees. Awarded attorney’s fees normally are not covered under a Lawyers Professional Liability Insurance policy. READ MORE >>

According to NBC News and The Wall Street Journal,  a Minnesota Federal grand jury indicted lawyers Paul Hansmeier and John Steele of trying to extort money from victims who uploaded X-rated files to file-sharing sites Basically the shakedown stared by getting the internet addresses of the people that downloaded the X-rated movies. READ MORE >>

The declarations page outlines the key elements of your malpractice insurance coverage (LPL).  Even though there is no standard LPL policy at a bare minimum checking the items listed below is essential.  If you read nothing else, read your declarations page.  Key items to review are: 1. READ MORE >>

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