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L Squared Insurance Agency Blog: 4_2016

View the latest blog posts from L Squared Insurance Agency.

Question from Law Firm: My Lawyers Professional Liability Insurance carrier non-renewed my policy because of a claim.  Now all I can get is “Surplus Lines” or a non-admitted insurance carrier for a much higher premium than I used to have to pay. READ MORE >>

Question from Attorney: Will you write a Lawyers Malpractice Insurance policy for me without prior acts coverage?  I currently have prior acts coverage and want to renew without any prior acts coverage and do not want to purchase a Tail or Extended Reporting Period Endorsement. Response: READ MORE >>

When completing the Lawyers Professional Liability Insurance application a frequent question is how to fill out the area of practice grid (AOP).  I suspect that it is frequently done incorrectly. For firms that are currently in operations for over a year: READ MORE >>

Question from Law Firm: Law Firm’s Managing Partner states, “My Travelers Lawyers Professional Liability Insurance Agent tells me that it is going to cost 3 times expiring to buy an Extended Reporting Period Endorsement (ERP or Tail).  Our law firm is merging with another firm and is required to have an ERP. READ MORE >>

A frequently asked question from solo attorneys is why they need a backup attorney in order to obtain their Lawyers Professional Liability Insurance Coverage.  The rationale for a solo having a backup attorney is to make sure that if due to unexpected circumstances the insured attorney canno... READ MORE >>

Lawyers Professional Liability policies use no standard form.  Even though most policies are worded different, they generally cover the same risks and exposures.  But as the saying goes the devil is in the details.  Case in point is the definition of “an insured”. READ MORE >>

While Lawyers Professional Liability policies do not have standard wording excluding attorney’s fees it is a common exclusion.  Normally attorney’s fees are carved out in the definition of damages. When examining the Lawyers Professional Liability Policy, this exclusion is not normally found in the exclusion section of the policy. READ MORE >>

Insured asks what is “Step Rating”?  Did not find term defined or mentioned in my policy. Response: Lawyers Professional Liability Insurance policies are written “claims made” policy form.   Most Claims Made Policies are Step Rated. READ MORE >>

Often law firms finance their professional liability insurance through a premium finance company.  It is a good way to manage cash flow.  Some law firms whether because of cash flow issues or poor procedures let their Lawyers Professional Liability Insurance go into cancelled status with the finance company for premium nonpayment. READ MORE >>

Lawyers Professional Liability Insurance policies are written on a “Claims Made” or “Claims Made and Reported Form” policy form.  This is unlike an “occurrence” policy in many ways. READ MORE >>

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