L Squared Insurance Agency Blog: 5_2016
View the latest blog posts from L Squared Insurance Agency.
Tuesday, May 17, 2016Question from Attorney: I am still looking at alternatives for renewing my attorney malpractice coverage and cannot get firm terms until I get Insurance Carrier Loss runs from my incumbent carrier. If I am a “few” days late renewing coverage is that going to be a problem? READ MORE >>
Monday, May 16, 2016Insurance carrier loss runs are a report that shows what claims have been reported to the insurance company. This is a report that is prepared by the claims department but can also be generated by many underwriters. READ MORE >>
Friday, May 13, 2016Every year, year after year you are required to fill out a new application. It is enough to make you scream. Accountants and Attorney Malpractice Insurance carriers generally want an updated application every year. Business Owners, Workers Compensation and Commercial Auto insurance carriers generally renew each year without an application. READ MORE >>
Thursday, May 12, 2016Much has been made about the April 12 US Court of Appeals decision in Travelers vs Portal Healthcare Solutions where the court found that the Travelers Commercial General Liability policy (CGL) did not exclude coverage for data breach. READ MORE >>
Wednesday, May 11, 2016Many states have statutes that limit the time to file an action against a lawyer. The statutes many times have statements in them when a person would responsibly know an error was made. Or for example, in Michigan, plaintiffs have 6 years after the date the alleged malpractice was committed to bring suit regardless of when it was discovered. READ MORE >>
Tuesday, May 10, 2016Often when asked why one attorney is paying more for legal malpractice then a colleague. According to the attorney that is paying more the two attorneys doing the 'same' thing, but they answer the same Lawyers Malpractice application very differently. READ MORE >>
Monday, May 9, 2016 Lawyers that choose to go without malpractice insurance believe that because they work for a small firm and maintain close relationships with their regular clients, that they are immune to claims. Other attorneys believe that the chances of them facing a claim aren’t great enough for them to purchase a lawyers liability malpractice insurance policy. READ MORE >>
Friday, May 6, 2016What if your Law Firm was breached as Mossack Fonseca was? You do not have to being secretly helping the rich and famous in hiding money to have your firm not only embarrassed, but subject to large 3rd and 1st party. All you need is one disgruntled employee with opportunity and access to be able to disclose your firm’s client’s confidential information. READ MORE >>
Thursday, May 5, 2016Law firms that work with Health Insurance issues and clients should be very concerned about protecting the confidential information as prescribed by HIPPA and their legal clients. If a Data Breach should happen with confidential Health Insurance Information compromised, in addition to 3rd party damages, you may well have 1st party responsibilities under HIPAA. READ MORE >>
Wednesday, May 4, 2016Many Law Firms are reluctant to report claims made against them. Many times the Law Firm feels that the Lawyer Liability Claim is small and they can cover it themselves and it will help their insurance history, thereby keeping their Lawyers Malpractice Insurance premiums low. READ MORE >>
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