L Squared Insurance Agency Blog: claims
View the latest blog posts from L Squared Insurance Agency.
Thursday, January 25, 2018In speaking with malpractice insurers, what the insurers call ‘social media fraud’ in many cases is ‘The Friday Afternoon Fraud’. Insurers refer to it as a 'social media fraud' because cybercriminals lurk on social media looking for information that can be used in a hack. READ MORE >>
Wednesday, January 10, 2018Yesterday’s blog dealt with a data breach that did not use a computer. There are many ways to compromise personal confidential information without a computer. This is a recent example of what can happen: As with many older law firms, this firm had too many client files for its actual office space. READ MORE >>
Tuesday, January 9, 2018 When people think of a data breach’s they often think of a cyber-criminal breaking into a computer system and stealing client/customer personal information. They are not all very high tech. This is an actual occurrence that recently happened: READ MORE >>
Wednesday, December 20, 2017A recent article from The Dentons, “You’re Facing a Malpractice Claim; Don’t Make it a Bad Situation Worse”, gives advice on what to do after the mistake has been made. Every so often we have law firms that actually make things much worse. READ MORE >>
Tuesday, December 19, 2017 With Christmas just around the corner and New Year not far off, many law firms’ partners and staff are getting ready to have a few well-earned days off. Not to put a damper on the Xmas cheer, but many law firms’ also renew their attorney malpractice insurance at year end. 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 >>
Friday, November 17, 2017A recent decision by the Tax Court Avrahami v IRS and Feedback Insurance Co V IRS highlighted that the IRS is now looking more closely at captive insurance companies being used for tax avoidance. The Avrahamis own 3 jewelry stores and 3 shopping malls in the Phoenix area. READ MORE >>
Wednesday, November 8, 2017Many law firms hold attorneys that leave the firm responsible for the attorney malpractice claims deductible should a claim be made against the firm for work that the attorney did while at that law firm. In most cases smaller law firms carry deductibles of $10,000 or less so although this c... READ MORE >>
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