L Squared Insurance Agency Blog: lawyers
View the latest blog posts from L Squared Insurance Agency.
Tuesday, June 21, 2016CEOL stands for Claims Expenses Outside the Limits. The purpose of CEOL is to provide additional coverage for claims expenses to help preserve the primary limit of liability. The other option is Claims Expenses Inside the limits (CEIL). With CEIL, every dollar used for claims expenses reduces the liability limit by a dollar. READ MORE >>
Tuesday, June 21, 2016The Wisconsin State Bar Board of Governors approved a succession planning registry after death or disability. http://www.abajournal.com/news/article/who_will_take_over_your_law_practice_wisconsin_lawyers_can_name_a_successor READ MORE >>
Friday, June 17, 2016For a solo attorney, once the attorney is suspended from the practice of law, the lawyers professional liability insurance carrier will not renew insurance coverage. The attorney malpractice insurance policy covers the work of a licensed attorney. READ MORE >>
Wednesday, June 15, 2016While it is one of the more boring things to do, properly completing the Lawyers Professional Liability Insurance application is very important. While this process takes away from billable hours, if done incorrectly it can lead to having claims denied, the law firm being non-renewed, or if the error is material enough coverage rescinded. READ MORE >>
Tuesday, June 14, 2016Before a solo attorney starts to practice law in his or her new law firm, the attorney needs to address the business of a law firm. Attorneys need to realize that a law firm is a small business. And as with any small business it needs to have a written business plan. Why put the plan in writing. READ MORE >>
Monday, June 13, 2016Attorney Malpractice Insurance and Accountant Malpractice Insurance are written on a claims-made basis. One of the issues is when should a claim be reported and to which insurance carrier on a claims-made policy. The liability portion of your Business Owners and Workers Compensation policies are written on an occurrence policy form. READ MORE >>
Friday, June 10, 2016The best attorney in the world can still end up with an attorney malpractice claim by taking the wrong client or case. Every firm needs to have a client intake procedure that they use for every new client and case. It is best to have a written plan that everyone in the firm follows. READ MORE >>
Wednesday, June 8, 2016How do Attorney Malpractice Claims begin? When a client expects one result, but gets another result, it’s not uncommon for a client to sue or allege attorney malpractice. What can you do to help protect your law firm from legal malpractice claims? READ MORE >>
Wednesday, June 8, 2016All insurance carriers look at 2 things regardless of line of business when setting rates; frequency & severity. Lawyers Professional Liability Insurance carriers do not have the law of large numbers always in their favor when setting rates. READ MORE >>
Tuesday, June 7, 2016Sometimes disputes happen between attorneys in a law firm. Even to the point of filing malpractice claims against each other. Lawyers Professional Liability Insurance policies are not intended to cover these disputes. The typical exclusion for this is the type found in the current AXIS Insurance Company Attorney Malpractice Policy: READ MORE >>
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