L Squared Insurance Agency Blog: legal malpractice
View the latest blog posts from L Squared Insurance Agency.
Thursday, April 14, 2016Lawyers Professional Liability Insurance companies cap their exposure to losses through a variety of means. One is by limiting the limits the carrier will post for one firm. All Lawyers Professional Liability Insurance companies have reinsurance which also limits their exposure to “shock” losses. READ MORE >>
Wednesday, April 13, 2016 Many of the Lawyers Professional Liability Insurance Mutual Companies are licensed in very few states. Some Mutual Insurance Companies are only licensed in their domiciled state. Often times they required the law firm if they are going to accept clients in another state to get a 2nd policy for the other state. READ MORE >>
Tuesday, April 12, 2016Question: I am told my Lawyers Professional Liability Insurance Policy has a “Hammer Clause”—what is a “Hammer Clause”? Response: There is no Lawyers Professional Liability policy that actually states or has a defined term for a “Hammer Clause”. READ MORE >>
Monday, April 11, 2016The “automatic” Extended Reporting Period (ERP) provision in the Lawyers Liability Policy does not extend coverage or provide a “grace” period for renewing coverage. If your policy has this provision the only thing it does is extend the reporting period in cases where no other coverage is purchased. READ MORE >>
Sunday, April 10, 2016Many attorneys are upset when they find out that suing clients for unpaid legal fees can cause their lawyers malpractice insurance premiums to increase. In fact, with many admitted Lawyers Professional Liability Insurance carriers as few as 5 suits in READ MORE >>
Friday, April 8, 2016A Lawyers Liability Policy is a “claims made” insurance policy. Once coverage ceases, so does your coverage for your past acts. This is unlike an “occurrence” policy, such as a Business Owners Policy, where if you let the coverage lapse for a few days and start... READ MORE >>
Thursday, April 7, 2016Lawyers Professional Liability Policies are “claims made” policies. Meaning that the covered act claim must be reported (claim made) during the policy period or during the extension of the reporting period. READ MORE >>
Wednesday, April 6, 2016 This is a frequently asked question. Attorney takes the “free” non-practicing Extended Reporting Period Endorsement(ERP/Tail) on his Lawyers Professional Liability Insurance Policy and decides to start practicing law again at a later date. What is the impact on the ERP? READ MORE >>
Tuesday, April 5, 2016What professional liability limits should a firm carry is a frequently asked question. It is one of the hardest questions for an insurance agent/broker to answer for a law firm. The broker simply does not know your law practice well enough to give more than a ballpark of needed limits. READ MORE >>
Monday, April 4, 2016If your 2 person law firm is splitting up and each going separate ways, the best approach for the firm is to Purchase an Extended Reporting Period Endorsement (ERP/Tail) at the time the split occurs. The ERP is made part of your last Lawyers Professional Liability Policy extending the reporting period for the number of years purchased. READ MORE >>
|
Blog Archive
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2013
2011
|
|