L Squared Insurance Agency Blog: legal malpractice
View the latest blog posts from L Squared Insurance Agency.
Thursday, July 5, 2018Question from Attorney: Why do I need prior acts coverage for Attorney Malpractice Insurance? Response: Lawyers Professional Liability Insurance is written on a ‘Claims-made’ policy form. ‘Claims-made’ coverage in its purest form would only provide coverage for covered acts that that occurred and were reported during the policy period. READ MORE >>
Friday, June 29, 2018The 2018 annual Ames & Gough survey used data provided by nine leading attorney malpractice companies that write approximately 80% of the attorney malpractice sold to law firms. The key findings of the survey were: 1. Conflicts of Interest was leading cause of malpractice claims because of inadequate controls READ MORE >>
Thursday, June 28, 2018Before your law firm’s malpractice insurance coverage sails into the sunset the wise professional considers purchasing an Extended Reporting Period Endorsement (ERP/Tail). Many people think that a separate policy is issued once an ERP is purchased for a legal malpractice policy. READ MORE >>
Wednesday, June 27, 2018Attorney Asks: Why did my attorney malpractice premium not go down at renewal? I’m switching to all criminal work which I know is a lower risk area of practice, but the renewal application only wants to know what was done for the past year. I told insurer that I want the practice areas changed to criminal anyway. READ MORE >>
Tuesday, June 26, 2018Not all insurers offer “Career Coverage” for attorney malpractice insurance. But “Career Coverage” is a useful option for an attorney that is joining a new firm and had attorney malpractice that is being terminated with an old firm. READ MORE >>
Tuesday, June 5, 2018Who wouldn’t want a legal malpractice insurance policy that wiped out the deductible? To make doubly sure that you never have to pay a deductible, why not have an policy that has a zero dollar deductible and 1st dollar defense. This is why you cannot have both. READ MORE >>
Friday, June 1, 2018A frequently asked question is what is the purpose of an ‘Innocent Insured Clause’? The Innocent Insured Clause’s purpose is to provide coverage for individuals that are members of the firm for deliberate acts that normally would be excluded from coverage as long as those individuals had no knowledge and/or did not participate in the acts. READ MORE >>
Thursday, May 31, 2018You have seen the sales pitches that this offer is available for a limited time only. Most claims-made insurance policies give the right to an insured to purchase an Extended Reporting Period Endorsement (ERP or Tail) have very specific deadlines and requirements. READ MORE >>
Thursday, May 31, 2018We have discussed a number of issues with Extended Reporting Period Endorsements (ERP or Tail) recently. One that does not come up often is the remaining ERP policy limit. Remember that an ERP is attached to the last inforce policy. READ MORE >>
Wednesday, May 30, 2018Attorney Malpractice Extended Reporting Period Endorsement (ERP) premiums are a multiple of the policy that is inforce at the time the coverage is terminated. So if the premium is $20,000 and the firm purchases an unlimited ERP that the insurer has a multiplier cost of 3.5 the cost of that ERP is $70,000 (20,000*3. READ MORE >>
|
Blog Archive
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2013
2011
|
|