L Squared Insurance Agency Blog
View the latest blog posts from L Squared Insurance Agency.
Thursday, March 28, 2024 Do you ever collect fees in advance for work to be performed in the future? Do you tell your clients these funds are nonrefundable? What do you call this payment – a retainer, an advance, a paid-in-full fee? Where do you deposit these funds? READ MORE >>
Wednesday, March 27, 2024 A Cyber-Criminal need not break into a law firm’s email system to make the law firm the next data-breach victim. Any time funds change hands electronically there are multiple parties to the transaction. Cyber security is only as strong as the weakest link. READ MORE >>
Tuesday, March 26, 2024 Cybercrime is one of the fastest-growing types of crime in the United States. Microsoft reports that password attacks have increased tenfold in the past year, with nearly 4000 attacks per second. Cyberattacks are growing not just in number but also in sophistication. READ MORE >>
Monday, March 25, 2024 A claims-made insurance error policy may have a Firm Prior Acts Date, an Individual Prior Acts Date, a Career Coverage Prior Acts Date and/or Predecessor Firm Prior Acts Date or a combination for the former. Different prior acts endorsements address specific coverage needs: 1. READ MORE >>
Friday, March 22, 2024 A little discussed issue is the remaining Extended Reporting Period (ERP or Tail) aggregate policy limit being depleted (Burning the Limit). An ERP is attached to the last inforce policy. The ERP endorsement does not change the terms of the policy or reinstate policy liability limits used during policy term. READ MORE >>
Thursday, March 21, 2024 Attorney malpractice insurance uses a claims-made policy form. This is an important concept when considering reducing coverage limits. Unlike an occurrence policy form where the policy form used to settle a claim is when the act occurred. READ MORE >>
Wednesday, March 20, 2024 Question from Attorney: I am still looking at alternatives for renewing my Lawyers Liability coverage and cannot get firm terms until I get Insurance Carrier Loss runs from my incumbent insurer. If I am a “few” days late renewing coverage is that going to be a problem? READ MORE >>
Tuesday, March 19, 2024 As an attorney, you might feel like you are putting out fires every day, all day. But what about when you find yourself caught in the blaze? If you made a mistake that may warrant a malpractice claim or grievance – stop, drop, and roll. READ MORE >>
Friday, March 15, 2024 Both admitted and non-admitted insurers write the policy, accept the risk, and pay the claims. From the premiums collected and invested the insurer pools the premiums for claims and expenses associated with running an insurance company. So, what is the difference between an admitted and non-admitted insurer? READ MORE >>
Friday, March 15, 2024 We at McGowanPRO are pleased to announce the tenthepisode of our new podcast, RiskyRecords! RiskyRecords is a video podcast that discusses risk management topics for accounting firms with special guests from the legal, accounting, and insurance professions. READ MORE >>
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