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L Squared Insurance Agency Blog

View the latest blog posts from L Squared Insurance Agency.

You report a malpractice claim now the insurer sends a Reservation of Rights Letter (ROR).  Don’t panic this does not mean that the insurer is about to deny your claim. An ROR is a standard procedure for most malpractice claims departments. READ MORE >>

Finding the right new employee can be tough.  Everyone wants to hire the person that is the right fit for the organization.  Possibly find the next superstar.  Reality is that not every person hired will work out.  So it is very tempting to cross the line and ask penetrating questions to weed out bad hires. READ MORE >>

Who 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 >>

A 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 >>

You 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 >>

We 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 >>

Attorney 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 >>

Attorney Malpractice policies are written on a claims-made policy form.  With claims-made policy forms, when the policy terminates so does the coverage and there is no coverage for claims reported after the coverage termination date. READ MORE >>

A number of years ago a law firm was being non-renewed by their current attorney malpractice insurer because of claims severity and frequency.  This meant that it was prohibitively expensive to find a replacement attorney malpractice Insurance policy that covered their prior acts. READ MORE >>

Attorneys are very intelligent creative people who sometimes do dumb things.  Attorney Malpractice Extended Reporting Period Endorsements (ERP or Tail) are expensive.  Some firms have gone to great lengths to figure out ways to avoid buying an ERP to save money. READ MORE >>

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