L Squared Insurance Agency Blog Page 39
View the latest blog posts from L Squared Insurance Agency.
Monday, October 24, 2022 AttPro has been notified by multiple insureds recently that their trust fund accounts were targeted by fake “clients”. These scams are resulting in the loss of hundreds of thousands of dollars, and depend upon banks making funds available after deposit, but before the bank determines that the check is counterfeit. READ MORE >>
Friday, October 21, 2022 My agent stated that the premium increase was because of “step rating.” Lawyers Professional Liability policies are Claims-Made Policies. Legal Malpractice Insurance Claims-Made Policies are Step Rated. Your initial lawyers policy is written without prior acts coverage. READ MORE >>
Thursday, October 20, 2022 Attorneys may choose to go without malpractice insurance in the mistaken belief that their close relationship with clients makes them immune to claims. An attorneys may believe that the chances of facing a claim are low. But consider that the average cost of defending a malpractice claim exceeds $80,000. READ MORE >>
Thursday, October 20, 2022 Insurance Bonds and insurance policies both offer protection, but who they protect, how they protect and who pays is different. While the name of an insurance bond product and an insurance policy may sound the same. Each is intended for a specific purpose. A good example is a Fidelity Bond versus a Crime policy. READ MORE >>
Tuesday, October 18, 2022 Commonly part of the policy disciplinary coverage is found on admitted and a few non-admitted Legal Malpractice Insurance policies. Insurers that do not offer disciplinary coverage as part of their standard policy seldom will endorse it on. READ MORE >>
Tuesday, October 18, 2022 Prior acts coverage and the ‘claims-made’ policy form are misunderstood malpractice insurance concepts. Misunderstanding these concepts costs professionals millions of dollars in coverage every year. There are two basic property and casualty insurance forms; the ‘occurrence’ policy form and the ’claims-made’ policy form. READ MORE >>
Monday, October 17, 2022 Claims-made insurance policies are designed to provide coverage for covered acts that a claim is made and reported during the policy period. An unendorsed claims-made policy only provides coverage for the current policy term for covered acts that occurred during the policy period and where the claim is made and reported during that term. READ MORE >>
Friday, October 14, 2022 Being a defendant in a legal malpractice claim is no fun. In addition to the potential cost of an adverse judgement, there is the stress and expense of being away from practicing law to defend yourself. Having attorney malpractice insurance is an essential part of any law firm’s safety net. READ MORE >>
Friday, October 14, 2022 Why Do I Need A Fee Agreement? Sitting in 1L Contracts, you were probably more worried about how to define “consideration” rather than how to draft a valid contract. As you have settled into your law practice, you likely prepare and review contracts every day. READ MORE >>
Thursday, October 13, 2022 Avoid losing your prior acts coverage. Many professionals are making career decisions this year. Whether starting out on a new journey as a solo practitioner or forming new partnerships or joining existing partnerships protect your past acts. READ MORE >>
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