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L Squared Insurance Agency Blog: 6_2016

View the latest blog posts from L Squared Insurance Agency.

High on the list of things that send chills down the spine of an attorney is getting an e-mail from the disciplinary committee or state bar association alleging a disciplinary complaint.  Playing on those fears is the hope of the hacker that the attorney will open the attachment with the e-mail. READ MORE >>

As businesses spend billions of dollars a year trying to protect their data from hacking that’s costing trillions, they face another threat closer to home: data theft by their own employees. That’s one of the findings in a survey published by management consultant Accenture PLC and HFS Research. READ MORE >>

Suits for fees are one of the leading causes of attorney malpractice claims.  Some studies suggest that 33% of all malpractice claims are due to fee suits.  The larger the percentage in over 90 days past due, the more likely the firm may have other issues when they try to collect the past due amounts that can lead to attorney malpractice claims. READ MORE >>

One of the leading causes of lawyers professional liability insurance claims are conflicts of interest. Beyond representing both parties is a proceeding such as a divorce, there are many hidden conflicts that can cause a law firm problems.  Not finding conflicts can lead to loss of clients, loss of fees, disciplinary issues and attorney malpractice claims. READ MORE >>

Approximately twenty-five percent of legal malpractice claims result from calendaring issues, such as failure to know a deadline, failure to timely file, failure to record in a calendar or failure to respond to a calendar reminder. READ MORE >>

This is an excellent article came from the Surplus Lines Association of Illinois describing Surplus Lines insurance carriers: In order to understand what surplus line insurance is, it is helpful first to understand a few things about the insurance marketplace and to understand what surplus line insurance is not. READ MORE >>

Most attorneys understand that if they have an actual claim made against them or a lawsuit filed that they need to notify the insurance carrier immediately.  It is also important for the attorney to know when they should put their professional liability insurance carrier on notice for a potential claim. READ MORE >>

CEOL stands for Claims Expenses Outside the Limits.  The purpose of CEOL is to provide additional coverage for claims expenses to help preserve the primary limit of liability.  The other option is Claims Expenses Inside the limits (CEIL).   With CEIL, every dollar used for claims expenses reduces the liability limit by a dollar. READ MORE >>

The Wisconsin State Bar Board of Governors approved a succession planning registry after death or disability.  http://www.abajournal.com/news/article/who_will_take_over_your_law_practice_wisconsin_lawyers_can_name_a_successor READ MORE >>

For a solo attorney, once the attorney is suspended from the practice of law, the Lawyers Professional Liability Insurance carriers will not renew insurance coverage.  Other than the suspension itself as an underwriting reason, the attorney malpractice insurance policy covers the work of a licensed attorney. READ MORE >>

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