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L Squared Insurance Agency Blog: 6_2017

View the latest blog posts from L Squared Insurance Agency.

IN CONGRESS, JULY 4, 1776 The unanimous Declaration of the thirteen united States of America hen in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, t... READ MORE >>

Even large sophisticated law firms such as DLA Piper are not immune to Cyber attacks.  According to the ABA Journal DLA Piper was struck by a ransomware attack on Tuesday.  It is impacting offices in the US, Europe and the Middle East.  It appears that this attack started in Spain and spread to the rest of the law firm. READ MORE >>

Illinois State Bar Association Mutual Insurance Co (ISBA) files declaratory action against insured Attorney Patricia Sharkey in a Seawall Suit.  Attorney Sharkey is accused of malpractice in this case and sanctions are also being sought. READ MORE >>

Earlier this month we reported that Kentucky Attorney Conn after having plead guilty to gaming the Social Security System out of over $550 Million and leaving thousands of former clients devastated was on the Lam. READ MORE >>

Cyber Insurance is a fairly new product with no standardization between insurance carriers, much of the cyber policy language has yet to be subjected to a ‘real world’ review in the courts.  Not all cyber policies are created equal and great care needs to be taken to make sure that the coverages selected and the language in the policy meet the insured’s needs. READ MORE >>

Legal Outsourcing is a growing trend in the practice of law.  This allows law firms to expand their practice when needed without taking on the fix expenses associated with hiring addition staff.  But Legal Outsourcing does add additional risk and exposures to firms. READ MORE >>

Recently a claim was made because a business deal was going bad.  This could be a covered act if the lawyer or accountant were acting in their professional capacity and providing professional services.  But in this case it was the insured accountant that had bought a non-accounting related business personally with nonmember partner from outside the firm. READ MORE >>

According to a BBC Report Apple Mac Computers are now being targeted by ransomware and spyware.  To read this articleClick Apple Mac Ransomware READ MORE >>

Claims made policies normally contain a prior acts date.  Firms face a dilemma when they have trouble renewing claims made coverage at a ‘reasonable’ price.  Sometimes it is tempting to renew coverage without the prior acts being maintained to save money. READ MORE >>

Policy premium and forms are very important when selecting a Professional Liability Insurance policy.  But there is much more that an Attorney or Accountant should be concerned about when selecting a malpractice insurance carrier.  Thinking that that you are asking all the right questions when asking what the AM Best rating is for insurance carriers? READ MORE >>

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