L Squared Insurance Agency Blog: claims-made
View the latest blog posts from L Squared Insurance Agency.
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 >>
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 >>
Tuesday, November 1, 2022 Attorney malpractice insurance paid via installments by financing with a premium finance company or direct bill payments through the insurer helps manage cash flow. Problems happen when a law firm allows their attorney malpractice insurance to cancel for premium non-payment. READ MORE >>
Friday, December 20, 2019End of year can be an exciting time for accountants and attorneys. Many professionals make or execute career decisions at year. Some start out on a new journey as a solo practitioner. Others are forming new partnerships or joining existing partnerships. READ MORE >>
Thursday, December 12, 2019 An attorney malpractice claim resulted in a loss of over $200,000. Unfortunately, the insured only had a policy limit of $100,000 per claim. The insurer wrote their check for $100,000 and closed their claim file. It left the insured to defend themselves and settle the balance owed on any additional amount due. READ MORE >>
Monday, November 11, 2019A claims-made insurance errors & omissions or malpractice 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. Each can be used to address specific coverage needs: 1. READ MORE >>
Friday, October 25, 2019Prior acts and the claims-made policy form are two of the most misunderstood malpractice insurance concepts. This misunderstanding costs professionals millions of dollars in lost coverage every year. There are two basic property and casualty insurance forms; the ‘occurrence’ policy form and the ’claims-made’ policy form. READ MORE >>
Tuesday, August 13, 2019Insurance policies can lapse because of administrative issues or lack of funds. Letting coverage lapse is never a good thing. Whether it is Business Auto, Business Owners Coverage, Professional Liability Insurance or Workers Compensation letting your insurance coverage lapse can be costly. READ MORE >>
Thursday, April 25, 2019With some frequency professionals cite claims-made coverage that they had in the past as their current coverage. Many seem to think that if the act occurred while coverage was previously inforce they still have coverage for that claim even if it was never reported to the insurer. READ MORE >>
Friday, January 25, 2019Professional Liability Insurance policies are normally written on a ‘claims-made’ policy form. In its purest form, an unendorsed ‘claims-made’ policy only provides coverage for the current policy term for covered acts that occurred during and where the claim is made and reported during that policy term. READ MORE >>
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