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L Squared Insurance Agency Blog: extended reporting period

View the latest blog posts from L Squared Insurance Agency.

A common misconception is that Attorney Malpractice Insurance coverage for a departing attorney continues until the end of the policy term because it is ‘paid for’.  Once an attorney leaves a law firm their work after they leave the firm is not covered. READ MORE >>

End of year is always an exciting time for professionals.  For Accountants and Lawyers it can be the scariest of times.  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 >>

Attorneys that are supposed to read contracts for a living.  They tell their clients the importance to not only read the contract but to understand what it means.  Rarely do attorneys follow their own advice; many times they end up with expensive lessons. READ MORE >>

Questions dealing with Extended Reporting Period Endorsements (ERP or Tail) are the most frequent questions that we get.  Many attorneys are shocked at the cost of an ERP.  ERP premiums regardless of your attorney malpractice insurance carrier are a multiple of the expiring premium. READ MORE >>

This question comes up with some frequency from Prospective Insureds getting close to retirement:   Question:   “I received your inquiry letter dated June 14, 2017. I currently insure with MLM However, I am considering retirement within the next two years and I am wondering what insurance is offered for lawyers in retirement. READ MORE >>

We previously blogged about Kentucky Attorney Conn who was accused of gaming the social security system out of over $550,000,000.  Per the ABA Journal report, Mr. Conn has pleaded guilty to charges he submitted false medical documents and bribed an administrative law judge to approve claims, obligating the government to pay more than $550 million in lifetime disability payments. READ MORE >>

Most lawyers professional liability insurance carriers require a backup attorney or they will not issue a policy for a solo practitioner.   Frequently the solo attorney will ask why this is a requirement.  The solo attorney protests that that they do not need a backup attorney as they do not have court appearances to be covered or filing deadlines. READ MORE >>

Background: This firm had 6 attorneys at the beginning of the policy year and is going to dissolve on December 31, 2017.  The firm is planning on purchasing a 1 year Extended Reporting Period Endorsement (ERP) for the firm.  Their current carrier Medmarc Casualty’s policy allows the purchase of individual attorney and firm ERP’s. READ MORE >>

Background: This firm had 6 attorneys at the beginning of the policy year and is going to dissolve on December 31, 2017.  The firm is planning on purchasing a 1 year Extended Reporting Period Endorsement (ERP) for the firm.  Their current carrier Medmarc Casualty’s policy allows the purchase of individual attorney and firm ERP’s. READ MORE >>

Background: This firm had 6 attorneys at the beginning of the policy year and is going to dissolve on December 31, 2017.  The firm is planning on purchasing a 1 year Extended Reporting Period Endorsement (ERP) for the firm.  Their current carrier Medmarc Casualty’s policy allows the purchase of individual attorney and firm ERP’s. READ MORE >>

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