L Squared Insurance Agency Blog: extended reporting period
View the latest blog posts from L Squared Insurance Agency.
Wednesday, August 8, 2018When we get this question, it is usually because the suspended attorney suspects that there will be unreported malpractice claims made against the attorney in the future. Generally when a malpractice insurer learns about the suspension, the insurer will either set the malpractice policy up for non-renewal or cancel the coverage immediately with notice. READ MORE >>
Thursday, June 28, 2018Before your law firm’s malpractice insurance coverage sails into the sunset the wise professional considers purchasing an Extended Reporting Period Endorsement (ERP/Tail). Many people think that a separate policy is issued once an ERP is purchased for a legal malpractice policy. READ MORE >>
Tuesday, June 26, 2018Not all insurers offer “Career Coverage” for attorney malpractice insurance. But “Career Coverage” is a useful option for an attorney that is joining a new firm and had attorney malpractice that is being terminated with an old firm. READ MORE >>
Thursday, May 31, 2018You have seen the sales pitches that this offer is available for a limited time only. Most claims-made insurance policies give the right to an insured to purchase an Extended Reporting Period Endorsement (ERP or Tail) have very specific deadlines and requirements. READ MORE >>
Thursday, May 31, 2018We have discussed a number of issues with Extended Reporting Period Endorsements (ERP or Tail) recently. One that does not come up often is the remaining ERP policy limit. Remember that an ERP is attached to the last inforce policy. READ MORE >>
Wednesday, May 30, 2018Attorney Malpractice Extended Reporting Period Endorsement (ERP) premiums are a multiple of the policy that is inforce at the time the coverage is terminated. So if the premium is $20,000 and the firm purchases an unlimited ERP that the insurer has a multiplier cost of 3.5 the cost of that ERP is $70,000 (20,000*3. READ MORE >>
Tuesday, May 29, 2018Attorney Malpractice policies are written on a claims-made policy form. With claims-made policy forms, when the policy terminates so does the coverage and there is no coverage for claims reported after the coverage termination date. READ MORE >>
Friday, May 25, 2018A number of years ago a law firm was being non-renewed by their current attorney malpractice insurer because of claims severity and frequency. This meant that it was prohibitively expensive to find a replacement attorney malpractice Insurance policy that covered their prior acts. READ MORE >>
Wednesday, May 23, 2018Attorneys are very intelligent creative people who sometimes do dumb things. Attorney Malpractice Extended Reporting Period Endorsements (ERP or Tail) are expensive. Some firms have gone to great lengths to figure out ways to avoid buying an ERP to save money. READ MORE >>
Wednesday, May 16, 2018Question from Attorney: I am still looking at alternatives for renewing my attorney malpractice coverage and cannot get firm terms until I get Insurance Carrier Loss runs from my incumbent insurer. If I am a “few” days late renewing coverage is that going to be a problem? READ MORE >>
|
Blog Archive
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2013
2011
|
|