L Squared Insurance Agency Blog: legal malpractice
View the latest blog posts from L Squared Insurance Agency.
Tuesday, January 31, 2017Most 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 >>
Monday, October 31, 2016As the law firms try to address their costs by avoiding hiring new associate attorneys many firms have turned to hiring contract attorneys either on a short or long term basis. This has advantages to the law firm by being able to take on more legal work without having to permanently increase its fixed costs. READ MORE >>
Tuesday, October 4, 2016Occasionally we have an attorney call because they are in need of past acts coverage for a variety of reasons. Sometimes they are about to become a Judge or Prosecutor etc. and never had insurance, but are now required to have past acts coverage before assuming their new duties. READ MORE >>
Wednesday, September 28, 2016Claims made insurance policies are designed to provide coverage for covered acts that a claim is made and reported during the policy period. An unendorsed claims made policy generally only provides coverage for the current policy term for covered acts that occurred during the policy period and where the claim is made and reported during that term. READ MORE >>
Wednesday, September 21, 2016Brief background Most property & casualty insurance policies are occurrence policies. With an occurrence policy, the policy that is on the risk at the time that a covered act “occurs” is the policy that the claim will be settled under, regardless of when the act is reported (barring policy provisions and/or statute of limitations issues). READ MORE >>
Friday, August 5, 2016An important and sometimes overlooked item is what are the entities that are actually insured under the Lawyer Professional Liability Insurance Policy? Generally Attorney Malpractice Insurance policies are written on behalf of the named insured firm and all of the attorneys that work for the firm are insured for the work that they do for the firm. READ MORE >>
Wednesday, June 15, 2016While it is one of the more boring things to do, properly completing the Lawyers Professional Liability Insurance application is very important. While this process takes away from billable hours, if done incorrectly it can lead to having claims denied, the law firm being non-renewed, or if the error is material enough coverage rescinded. READ MORE >>
Monday, June 13, 2016Attorney Malpractice Insurance and Accountant Malpractice Insurance are written on a claims-made basis. One of the issues is when should a claim be reported and to which insurance carrier on a claims-made policy. The liability portion of your Business Owners and Workers Compensation policies are written on an occurrence policy form. READ MORE >>
Friday, June 3, 2016Attorney Question: “Why do you need the declarations page & policy endorsements to provide a malpractice quote?” Response: Attorney insurance malpractice is claims made coverage. There are no standard policies for lawyers professional liability insurance. READ MORE >>
Thursday, June 2, 2016Attorney Malpractice Insurance Carriers that are not licensed to write in all states will decline to write coverage for Law Firms that have clients in states that the insurance carrier is not licensed. With some carriers, even one client in the wrong state will be cause for a declination to issue a policy. READ MORE >>
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