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L Squared Insurance Agency Blog: tail

View the latest blog posts from L Squared Insurance Agency.

It is not always in the best interests of a solo attorney to switch attorney malpractice insurance carriers if they are close to retirement.  The savings of a couple of hundred dollars could cost them thousands of dollars later.  See below for the attorney's inquiry and L Squared's response. READ MORE >>

Many people think that there is a separate policy issued once “Tail” is purchased on a Lawyers Professional Liability Insurance Policy.  This is not the case.   Generally the endorsement is just one sheet of paper and only one or 2 paragraphs long.  There is not a separate policy that is issued. READ MORE >>

Attorneys are very intelligent creative people.  Lawyers Professional Liability Insurance Extended Reporting Period Endorsements (ERP or Tail) are expensive.  Trying to figure out ways to avoid buying a Lawyers Professional Liability Insurance Extended Reporting Period Endorsement and save money Lawyers have come up with some very creative solutions. READ MORE >>

Question 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 carrier.  If I am a “few” days late renewing coverage is that going to be a problem? READ MORE >>

Question from Law Firm: Law Firm’s Managing Partner states, “My Travelers Lawyers Professional Liability Insurance Agent tells me that it is going to cost 3 times expiring to buy an Extended Reporting Period Endorsement (ERP or Tail).  Our law firm is merging with another firm and is required to have an ERP. READ MORE >>

The “automatic” Extended Reporting Period (ERP) provision in the Lawyers Liability Policy does not extend coverage or provide a “grace” period for renewing coverage.  If your policy has this provision the only thing it does is extend the reporting period in cases where no other coverage is purchased. READ MORE >>

A Lawyers Liability Policy is a “claims made” insurance policy.  Once coverage ceases, so does your coverage for your past acts.  This is unlike an “occurrence” policy, such as a Business Owners Policy, where if you let the coverage lapse for a few days and start... READ MORE >>

Lawyers Professional Liability Policies are “claims made” policies.  Meaning that the covered act claim must be reported (claim made) during the policy period or during the extension of the reporting period. READ MORE >>

This is a frequently asked question.  Attorney takes the “free” non-practicing Extended Reporting Period Endorsement(ERP/Tail) on his Lawyers Professional Liability Insurance Policy and decides to start practicing law again at a later date.  What is the impact on the ERP?   READ MORE >>

If your 2 person law firm is splitting up and each going separate ways, the best approach for the firm is to Purchase an Extended Reporting Period Endorsement (ERP/Tail) at the time the split occurs.  The ERP is made part of your last Lawyers Professional Liability Policy extending the reporting period for the number of years purchased. READ MORE >>

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