Call Us Today For A Free Quote | 866.940.1101
Professionals Insuring Professionals
 

Attorney Malpractice Insurance is not like homeowners, auto, or business insurance.  You need an agent that is trained and experienced in Attorney Malpractice Insurance.  Here are a few of the reasons:

1.       Most of the Malpractice Insurance carriers are not companies that many people know.  Few advertise.  Even if they are household names, it is likely that it is a subsidiary that is selling the insurance.  An experienced Malpractice Agent will know who the carriers are and which carriers are appropriate for a specific law practice.

2.       Attorney Malpractice is sold on a “claims made” policy form.  Many agents are not familiar with the ins and outs of a “claims made” policy form.  Mistakes made with “claims made” coverage are common with agents that do not understand the importance of continuous “claims made” coverage.  This may sound like a simple task, but when attorneys join law firms, leave law firms or form law firms, all of these present different issues with properly maintaining “claims made” insurance coverage.  You do not want to be working with an agent that is addressing these issues for the 1st and only time.

3.       None of the Lawyers Professional Liability Insurance policy forms are standard.   Even though the intent of all Attorney Malpractice Insurance Carriers is to provide coverage for an attorneys law practice, not every policy is suited for every law firm. Policy exclusions differ from one carrier to another.   What might be covered by one attorney malpractice policy may be excluded in another.  An experience agent that deals with these policies daily should be aware of the differences.

4.       Attorney Malpractice premiums can differ by 2 or 3 times depending on the Insurance Carrier and the appetite that the insurance carrier has for different types of law firms.  An experience agent should know which carriers are most competitive for a particular law firm.

5.       In addition to the admitted insurance carriers that sell attorney malpractice.  Attorney Malpractice is also sold my Risk Retention Groups, Risk Purchasing Groups and Surplus Lines (non-Admitted) Insurance Companies.  It is important that your insurance agent understands the differences between these entities and provides the proper guidance as to the additional exposure that some entities may have by their very nature,

6.       Insurance carriers generally try to do the right thing for their insured.  But this is not always the case.  An experience agent can sometimes intercede with carriers underwriting and claims departments when the insurance carrier is not doing the right thing for an insured.  Had an occasion just recently, where a malpractice insurance carrier without proper notice reduced coverages on one of their insureds.  Even though the insured was a lawyer, attorney did not realize that they were entitled to proper notice.   With a coverage extension, serving as proper notice, insured is able to secure adequate limits, maintaining their “claims made” coverage.

7.       If trouble strikes and the preferred malpractice insurance carriers will no longer offer coverage, an experience malpractice insurance agent, will have access to non-standard malpractice insurance carriers that specialize in distressed firms.  It is very important that the agent guide the insured to provide the most appropriate nonstandard coverage, explaining the differences between what the insured has and what they will not have in the future.

L Squared Insurance Agency has been in business since 2002, providing attorney malpractice insurance to thousands of law firms.  L Squared specializes in attorney malpractice insurance.  The L Squared Insurance agents continue their training beyond what is required for an insurance license.  L Squared Insurance Agency has access to many Attorney Malpractice Insurance Companies that specialize in attorney malpractice insurance on an exclusive and non-exclusive basis.

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Quick Contact
Referrals
We love referrals! And thank you even more for your continued business.
Customer Service
Self policy service any time of the day, directly from our website.
Join Our Newsletter
Stay in touch with the latest events, news and offers we have.
From Our Blog From Our Customers
Read More Read More
Stay In Touch With Us Helpful Site Links Read the News
Sign up now to receive new and updates Stay up-to-date with the latest industry, community and agency news through our newscenter. We also provide handy hints on how to save on your insurance.

Read More
We have the expertise to find you the right coverage at the right price 
Powered by Insurance Website Builder