L Squared Insurance Agency Blog: erp
View the latest blog posts from L Squared Insurance Agency.
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 >>
Tuesday, April 17, 2018Question from Law Firm: Law Firm’s Managing Partner states, “My Travelers Attorney Malpractice 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 >>
Monday, March 26, 2018Along with attorneys not understanding claims-made insurance coverage and the need to protect past acts, more than one attorney has ‘top sheeted’ their policy determining they have 60 days past expiration to renew or get new coverage because of the 60 day ‘Automatic’ Extended Reporting Period (ERP). READ MORE >>
Monday, March 19, 2018Attorney Malpractice Insurance Policies are written on a ‘claims-made’ policy form. A claims-made policy form requires that the covered act must be reported (claim made) during the policy period or during the extension of the reporting period (ERP/Tail). READ MORE >>
Friday, March 16, 2018 This is a frequently asked question. Attorney takes the “free” non-practicing Extended Reporting Period Endorsement (ERP/Tail) on his Attorney Malpractice Insurance Policy and decides to start practicing law again at a later date. What is the impact on the ERP? READ MORE >>
Tuesday, March 13, 2018Given the issues with claims-made insurance for attorney malpractice insurance thought and planning on how to handle the attorney malpractice exposure should start prior to the split. If your two person law firm is splitting up and each going separate ways, the best approach for the firm is... READ MORE >>
Monday, March 12, 2018I hate this discussion with attorneys. As with many things in life there is no right answer. Everyone likes ‘free’. But ‘free’ does not always mean that there are no strings attached. Attorney Malpractice Insurance for solo practitioners ‘free’ retirement tail can be a great benefit. READ MORE >>
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