L Squared Insurance Agency Blog: legal malpractice
View the latest blog posts from L Squared Insurance Agency.
Monday, May 16, 2016Insurance carrier loss runs are a report that shows what claims have been reported to the insurance company. This is a report that is prepared by the claims department but can also be generated by many underwriters. READ MORE >>
Friday, May 13, 2016Every year, year after year you are required to fill out a new application. It is enough to make you scream. Accountants and Attorney Malpractice Insurance carriers generally want an updated application every year. Business Owners, Workers Compensation and Commercial Auto insurance carriers generally renew each year without an application. READ MORE >>
Thursday, May 12, 2016Much has been made about the April 12 US Court of Appeals decision in Travelers vs Portal Healthcare Solutions where the court found that the Travelers Commercial General Liability policy (CGL) did not exclude coverage for data breach. READ MORE >>
Wednesday, May 11, 2016Many states have statutes that limit the time to file an action against a lawyer. The statutes many times have statements in them when a person would responsibly know an error was made. Or for example, in Michigan, plaintiffs have 6 years after the date the alleged malpractice was committed to bring suit regardless of when it was discovered. READ MORE >>
Thursday, May 5, 2016Law firms that work with Health Insurance issues and clients should be very concerned about protecting the confidential information as prescribed by HIPPA and their legal clients. If a Data Breach should happen with confidential Health Insurance Information compromised, in addition to 3rd party damages, you may well have 1st party responsibilities under HIPAA. READ MORE >>
Wednesday, May 4, 2016Many Law Firms are reluctant to report claims made against them. Many times the Law Firm feels that the Lawyer Liability Claim is small and they can cover it themselves and it will help their insurance history, thereby keeping their Lawyers Malpractice Insurance premiums low. READ MORE >>
Tuesday, May 3, 2016It is not a good idea to pick up an attorney’s past acts exposure for Lawyers Malpractice Insurance for a number of reasons: 1. It immediately will increase the firm’s Lawyers Professional Liability Insurance premium. READ MORE >>
Monday, May 2, 2016 The purpose of a Risk Purchasing Group (RPG) is to allow like risks to be able to purchase liability insurance on a group basis. In 1981 Congress enacted the Products Liability Risk Retention Act that allowed the formation of groups to be formed to purchase liability insurance on a group basis. READ MORE >>
Monday, May 2, 2016 Avoid fee disputes by explaining the fee arrangement in great detail during the first meeting. Confirm this understanding in writing and have the client agree by signing the agreement. When billing the client, ensure there is enough detail in the bill to allow the client to understand everything you are doing on their behalf. READ MORE >>
Friday, April 29, 2016Question from Law Firm: My Lawyers Professional Liability Insurance carrier non-renewed my policy because of a claim. Now all I can get is “Surplus Lines” or a non-admitted insurance carrier for a much higher premium than I used to have to pay. READ MORE >>
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