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Home > Blog > L Squared Insurance Agency Blog Page 102
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L Squared Insurance Agency Blog Page 102

View the latest blog posts from L Squared Insurance Agency.

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Monday, April 18, 2016

Law Firm Requests Lower Lawyers Professional Liability Limits-Why it’s a Bad Idea

Lawyers Professional Liability Insurance policies are written on a “Claims Made” or “Claims Made and Reported Form” policy form.  This is unlike an “occurrence” policy in many ways. READ MORE >>

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Friday, April 15, 2016

What impact will moving my Law Office to a different state have on my Lawyer Malpractice Insurance?

Regardless of whether you are moving your Law Office across town or out of state you should notify all of your property & casualty insurance carriers, this includes your Lawyers Professional Liability Insurance/Malpractice Carrier as soon as possible.  Do not wait until renewal to notify your insurance carrier and/or agent. READ MORE >>

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Thursday, April 14, 2016

My Lawyers Professional Liability Insurance Carrier will not offer higher limits—what do I do?

Lawyers Professional Liability Insurance companies cap their exposure to losses through a variety of means.  One is by limiting the limits the carrier will post for one firm.  All Lawyers Professional Liability Insurance companies have reinsurance which also limits their exposure to “shock” losses. READ MORE >>

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Wednesday, April 13, 2016

My Lawyers Professional Liability Insurance will not cover my activities in another state

Many of the Lawyers Professional Liability Insurance Mutual Companies are licensed in very few states.  Some Mutual Insurance Companies are only licensed in their domiciled state.  Often times they required the law firm if they are going to accept clients in another state to get a 2nd policy for the other state. READ MORE >>

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Tuesday, April 12, 2016

I am told my Lawyer’s Liability policy has a “Hammer Clause”—what is a “Hammer Clause”?

Question: I am told my Lawyers Professional Liability Insurance Policy has a “Hammer Clause”—what is a “Hammer Clause”? Response: There is no Lawyers Professional Liability policy that actually states or has a defined term for a “Hammer Clause”. READ MORE >>

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Monday, April 11, 2016

Lawyers Liability Insurance Policy has an “automatic” Extended Reporting Period—what is this?

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 >>

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Sunday, April 10, 2016

What is the big deal about suing a client for unpaid legal fees?

Many attorneys are upset when they find out that suing clients for unpaid legal fees can cause their lawyers malpractice insurance premiums to increase.  In fact, with many admitted Lawyers Professional Liability Insurance carriers as few as 5 suits in READ MORE >>

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Friday, April 8, 2016

My Lawyers Professional Liability Insurance policy lapsed. No big deal, right?

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 >>

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Thursday, April 7, 2016

Retiring attorney still wants to practice a little and wants “free” retirement tail (ERP)

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 >>

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Wednesday, April 6, 2016

Attorney has a non-practicing Lawyers Professional Liability Tail wants to start practicing Law

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 >>

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