L Squared Insurance Agency Blog Page 136
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Tuesday, April 19, 2016Often law firms finance their professional liability insurance through a premium finance company. It is a good way to manage cash flow. Some law firms whether because of cash flow issues or poor procedures let their Lawyers Professional Liability Insurance go into cancelled status with the finance company for premium nonpayment. READ MORE >>
Monday, April 18, 2016Lawyers 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 >>
Friday, April 15, 2016Regardless 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 >>
Thursday, April 14, 2016Lawyers 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 >>
Wednesday, April 13, 2016 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 >>
Tuesday, April 12, 2016Question: 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 >>
Monday, April 11, 2016The “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 >>
Sunday, April 10, 2016Many 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 >>
Friday, April 8, 2016A 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 >>
Thursday, April 7, 2016Lawyers 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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