L Squared Insurance Agency Blog Page 153
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Monday, March 28, 2016When I asked why my lawyer’s professional liability policy premium went up, the agent stated that it was because of “step rating”. What is step rating and why did my premium go up? Lawyers Professional Liability policies are Claims Made Policies. Most Claims Made Policies are Step Rated. READ MORE >>
Friday, March 25, 2016Most Lawyers Professional Liability Insurance policies are written by admitted insurance carriers. Some because of the law firm’s areas of practice, firm makeup or claims/disciplinary activity will not be accepted by an admitted insurance carriers program. READ MORE >>
Thursday, March 24, 2016Many Law Firms have a misconception that the Lawyers Professional Liability Insurance Coverage for an attorney continues until the end of the policy term because it is paid for even after the attorney has left the firm. Once an attorney leaves a law firm their work they do after they leave the firm is not covered. READ MORE >>
Wednesday, March 23, 2016Disciplinary Coverage is an additional coverage found on most admitted and some non-admitted Lawyers Professional Liability Insurance policies. Some Lawyers Professional Liability Insurance carrier’s policies that do not offer this coverage are willing to endorse this coverage on if requested. READ MORE >>
Tuesday, March 22, 2016Awarded attorney’s fees normally are not covered under a Lawyers Professional Liability Insurance policy. Included under this category of damages are also civil or criminal fines, sanctions, or penalties ordered by a court or other administrative body. READ MORE >>
Monday, March 21, 2016It is not possible to write a new policy to cover a suspended attorney with a Lawyers Professional Liability Insurance policy. Most policies have an outright exclusion for a suspended attorney. Although some Lawyer Professional Liability Insurance Carriers will permit the covera... READ MORE >>
Friday, March 18, 2016Law firms designate the completion on the Lawyers Professional Liability application to many different people. This varies from the Managing Partner to the beginning associate or newest clerk in the office. READ MORE >>
Thursday, March 17, 2016Thank you, Tracy. We use retainer agreements. Please define a non-engagement and disengagement letter and let me know how they are used. Thank you. I’ve pulled this information from http://www.nysba.org/ManagingYourPractice/ READ MORE >>
Wednesday, March 16, 2016According to NSM their Insurance For Lawyers's (IFL) program has lost its insurance carrier National Union Fire Ins Co Pittsburgh PA (NUFI), and AIG subsidiary. Sources at NSM state that they are no longer able to quote new business. READ MORE >>
Wednesday, March 16, 2016Question from Attorney: I am a full time employee at a large company. I do an occasional will or trust on the side. Probably less than 5,000 a year in revenue. Is there a minimal coverage for that? Should I get coverage for when i did have a practice? I sold it in December 2014. READ MORE >>
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