L Squared Insurance Agency Blog Page 4
View the latest blog posts from L Squared Insurance Agency.
Wednesday, October 26, 2022 An attorney malpractice claim resulted in a loss of over $200,000. Unfortunately, the attorney only had a policy limit of $100,000 per claim. The insurer wrote their check(s) for $100,000 and close their claim file. The insurer fulfilled their contract. The attorney defended themselves after that and paid any additional damages due. READ MORE >>
Tuesday, October 25, 2022 NOVEMBER 2 @ 1 PM REGISTER HERE SESSION 11: Risk Management For Accountants - Part 2 (1 CPE) Presenter: Ralph G. Picardi Delivery Method: Group Internet Based | Field of Study: Business Management & Organization This is a 50-minute webinar led by Ralph G. READ MORE >>
Tuesday, October 25, 2022 Upon receiving a subpoena for information or to testify take a deep breath and then notify your malpractice insurance. This benefit is a 2-edge sword. Responding to the subpoena without notifying your insurer could get a malpractice claim denial. READ MORE >>
Monday, October 24, 2022 Attorney Malpractice Insurance policies are not “All Risk” insurance contracts. It is important to know what your policy covers. This question often asked occurs after the attorney is either threatened with sanctions or receiving a claim denial for sanctions. READ MORE >>
Monday, October 24, 2022 AttPro has been notified by multiple insureds recently that their trust fund accounts were targeted by fake “clients”. These scams are resulting in the loss of hundreds of thousands of dollars, and depend upon banks making funds available after deposit, but before the bank determines that the check is counterfeit. READ MORE >>
Friday, October 21, 2022 My agent stated that the premium increase was because of “step rating.” Lawyers Professional Liability policies are Claims-Made Policies. Legal Malpractice Insurance Claims-Made Policies are Step Rated. Your initial lawyers policy is written without prior acts coverage. READ MORE >>
Thursday, October 20, 2022 Attorneys may choose to go without malpractice insurance in the mistaken belief that their close relationship with clients makes them immune to claims. An attorneys may believe that the chances of facing a claim are low. But consider that the average cost of defending a malpractice claim exceeds $80,000. READ MORE >>
Thursday, October 20, 2022 Insurance Bonds and insurance policies both offer protection, but who they protect, how they protect and who pays is different. While the name of an insurance bond product and an insurance policy may sound the same. Each is intended for a specific purpose. A good example is a Fidelity Bond versus a Crime policy. READ MORE >>
Tuesday, October 18, 2022 Commonly part of the policy disciplinary coverage is found on admitted and a few non-admitted Legal Malpractice Insurance policies. Insurers that do not offer disciplinary coverage as part of their standard policy seldom will endorse it on. READ MORE >>
Tuesday, October 18, 2022 Prior acts coverage and the ‘claims-made’ policy form are misunderstood malpractice insurance concepts. Misunderstanding these concepts costs professionals millions of dollars in coverage every year. There are two basic property and casualty insurance forms; the ‘occurrence’ policy form and the ’claims-made’ policy form. READ MORE >>
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