L Squared Insurance Agency Blog Page 8
View the latest blog posts from L Squared Insurance Agency.
Wednesday, May 19, 2021Many people believe that large companies face the greatest cyber liability risks—a belief that’s reaffirmed each time a major corporation’s data breach makes headlines. But, it’s actually startups and small businesses that are the most vulnerable. Why? READ MORE >>
Friday, May 14, 2021Your malpractice insurer sent a Reservation of Rights Letter (ROR) after claim is reported. Don’t panic this does not mean your insurer is going to deny your claim. An ROR is a standard procedure for malpractice insurance claims departments. READ MORE >>
Tuesday, May 11, 2021Why you do not need both. 1st dollar defense (FDD) is also called a loss only deducible. Whichever name is used they mean the same thing. With FDD the insured is only responsible for the deductible if there is an indemnity payment required on the claim. READ MORE >>
Monday, May 10, 2021 The restaurant revitalization fund (RRF) is a great program to help businesses struggling by the impact of COVID-19. While it may very well help these businesses, CPAs need to be vigilant and study the many nuances of the new program. Client screening, documentation, and engagement letters are essential in avoiding professional liability claims. READ MORE >>
Friday, May 7, 2021The Innocent Insured Clause provides coverage for individuals that are firm members for deliberate acts that normally are excluded from coverage providing that those individuals had no knowledge and/or did not participate in the acts. READ MORE >>
Thursday, May 6, 2021Contractual Liability is a common attorney malpractice policy exclusion. As there is not a common policy form this ‘exclusion’ may or may not be found in the policy exclusion section. The different exclusion wording appears in many different policy form sections. READ MORE >>
Tuesday, May 4, 2021Your law firm is closing. You decide to purchase an Extended Reporting Period Endorsement (ERP/Tail) to cover past acts. This endorsement is attached to your last in-force policy. Other than amending the reporting period (for a specified time from 1-year to unlimited), the endorsement does not normally amend any coverage or policy terms. READ MORE >>
Thursday, April 29, 2021Extended Reporting Period Endorsements (ERP or Tail) are truly a limited time offer. Most claims-made insurance policies give the insured the right to purchase an ERP with very specific deadlines and requirements. Except for very limited circumstances the right to purchase the ERP cannot be taken away by the insurer. READ MORE >>
Thursday, April 29, 2021If you own a business, you are likely required to carry workers compensation insurance in order to protect your employees who are injured on the job. Most injuries are physical such as sprains and breaks from falling or pulls from lifting heavy objects, etc. However, some employees may fall ill on the job. READ MORE >>
Wednesday, April 28, 2021A little discussed issue is the remaining Extended Reporting Period (ERP or Tail) aggregate policy limit. An ERP is attached to the last inforce policy. The ERP does not change the terms of the policy or reinstate policy liability limits used during policy term. A little claims-made insurance background READ MORE >>
|
Blog Archive
2022
2021
2020
2019
2018
2017
2016
2015
2013
2011
 |
|