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Getting Close to RetirementHave blogged about this before.  Attorney’s close to retirement having qualified for a free non-practicing ERP are shopping their malpractice insurance.  Saving a couple hundred dollars today could cost thousands tomorrow.  The following was recent e-mail correspondence with an attorney that is not our client that was willing to change insurers for a couple hundred dollars.  Once presented with the facts he decided to stay with his incumbent insurer and agent.


e-mail from attorney:


Hello Mr. Norcross,

Attached is the quote for the renewal of my professional liability policy. Can you beat it?

Very truly yours,



To attorney from L Squared:

I know sometimes insurance agents come a crossed as a used car dealer.  But without a completed application or indication form I really do not know if we could ‘beat’ Medmarc’s price. 

I do notice that we had information about your firm in 2014.  And that information stated that you started practicing in 1978.  If you have been with Medmarc for more than 3 years you likely qualify for a ‘free’ non-practicing tail (Extended Reporting Period Option or ERP).  As the going rate for an unlimited ERP is 3.5 times expiring premium by switching carriers now you could be giving up this benefit that based on your expiring premium is worth over $7,000 to you should if you chose to retire in the next year or so.  If you move to a new carrier you will need to requalify for this benefit.  Each insurer has a different time frame to qualify from 1 to 5 years.

If you still would like a quote, please complete the attached indication form and send back.

Lee E Norcross MBA CPCU

p 616-726-7080

f 616-940-1196 <>

L Squared Insurance Agency, LLC DBA in California as L2 L Squared Insurance Agency, License # 0L93416


From attorney:

Mr. Norcross,

Thank you for your input. Yes, I plan to retire in the next couple of years. So, I guess, based upon your comments, it is best simply to stay where I am.

Very truly yours,


Lee Norcross 
Contact Me Today
Lee Norcross, MBA, CPCU

Managing Director, CEO

(616) 940-1101 Ext. 7080 
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