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L Squared Insurance Agency Blog: 3_2016

View the latest blog posts from L Squared Insurance Agency.

Question from Client: Is this Lawyers Professional Liability Insurance Policy Extended Reporting Period Endorsement (Tail) Full Prior Acts? Response: Many people think that there is a separate policy issued once “Tail” is purchased on a Lawyers Professional Liability Insurance Policy. READ MORE >>

Even thou the insurance carrier is no longer writing Lawyers Professional Liability Insurance your coverage for an issued Extended Reporting Period Endorsement (Tail) remains in force.  With this stated, as the years go by you could be with a carrier that has merged, been sold, liquidated or gone completely out of business. READ MORE >>

From Client:  I am primarily retired now, and planned to take advantage of the tail hook coverage at some point during the next few years.  How will this change affect me in that regard?  Response: READ MORE >>

When 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 >>

Most 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 >>

Many 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 >>

Disciplinary 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 >>

Awarded 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 >>

It 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 >>

Law 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 >>

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