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L Squared Insurance Agency Blog: 6_2018

View the latest blog posts from L Squared Insurance Agency.

The 2018 annual Ames & Gough survey used data provided by nine leading attorney malpractice companies that write approximately 80% of the attorney malpractice sold to law firms.   The key findings of the survey were: 1.       Conflicts of Interest was leading cause of malpractice claims because of inadequate controls READ MORE >>

Before your law firm’s malpractice insurance coverage sails into the sunset the wise professional considers purchasing an Extended Reporting Period Endorsement (ERP/Tail).  Many people think that a separate policy is issued once an ERP is purchased for a legal malpractice policy. READ MORE >>

Attorney Asks: Why did my attorney malpractice premium not go down at renewal?  I’m switching to all criminal work which I know is a lower risk area of practice, but the renewal application only wants to know what was done for the past year.  I told insurer that I want the practice areas changed to criminal anyway. READ MORE >>

Not all insurers offer “Career Coverage” for attorney malpractice insurance.  But “Career Coverage” is a useful option for an attorney that is joining a new firm and had attorney malpractice that is being terminated with an old firm. READ MORE >>

You report a malpractice claim now the insurer sends a Reservation of Rights Letter (ROR).  Don’t panic this does not mean that the insurer is about to deny your claim. An ROR is a standard procedure for most malpractice claims departments. READ MORE >>

Finding the right new employee can be tough.  Everyone wants to hire the person that is the right fit for the organization.  Possibly find the next superstar.  Reality is that not every person hired will work out.  So it is very tempting to cross the line and ask penetrating questions to weed out bad hires. READ MORE >>

Who wouldn’t want a legal malpractice insurance policy that wiped out the deductible?  To make doubly sure that you never have to pay a deductible, why not have an policy that has a zero dollar deductible and 1st dollar defense.  This is why you cannot have both. READ MORE >>

A frequently asked question is what is the purpose of an ‘Innocent Insured Clause’?    The Innocent Insured Clause’s purpose is to provide coverage for individuals that are members of the firm for deliberate acts that normally would be excluded from coverage as long as those individuals had no knowledge and/or did not participate in the acts. READ MORE >>

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