L Squared Insurance Agency Blog: attorney malpractice insurance
View the latest blog posts from L Squared Insurance Agency.
Monday, November 16, 2020To save money L Squared is occasionally asked if we will allow a law firm to renew their Attorney Malpractice Insurance Policy without prior acts coverage. In some cases, the firm only carries the malpractice insurance to meet the state requirements or requirements of a referral service. READ MORE >>
Monday, October 26, 2020Your law firm is closing. The firm has maintained attorney malpractice insurance since the firm’s inception. But remember that all attorney malpractice insurance policies sold in the USA are claims-made coverage. When the last policy terminates so does your past acts coverage unless you have an Extended Reporting Period Endorsement attached to the policy. READ MORE >>
Wednesday, October 21, 2020There are no standard policy forms for Attorney Malpractice Insurance policies. Even though the policy wording is different, they cover similar risks and exposures. But the devil is in the details. A perfect example is the definition of Insured. READ MORE >>
Tuesday, April 21, 2020When the economy declines, attorney malpractice claims rise. Following every recession when people lose money, they look for someone to blame. Mistakes in paperwork or an error in judgement is not a problem when there is no economic loss. With an economic loss, even when there is no legal malpractice, does not prevent claims from being filed. READ MORE >>
Wednesday, January 29, 2020Professional Solutions Insurance Company (PSIC) wrote their Attorney Malpractice Insurance using the program name Attorney Shield. Carolina Casualty Insurance Company (CCIC) purchased the book of business and for renewals starting with effective dates on or after 1/1/2020, are offering renewal terms. READ MORE >>
Friday, January 24, 2020 With Professional Solutions Insurance Company (PSIC) dropping Lawyer s Professional Liability Insurance what happens to the “Free” Retirement Tail? If PSIC has issued the non-practicing extended reporting period endorsement (ERP) attached to your policy, then you have nothing to worry about. READ MORE >>
Wednesday, January 22, 2020Received a non-renewal notice that Professional Solutions Insurance Company (PSIC) Attorney Shield is getting out of Attorney Malpractice Insurance, now what? L Squared Insurance Agency was one of the larger writers of PSIC Attorney Shield Malpractice Insurance. In fact, we were one of the 1st agencies to write for them. READ MORE >>
Wednesday, December 18, 2019Waiting till the last minute to buy your Christmas gifts might save you money. But waiting till the last minute to renew your attorney malpractice insurance likely will cost you money. Unlike many other types of insurance, malpractice Insurance cannot be bound without the malpractice insurer’s specific application. READ MORE >>
Wednesday, December 4, 2019Year-end is the time that many law firms split up and one of the questions is what’s the cost for attorney malpractice insurance tail coverage or an extended reporting period endorsement (ERP). This question came from an email from a law firm that was planning on splitting up at year-end. READ MORE >>
Wednesday, August 21, 2019Small firm attorneys may choose to go without malpractice insurance in the mistaken belief that their close relationship with their clients makes them immune to claims. Other attorneys believe that the chances of facing a claim are low. The logic flaw is that small firm attorneys are just as likely to have a malpractice claim as their more high-profile peers. READ MORE >>
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