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L Squared Insurance Agency Blog: attorney malpractice insurance

View the latest blog posts from L Squared Insurance Agency.

For years some professionals go without worrying about malpractice insurance coverage and the protection that comes with having their past acts covered.  But then there is a changing of the guard and the attorney or accountant calls because they need past acts protection. READ MORE >>

Attorney Malpractice Insurance policies are generally written as a ‘Duty to Defend’ policy.  With a Duty to Defend policy the insured has an expectation that if a claim is brought against the insured that the insurer will step up to the plate and provide a defense for the insured. READ MORE >>

Over the years we have run into this coverage problem that unknowingly creates a lack of coverage for an attorney.  Just like a sleeping baby, no one screams until the baby is awakened. A multi-member law firm has a tenant attorney staying in their office space. READ MORE >>

With law firms trying to reduce their costs by avoiding hiring new associate attorneys many firms have turned to hiring contract or appearance attorneys either on a short- or long-term basis.  This allows the law firm to take on more legal work without having to permanently increase its fixed costs. READ MORE >>

Many an attorney is frustrated when they first breach the subject of using the “free” non-practicing Extended Reporting Period Endorsement (ERP or Tail) with their Attorney Malpractice Agent.  If the agent tells them the cold “truth”, it can change the attorney’s plans about how and when to retire. READ MORE >>

Have 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. READ MORE >>

Accountants Errors & Omissions and Attorney Malpractice insurance policies may have a Firm Prior Acts Date, an Individual Prior Acts Date, a Career Coverage Prior Acts Date and/or Predecessor Firm Prior Acts Date. Each can be used to address specific coverage needs: 1. READ MORE >>

What do you mean that Full Prior Acts might not mean Full Prior Acts.  Legal Malpractice Insurance policies are similar but there is no common meaning to the terms.  Full Prior Acts is a term that is often misunderstood and changes from insurer to insure as to its meaning. READ MORE >>

You report a malpractice claim to your insurer giving an overview of what the claim was about.  Next thing you know you get a reservation of rights letter from your insurer.  When you top sheet the reservation of rights letter you start to get upset because it looks like the insurer is getting ready to decline coverage. READ MORE >>

The following Article is from AttPro Ally's Winter 2019 Issue 29 Quarterly magazine.   Bringing Your Practice Into the 21st Century By: Shari L Kelvens, Esq and Alanna Clair, Esq Inertia can be toxic to a law practice. Sometimes, lawyers are content to manage their practices as they always have, assuming that the old ways always work the best. READ MORE >>

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