L Squared Insurance Agency Blog: attorney malpractice insurance
View the latest blog posts from L Squared Insurance Agency.
Tuesday, July 27, 2021A small law firm partnership can be like a marriage. Through good and bad times many partnerships stick together and work things out. But when things go bad in a law firm between attorneys, they can really go bad. Once communication breaks down it can lead to more drastic actions. READ MORE >>
Monday, July 26, 2021When essential information is not provided, the quoting agent assumes. Remember it is not just the quoted premium. Coverages do matter. No one wants a quote with the wrong insurance coverages. The attorney malpractice application is essential for underwriting and quoting a law firm but the declarations page with the policy endorsements provides the rest of the story. READ MORE >>
Thursday, July 22, 2021We often tell insured how important prior acts coverage is, but what does it cover? Attorney malpractice insurance is written on a ‘Claims-made’ policy form. ‘Claims-made’ coverage in its purest form only provides coverage for covered acts that that occurred and were reported during the policy period. READ MORE >>
Wednesday, July 21, 2021Why are malpractice insurers concerned about case sharing case and client referrals? Any time a law firm shares a case with another attorney or refers the case out to another firm, the original law firm continues to have exposure for this case. READ MORE >>
Thursday, July 15, 2021 READ MORE >>
Tuesday, May 11, 2021Why you do not need both. 1st dollar defense (FDD) is also called a loss only deducible. Whichever name is used they mean the same thing. With FDD the insured is only responsible for the deductible if there is an indemnity payment required on the claim. READ MORE >>
Monday, May 10, 2021 The restaurant revitalization fund (RRF) is a great program to help businesses struggling by the impact of COVID-19. While it may very well help these businesses, CPAs need to be vigilant and study the many nuances of the new program. Client screening, documentation, and engagement letters are essential in avoiding professional liability claims. READ MORE >>
Friday, May 7, 2021The Innocent Insured Clause provides coverage for individuals that are firm members for deliberate acts that normally are excluded from coverage providing that those individuals had no knowledge and/or did not participate in the acts. READ MORE >>
Thursday, May 6, 2021Contractual Liability is a common attorney malpractice policy exclusion. As there is not a common policy form this ‘exclusion’ may or may not be found in the policy exclusion section. The different exclusion wording appears in many different policy form sections. READ MORE >>
Tuesday, May 4, 2021Your law firm is closing. You decide to purchase an Extended Reporting Period Endorsement (ERP/Tail) to cover past acts. This endorsement is attached to your last in-force policy. Other than amending the reporting period (for a specified time from 1-year to unlimited), the endorsement does not normally amend any coverage or policy terms. READ MORE >>
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