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L Squared Insurance Agency Blog: attorney malpractice insurance

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Attorneys are very intelligent creative people who sometimes do dumb things.  Attorney Malpractice Extended Reporting Period Endorsements (ERP or Tail) are expensive.  Some firms have gone to great lengths to figure out ways to avoid buying an ERP to save money. READ MORE >>

Many people have no idea what Insurance Carrier Loss Runs are.  Plus who wants to discuss or disclose malpractice claims just to get an insurance quote.  Why won’t an insurer just quote without this information? Insurance carrier loss runs are a report(s) that shows claims reported to a malpractice insurer during the time the firm was with the insurer. READ MORE >>

Year after year you are required to complete a malpractice application.  It is enough to make you want to scream.  Accountant and attorney malpractice insurers generally want an updated application every year.  But Business Owners, Workers Compensation and Commercial Auto insurers renew each year without an application. READ MORE >>

Lawyers that choose to go without malpractice insurance believe that because they work for a small firm and maintain close relationships with their regular clients, that they are immune to claims. Other attorneys believe that the chances of them facing a claim aren’t great enough for them to purchase an Attorney Malpractice insurance policy. READ MORE >>

Attorneys become upset when they find out that suing clients for unpaid legal fees can cause their attorney malpractice insurance premiums to increase.  In fact, with many admitted malpractice insurers as few as 5 client fee suits for unpaid legal fees in a 2 year period causes the insu... READ MORE >>

Claims-made insurance is often misunderstood.  This misunderstanding can be costly. All Attorney Malpractice Insurance policies issued in the USA are written on a ‘claim-made’ policy form.  With claim-made coverage, once policy lapses, so does your past acts coverage. READ MORE >>

Attorney Malpractice Insurance Policies are written on a ‘claims-made’ policy form.  A claims-made policy form requires that the covered act must be reported (claim made) during the policy period or during the extension of the reporting period (ERP/Tail). READ MORE >>

This is a frequently asked question.  Attorney takes the “free” non-practicing Extended Reporting Period Endorsement (ERP/Tail) on his Attorney Malpractice Insurance Policy and decides to start practicing law again at a later date.  What is the impact on the ERP?   READ MORE >>

Many attorney s refer cases.  Some firms do no real legal work and refer out almost any case that comes their way.  For law firms with this business model they should read ‘Court Castigates the Solicit-Then-Refer Model’ by Seth Laver.   The rest of this blog is for the attorneys that occasionally refer out cases. READ MORE >>

Risk Management Tip from Travelers Insurance March 2018 News Letter: Steps to Take at the Inception of Each Client Engagement to Avoid a Malpractice Claim Any client who is unhappy with a law firm’s representation is a potential plaintiff in a subsequent legal malpractice action. READ MORE >>

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