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L Squared Insurance Agency Blog: attorney malpractice insurance

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Lawyers Professional Liability Policies are “claims made” policies.  Meaning that the covered act claim must be reported (claim made) during the policy period or during the extension of the reporting period. READ MORE >>

Question from Client: Is this Lawyers Professional Liability Insurance Policy Extended Reporting Period Endorsement (Tail) Full Prior Acts? Response: Many people think that there is a separate policy issued once “Tail” is purchased on a Lawyers Professional Liability Insurance Policy. READ MORE >>

Awarded attorney’s fees normally are not covered under a Lawyers Professional Liability Insurance policy.  Included under this category of damages are also civil or criminal fines, sanctions, or penalties ordered by a court or other administrative body. READ MORE >>

It is not possible to write a new policy to cover a suspended attorney with a Lawyers Professional Liability Insurance policy.   Most policies have an outright exclusion for a suspended attorney.  Although some Lawyer Professional Liability Insurance Carriers will permit the covera... READ MORE >>

Law firms designate the completion on the Lawyers Professional Liability application to many different people.  This varies from the Managing Partner to the beginning associate or newest clerk in the office. READ MORE >>

Question from Attorney:  I am a full time employee at a large company.  I do an occasional will or trust on the side.  Probably less than 5,000 a year in revenue.  Is there a minimal coverage for that?  Should I get coverage for when i did have a practice?  I sold it in December 2014. READ MORE >>

Lawyers Professional Liability Insurance (LPL) and Accountants Professional Liability (APL) Insurance claims made coverage ends at the policy/coverage termination.  Lawyers Professional Liability Insurance Policies (LPL&APL) are generally written for the firm and coverage extents from the firm READ MORE >>

This tip brought to you with the permission of Attorney Protective. While intentions are usually good, procedures can be forgotten when the pace picks up at the office. Routine audits can help assure that procedures are consistently followed. Another tool that can aid consistency is an intake checklist that everyone follows. READ MORE >>

Law firms need to reapply for legal malpractice insurance every year. And on every application, whether it be for new business or a renewal policy, the law firm must answer questions about its client billings.  Typical questions are: •How many times have you sued a client for fees in the past 5 years? READ MORE >>

Myth #1:  Since most NC lawyers buy their malpractice insurance from the same company, that company must have the best price. The truth is that many North Carolina lawyers are paying substantially higher premiums than competitors’ rates for a policy that provides substantially less coverage. READ MORE >>

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