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L Squared Insurance Agency Blog: attorney malpractice insurance

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Disaster Recover—Are You Prepared? A bad wind can blow through your law firm or accounting firm at any time.  Daily people and regions around the world are devastated by unforeseen unpredictable events – natural disasters, fires, storms, floods, hurricanes and earthquakes, along with man-made disasters of cyber attached, terror attacks and/or power outages. READ MORE >>

The exposure to law firms threatening their very existence from Cyber Crime has never been greater.   A recent article by CNN detailed that North Korea hackers tried to seal over $1 Billion.  And they are not the only state actor. READ MORE >>

From 2018 Fall Newsletter of AttPro Ally   Scammers are increasingly targeting lawyers by sending forged emails to law firms, their clients and/ or to financial institutions, instructing that funds be wired to accounts controlled by the scammers. READ MORE >>

As more states vote for legalizing marijuana, we see more attorney malpractice application submissions that have cannabis law shown on the application and/or the law firm’s website.  There are very few insurers that will knowingly write a law firm that is practicing cannabis law. READ MORE >>

According to the Insurance Journal, Federal Judge Bryant dismissed a lawsuit against World Wrestling Entertainment (WWE) that alleged that the WWE failed to protect its wrestlers.  Judge Brant stated that Attorney Kyros failed to comply with court rules and orders and awarded to the WWE legal fees. READ MORE >>

Unlike 10 to 20 years ago attorney malpractice claims are now a part of life.  Today it is a cost of doing business.   Being a defendant in a legal malpractice claim is no fun.  In addition to the potential cost of an adverse judgement, there is the stress and expense of being away from practicing law to defend yourself. READ MORE >>

Confusion with when a claim is covered by a claims-made policy can be costly.  One of the leading causes of claims being denied is just letting the coverage lapse assuming that there will continue to be coverage for past acts. Attorneys continue to be confused with claims-made coverage as to if a claim is covered. READ MORE >>

Some law and accounting firms still spend thousands of dollars on closed file storage.  These firms have tens of thousands of bankers-boxes of closed client files in warehouses, basements, storage buildings, office space and garages.  A question still asked is how long do we have to keep the closed files? READ MORE >>

On September 7, 2018, Eric Conn (also known as Mr. Social Security) received an additional 15 years for his fleeing to Honduras after pleading guilty to defrauding the government out of over $500 Million of social security benefits.  He now is sentenced to 27 years in prison and should serve a minimum of 22 years. READ MORE >>

Attorney Malpractice insurers find that the use of non-engagement /disengagement letters reduce legal malpractice insurance claims.  Insurers have defended and paid on claims where the client alleges that the law firm was still representing them when the law firm thought they were no longer ... READ MORE >>

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