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L Squared Insurance Agency Blog: attorney malpractice insurance

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The former finance administrator for the ABA’s Information Services department, Karen M Healy, was recently arrested for stealing nearing $1.3 million of cellphones and IPads that she ordered in the name of the ABA. READ MORE >>

A leading cause of attorney malpractice claims is conflicts of interest. That little check box on the application can determine whether you get a preferred rate or even a malpractice quote from some insurers.  Beyond representing both parties in a proceeding such as a divorce, there are many hidden conflicts that can cause problems for law firms. READ MORE >>

Approximately twenty-five percent of legal malpractice claims result from calendaring issues such as failure to know a deadline; failure to timely file; failure to record in a calendar; or failure to respond to a calendar reminder. READ MORE >>

Admitted insurers are licensed by the individual states.  An admitted insurer must get a license in any state where it wants to write policies. Each state’s insurance department regulates these insurers. The regulations will vary by state.   Admitted/ licensed insurers must: 1. READ MORE >>

Business interruption insurance coverage is an essential coverage needed by all businesses.  It is not uncommon that the costs of restoring a business’s operations can easily exceed the actual cost of repairing the damage that caused the business interruption. READ MORE >>

Most attorneys understand that if they have a malpractice claim made against them or a lawsuit filed that they need to notify their insurer immediately.  But it is also important for the attorney to know when they should or should not put their malpractice insurer on notice. READ MORE >>

CEOL stands for Claims Expenses Outside the Limits of Liability.  CEOL is a separate liability sublimit for claims expenses (sometimes call defense costs).  With CEOL claims expenses do not reduce the primary liability limit, unless the sublimit is exhausted. READ MORE >>

Recently we wrote attorney malpractice insurance for a law firm that had been with Hanover Insurance since 1986.  The firm was one of the original law firms that started with Michigan Lawyers Mutual in 1986.  It had stayed with Michigan Lawyers Mutual which had changed to Professionals Direct Insurance Company (PDIC) in 2001. READ MORE >>

Errors made during the dissolving and forming of law firms with legal malpractice claims-made insurance policies can cost attorneys coverage.  Too often the attorneys either ignore or misunderstand the need for making sure that their past acts are covered. READ MORE >>

When we get this question, it is usually because the suspended attorney suspects that there will be unreported malpractice claims made against the attorney in the future.  Generally when a malpractice insurer learns about the suspension, the insurer will either set the malpractice policy up for non-renewal or cancel the coverage immediately with notice. READ MORE >>

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