L Squared Insurance Agency Blog: attorney malpractice
View the latest blog posts from L Squared Insurance Agency.
Tuesday, April 20, 2021Many years ago, a law firm’s attorney malpractice insurance was being non-renewed because of claims severity and frequency. No malpractice insurer would provide a replacement attorney malpractice Insurance policy with prior acts. This 13 member firm was looking at premiums of around $125,000 for a million dollars coverage without prior acts. READ MORE >>
Thursday, April 15, 2021Year after year you complete a malpractice application. It is enough to make you to scream. Attorney malpractice insurers generally want an updated application every year. But why do Business Owners, Workers Compensation and Commercial Auto insurers renew each year without an application? READ MORE >>
Friday, April 9, 2021Attorney Malpractice Extended Reporting Period (ERP or Tail) Endorsements are expensive. This is a tale of a firm that went to great lengths to figure out a way to avoid buying an ERP. Unfortunately, a bad creative solution can be costly. The following money saving idea for an alternative ERP is not recommended. READ MORE >>
Thursday, April 1, 2021I was meeting with a medium sized insurance defense law firm partners a few years ago and trying to understand why they were paying what seemed like about 3 times what their attorney malpractice premium should be. According to the area of practice grid (AOP) the firm did 100% insurance defense. READ MORE >>
Thursday, March 4, 2021If a law firm has claims, disciplinary activity, or insurance coverage non-renewed or rescinded, insurance carrier loss runs likely will be required to provide a quote and/or bind new coverage. Insurance carrier loss runs are a report(s) that shows claims reported to a malpractice insurer during the time the firm was insured by that insurer. READ MORE >>
Wednesday, February 24, 2021Question from Attorney: I am still looking at alternatives for renewing my attorney malpractice coverage and cannot get firm terms until I get Insurance Carrier Loss runs from my incumbent insurer. If I am a “few” days late renewing coverage is that going to be a problem? READ MORE >>
Tuesday, February 23, 2021“My Friend does the same thing I do but is paying half what I pay for Attorney Malpractice Insurance.” This often asked question only comes from the attorney that may be paying more than his friend. I say, ‘may be’, because occasionally they are both paying the same premium. READ MORE >>
Tuesday, February 9, 2021We cannot repeat this statement enough. There is no standard attorney malpractice policy. While the definitions wording is similar from policy to policy, minor policy wording differences can be the difference between having coverage or paying for the claim out of your own pocket. READ MORE >>
Thursday, February 4, 2021Because attorney malpractice insurance is written on a claims-made policy form, the prior acts date is important to determine if there is coverage for an act that may have occurred many years ago. To determine if the claims made policy covers the loss, the claims department checks: 1. READ MORE >>
Tuesday, January 26, 2021Attorney Malpractice Insurance policies have exclusions for outside interests in other businesses that may or may not be a firm client. Attorneys need to be careful of this policy wording as every insurer’s malpractice policy can differ. READ MORE >>
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