L Squared Insurance Agency Blog: attorney malpractice
View the latest blog posts from L Squared Insurance Agency.
Wednesday, October 21, 2020There are no standard policy forms for Attorney Malpractice Insurance policies. Even though the policy wording is different, they cover similar risks and exposures. But the devil is in the details. A perfect example is the definition of Insured. READ MORE >>
Tuesday, October 20, 2020 There is no Acord standard policy wording for an Attorney Malpractice Insurance Policy. With that said a common exclusion is for awarded attorney’s fees. Attorney’s fees can run in the hundreds of thousands of dollars which can be a significant surprise if the firm is not aware of this policy exclusion. READ MORE >>
Friday, October 16, 2020Law firms often pay their attorney malpractice insurance in installments by financing with a premium finance company or direct bill payments through the insurer. These are good ways to manage cash flow. Problems happen though when a law firm allows their attorney malpractice insurance to cancel for premium nonpayment. READ MORE >>
Thursday, October 15, 2020As a law firm’s practice evolves through the years, so may its insurance needs. Changes in a firm’s practice areas and clients might require different liability insurance limits than the firm required in the past. Raising policy limits to meet a law firms needs causes no coverage issues. READ MORE >>
Tuesday, October 13, 2020Moving a law practice to a different state opens an exciting new chapter in life. Make sure to add insurance to your moving checklist. As with the practice of law, property and casualty insurance is regulated by each state. Insurers and insurance policies can differ by state. READ MORE >>
Friday, October 9, 2020Attorney Malpractice Insurers cap their loss exposure by limiting the liability limits for a given law firm. This is especially true for smaller law firms. For instance, if a solo practitioner pays $3000 for a $2million policy and has a ‘limits’ loss it takes hundreds of other firms without any losses just to break even. READ MORE >>
Monday, September 28, 2020When confronted with a situation that might result in a malpractice claim, most lawyers, understandably, do not know what to do. They may be tempted to ignore the situation or try and fix the problem on their own. In many cases, a potential malpractice claim can be repaired. READ MORE >>
Wednesday, September 23, 2020There can be strings attached to a "free" retirement tail. The attorney takes the “free” non-practicing Extended Reporting Period Endorsement (ERP/Tail) on his Attorney Malpractice Insurance Policy but decides to start practicing law again. What is the impact on the ERP? READ MORE >>
Thursday, September 3, 2020Attorneys back-up their computers without complaint, but a few have a real problem with having a backup attorney. Kind of like wearing a mask these days, it is for your own protection. Malpractice insurer’s view backup attorneys for a solo practitioner as essential to help mitigate preventable legal malpractice exposures. READ MORE >>
Wednesday, August 26, 2020Excerpt from the August 26, 2020 Attorney Protective Webinar of Top Ten Tips 1. Be consistent -establish consistent policies and procedures for billing & collection that all attorneys and staff must follow 2. READ MORE >>
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