L Squared Insurance Agency Blog: attorney malpractice
View the latest blog posts from L Squared Insurance Agency.
Wednesday, January 13, 2021For property insurance not reporting small claims makes sense. With a property claim generally you know with great certainty the amount of damages quickly. If the property claim is below or right around your property claims deductible, then handle the claim. READ MORE >>
Tuesday, November 17, 2020We continue to post on avoiding fee disputes with clients. Why, because it is a leading cause of attorney malpractice claims. Avoid fee disputes by explaining the fee arrangement in great detail during the first meeting. Confirm this understanding in writing and have the client agree by signing the agreement. READ MORE >>
Monday, November 16, 2020To save money L Squared is occasionally asked if we will allow a law firm to renew their Attorney Malpractice Insurance Policy without prior acts coverage. In some cases, the firm only carries the malpractice insurance to meet the state requirements or requirements of a referral service. READ MORE >>
Thursday, October 29, 2020A solo attorney who currently has a Wesco Attorney Malpractice policy is contemplating merging his practice into another firm and becoming "of counsel" to that firm. The attorney may have a legal matter or two that is not included in the merger and will be maintaining their current LLC. READ MORE >>
Monday, October 26, 2020Your law firm is closing. The firm has maintained attorney malpractice insurance since the firm’s inception. But remember that all attorney malpractice insurance policies sold in the USA are claims-made coverage. When the last policy terminates so does your past acts coverage unless you have an Extended Reporting Period Endorsement attached to the policy. READ MORE >>
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 >>
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