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L Squared Insurance Agency Blog: attorney malpractice

View the latest blog posts from L Squared Insurance Agency.

For years some professionals go without worrying about malpractice insurance coverage and the protection that comes with having their past acts covered.  But then there is a changing of the guard and the attorney or accountant calls because they need past acts protection. READ MORE >>

Kind of like feeling that your are about to crash into a mountain, realizing that you have made a mistake can be scary but hiding the mistake will only make it worse. It’s wise to contact your malpractice insurer as soon as you realize a mistake has been made.  Protect your policy rights with timely claim reporting. READ MORE >>

We are frequently asked why a Commercial Umbrella Insurance policy cannot be used to increase liability limits for their attorney malpractice exposure.  The simple answer is that a Commercial or Personal Umbrella Insurance policy specifically excludes coverage for work done by an attorney. READ MORE >>

Legal malpractice policies sold in the United States are claims-made policies.  Conceptually the insurer that is on the risk is the insurer and policy form that will defend the insured and pay the claim should a claim be made during the policy period, providing that the reported act occurs after the prior acts date. READ MORE >>

Attorney Malpractice Insurance policies are generally written as a ‘Duty to Defend’ policy.  With a Duty to Defend policy the insured has an expectation that if a claim is brought against the insured that the insurer will step up to the plate and provide a defense for the insured. READ MORE >>

Over the years we have run into this coverage problem that unknowingly creates a lack of coverage for an attorney.  Just like a sleeping baby, no one screams until the baby is awakened. A multi-member law firm has a tenant attorney staying in their office space. READ MORE >>

With law firms trying to reduce their costs by avoiding hiring new associate attorneys many firms have turned to hiring contract or appearance attorneys either on a short- or long-term basis.  This allows the law firm to take on more legal work without having to permanently increase its fixed costs. READ MORE >>

An attorney can do the darnedest things to ensure that they get their claim denied.  Attorney Malpractice insurance policies are claims-made and reported policies.  Remember insurance policies are contracts.  Not understanding your coverage is not a defense for getting a claim denied. READ MORE >>

Many an attorney is frustrated when they first breach the subject of using the “free” non-practicing Extended Reporting Period Endorsement (ERP or Tail) with their Attorney Malpractice Agent.  If the agent tells them the cold “truth”, it can change the attorney’s plans about how and when to retire. 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 >>

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