L Squared Insurance Agency Blog: claims made coverage
View the latest blog posts from L Squared Insurance Agency.
Tuesday, October 18, 2022 Prior acts coverage and the ‘claims-made’ policy form are misunderstood malpractice insurance concepts. Misunderstanding these concepts costs professionals millions of dollars in coverage every year. There are two basic property and casualty insurance forms; the ‘occurrence’ policy form and the ’claims-made’ policy form. READ MORE >>
Thursday, March 31, 2022Prior acts along with a ‘claims-made’ policy form are two of the most misunderstood concepts with professional liability insurance. It is a shame, as this misunderstanding costs professionals millions of dollars in coverage every year. READ MORE >>
Monday, October 19, 2020 Step Rating is not defined in an attorney malpractice policy. But at inception of your 1st policy, it is the major reason that your premium will increase and continue to go up for the first few years. Attorney Malpractice Insurance policies are written ‘claims-made’ policy form. READ MORE >>
Wednesday, August 8, 2018When 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 >>
Friday, April 27, 2018Some law firms are reluctant to report small claims. Many times the law firm feels that the legal malpractice claim is small and they can cover it themselves. These strategies will help their insurance history thus keeping their attorney malpractice insurance premiums lower. READ MORE >>
Thursday, April 26, 2018Tough call, you found this terrific attorney that would be a great fit for your firm. The attorney’s prior firm(s) work experience and skills are exactly what your law firm needs. The attorney is concerned about the prior firm surviving after departure and has asked if you will pick up this prior acts exposure. READ MORE >>
Friday, March 9, 2018Request from our Client: Need to add a temporary increased limits ‘rider’ to my Attorney Malpractice Insurance Policy to cover a large real estate deal for a client. Response: The term “rider” is normally associated with life and health insurance policies. READ MORE >>
Thursday, March 1, 2018A common misconception for law firms is when does the Attorney Malpractice Insurance policy coverage end once an attorney leaves? Some firm’s rationalize that the Attorney Malpractice coverage for an attorney continues until the end of the policy term because it is paid for. READ MORE >>
Wednesday, February 14, 2018Attorney Malpractice, Accountant Professional Liability and Title Agency Errors and Omissions Insurance are written on a claims-made policy form on behalf of the named insured firm. Coverage extends from the firm to the employees, contractors, and partners/members of the firm. READ MORE >>
Thursday, February 8, 2018It is amazing the problems an accounting firm or law firm can create for themselves by failing to notify their Malpractice agent/insurer of changes to the firm. Malpractice Insurance Policies Require Timely Notification of Firm Changes. READ MORE >>
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