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L Squared Insurance Agency Blog: claims made coverage

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When 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 >>

Some 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 >>

Tough 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 >>

Request 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 >>

A 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 >>

Attorney 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 >>

It 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 >>

Prior acts along with a ‘claims-made’ policy form are two of the most misunderstood concepts with malpractice insurance.  It is a shame, because this misunderstanding costs many professional s millions of dollars in coverage every year. READ MORE >>

During a closing on a real estate transaction, cyber criminals sent new instructions via e-mail for sending the monies.   Insured did not verify by a phone call or other means that the new instructions changing the account numbers was correct.  $150,000 was sent to the cyber criminals via ACH as a result and the money is gone. READ MORE >>

The attorney was with a high risk insurance carrier letting his coverage lapse in 2016.  He wrongly assumed that it would not be a big deal to get his prior acts back after more than a year and ½..  He had been paying around $7,000 annually to cover his past acts. READ MORE >>

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