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L Squared Insurance Agency Blog: claims made coverage

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Claims made policies normally contain a prior acts date.  Firms face a dilemma when they have trouble renewing claims made coverage at a ‘reasonable’ price.  Sometimes it is tempting to renew coverage without the prior acts being maintained to save money. READ MORE >>

We get this request frequently.  A law firm’s practice has changed.  They are no longer doing the big time plaintiff cases or the mergers and acquisition work.  They are looking to cut costs.  One of the Law Firm’s larger expenses is Attorney Malpractice Insurance. READ MORE >>

It is not always clear when the line of misrepresentation or non-disclosure on the Lawyers Professional Liability Insurance application crosses the line between having a specific claim denied to having the coverage rescinded. READ MORE >>

The declarations page outlines the key elements of your malpractice insurance coverage (LPL).  Even though there is no standard LPL policy at a bare minimum checking the items listed below is essential.  If you read nothing else, read your declarations page.  Key items to review are: 1. READ MORE >>

As the law firms try to address their costs by avoiding hiring new associate attorneys many firms have turned to hiring contract attorneys either on a short or long term basis.  This has advantages to the law firm by being able to take on more legal work without having to permanently increase its fixed costs. READ MORE >>

All Lawyers Professional Liability Insurance policies sold in the USA are claims made policies.  This continues to be an issue that comes up time and again with attorneys that falsely believe if they let their coverage lapse that past acts will be covered by the lapsed Attorney Malpractice Insurance Policy. READ MORE >>

Attorney Malpractice Insurance is not like homeowners, auto, or business insurance.  You need an agent that is trained and experienced in Attorney Malpractice Insurance.  Here are a few of the reasons: 1.       Most of the Malpractice Insurance carriers are not companies that many people know. READ MORE >>

Attorneys continue to be confused with claims-made coverage as to if a claim is covered. If the coverage is not in force at the time a claim is made there is no coverage. Some attorneys assume that claims-made coverage is like an occurrence policy in that if a covered act occurred during the time that coverage was inforce you can make claim at any time in the future. READ MORE >>

Attorney Question: “Why do you need the declarations page & policy endorsements to provide a malpractice quote?” Response: Attorney insurance malpractice is claims made coverage.  There are no standard policies for lawyers professional liability insurance. READ MORE >>

Many Law Firms are reluctant to report claims made against them.  Many times the Law Firm feels that the Lawyer Liability Claim is small and they can cover it themselves and it will help their insurance history, thereby keeping their Lawyers Malpractice Insurance premiums low. READ MORE >>

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