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L Squared Insurance Agency Blog: claims made

View the latest blog posts from L Squared Insurance Agency.

Brief background Most property & casualty insurance policies are occurrence policies.  Your personal auto, homeowners and business owners policies are good examples of an occurrence policy.  With an occurrence policy, the policy that is on the risk at the time that a covered act &l... READ MORE >>

You are very happy as it appears that your new policy is going to save you money.  But as with the changing seasons there are certain things you want to check when you switch claims-made malpractice insurers.  Items to check: 1.       Check the named insured and who is insured. READ MORE >>

Confusion with when a claim is covered by a claims-made policy can be costly.  One of the leading causes of claims being denied is just letting the coverage lapse assuming that there will continue to be coverage for past acts. Attorneys continue to be confused with claims-made coverage as to if a claim is covered. READ MORE >>

Most attorneys understand that if they have a malpractice claim made against them or a lawsuit filed that they need to notify their insurer immediately.  But it is also important for the attorney to know when they should or should not put their malpractice insurer on notice. READ MORE >>

Errors made during the dissolving and forming of law firms with legal malpractice claims-made insurance policies can cost attorneys coverage.  Too often the attorneys either ignore or misunderstand the need for making sure that their past acts are covered. READ MORE >>

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 >>

Question from Attorney: Why do I need prior acts coverage for Attorney Malpractice Insurance?   Response: Lawyers Professional Liability Insurance is written on a ‘Claims-made’ policy form.  ‘Claims-made’ coverage in its purest form would only provide coverage for covered acts that that occurred and were reported during the policy period. READ MORE >>

Attorney Asks: Why did my attorney malpractice premium not go down at renewal?  I’m switching to all criminal work which I know is a lower risk area of practice, but the renewal application only wants to know what was done for the past year.  I told insurer that I want the practice areas changed to criminal anyway. READ MORE >>

We have discussed a number of issues with Extended Reporting Period Endorsements (ERP or Tail) recently.  One that does not come up often is the remaining ERP policy limit.  Remember that an ERP is attached to the last inforce policy. 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 >>

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