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Home > Blog > L Squared Insurance Agency Blog: claims made
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L Squared Insurance Agency Blog: claims made

View the latest blog posts from L Squared Insurance Agency.

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Monday, October 19, 2020

Step Rating a Necessary Evil for Attorney Malpractice Insurance Claims-Made Policies

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 >>

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Wednesday, January 23, 2019

Why do you need Prior Acts with Claims-Made Insurance?

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 >>

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Monday, October 22, 2018

Renewing with a Different Claims-Made Policy Check These 10 Items

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 >>

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Tuesday, September 18, 2018

Properly Understanding Claims-Made Insurance is a Million Dollar Question

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 >>

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Thursday, August 16, 2018

When to Report a Legal Malpractice Claim or Incident

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 >>

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Friday, August 10, 2018

Ignoring Prior Acts with Attorney Malpractice Insurance Means No Coverage

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 >>

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Wednesday, August 8, 2018

Suspended Attorney wants Attorney Malpractice Coverage

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 >>

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Thursday, July 5, 2018

Why do I need prior acts coverage?

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 >>

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Wednesday, June 27, 2018

Attorney Switched Practice to all Criminal Work but Malpractice Premium Stayed the Same

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 >>

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Thursday, May 31, 2018

The Disappearing Extended Reporting Period Endorsement (ERP)-Bad Idea-Part V

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 >>

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