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L Squared Insurance Agency Blog: claims made

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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 >>

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Liability Insurance application crosses the line between having a specific claim denied to having the coverage rescinded.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 >>

Insurance policies can lapse either through administrative issues or lack of funds.  Letting coverage lapse is never a good thing.  Whether it is Business Auto, Business Owners Coverage, Professional Liability Insurance or Workers Compensation letting your insurance coverage lapse can be costly. 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 >>

Claims made insurance policies are designed to provide coverage for covered acts that a claim is made and reported during the policy period.  An unendorsed claims made policy generally only provides coverage for the current policy term for covered acts that occurred during the policy period and where the claim is made and reported during that term. READ MORE >>

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