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L Squared Insurance Agency Blog: claims reporting

View the latest blog posts from L Squared Insurance Agency.

We work with many distressed firms in placing Legal Malpractice Insurance.  Most firms are in the distressed or surplus lines market because of claims.  Distressed firms depending on how they disclose the claims information can end up paying dramatically different premiums for basically the same claim. READ MORE >>

With normal (non E&O) commercial insurance it is common practice for Insurers to require loss runs to provide a quotation.  Insurance carrier loss runs are a report produced by an insurer that provides information on all claims that have been reported to an insurer during the time that the insurer provided insurance coverage. 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 >>

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 >>

These are the clients from hell.  And unfortunately you are not immune even if you decline to represent the client or they were the opposing litigant.  Next thing you know you receive a notice that you have been filed upon for malpractice. READ MORE >>

Firms get trapped by the sin of omission when completing the malpractice claims questions.  This can happen with either the incumbent malpractice insurer’s renewal application or a new business application with a different insurer.  “Prior Knowledge” of a claim is a leading cause for malpractice claims denials. 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 >>

On June 8, 2017, we blogged about a US District Court case, Gonakis v Medmarc Casualty Insurance Company.  In this case the District Court granted a summary judgement for Medmarc Casualty stating that because of ‘prior knowledge’ of the claim and not disclosing this claim to Medm... READ MORE >>

Recently a claim was made because a business deal was going bad.  This could be a covered act if the lawyer or accountant were acting in their professional capacity and providing professional services.  But in this case it was the insured accountant that had bought a non-accounting related business personally with nonmember partner from outside the firm. READ MORE >>

See the Rest of the Story.  When Attorney Malpractice Prior Knowledge is not Prior Knowledge Blog It is important to know when to put your Attorney Malpractice Insurance Carrier on notice.  Most malpractice policies require the insured to put the malpractice insurance carrier on notice... READ MORE >>

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