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

View the latest blog posts from L Squared Insurance Agency.

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Tuesday, March 14, 2023

AIG Attorney Malpractice Insurance Policy Special Benefits – Claims Expenses

Buried in the policy language for certain insurers are additional coverages that not all admitted attorney malpractice insurers provide. The AIG policy is one of those policies. Found in the Special Benefit Policy Section are additional coverages for Claims Expenses:   1.     Claim Expenses. READ MORE >>

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Monday, March 13, 2023

Attorney Malpractice Insurance Claims Expenses

When considering needed liability limits often overlooked are claims expenses. This could leave an insured dramatically underinsured. Given the right set of circumstances, claims expenses can easily exceed $100,000. So, what are claims expenses? The current AIG policy defines claims expenses as: READ MORE >>

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Friday, March 10, 2023

Claims-Made Insurance v Occurrence Insurance Policy Forms

The majority of people think all insurance works like your homeowners, auto, business owners and workers compensation insurance policies which are written on an occurrence policy form.  With these occurrence policies the insurer on the risk at the time the covered act occurred is responsible paying the claim. READ MORE >>

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Thursday, March 2, 2023

Attorney Malpractice Insurance Claims Reporting

Attorney malpractice insurance protects in case of a malpractice claim made against your firm. Simple enough. But when to report a claim? A major reason for claims denial is prior knowledge. Of course, reporting a claim that’s not a claim could impact your insurance rates and future insurability. READ MORE >>

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Friday, January 27, 2023

Not Reporting ‘Small’ Attorney Malpractice Insurance Claims

Not reporting property insurance small claims makes sense. With a property claim you generally know with great certainty the amount of damages quickly. If the property claim is below or right around your property claims deductible, then handle the claim. READ MORE >>

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Wednesday, January 25, 2023

Attorney Malpractice Insurance Pre Claim Assistance

Insurers increasing offer pre-claims assistance.  This valuable tool is often overlooked.   Check with your agent to make sure your insurer has this coverage. When confronted with a situation that might result in a malpractice claim, most lawyers, understandably, do not know what to do. READ MORE >>

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Tuesday, November 1, 2022

Attorney Malpractice Policy Cancelled for Premium Non-payment

Attorney malpractice insurance paid via installments by financing with a premium finance company or direct bill payments through the insurer helps manage cash flow. Problems happen when a law firm allows their attorney malpractice insurance to cancel for premium non-payment. READ MORE >>

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Tuesday, October 18, 2022

Claims-Made Insurance Prior Acts Coverage Explained

Prior acts coverage and the ‘claims-made’ policy form are misunderstood malpractice insurance concepts. Misunderstanding these concepts costs professionals millions of dollars in coverage every year. There are two basic property and casualty insurance forms; the ‘occurrence’ policy form and the ’claims-made’ policy form. READ MORE >>

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Friday, October 14, 2022

Avoiding Legal Malpractice Claims

Being a defendant in a legal malpractice claim is no fun. In addition to the potential cost of an adverse judgement, there is the stress and expense of being away from practicing law to defend yourself. Having attorney malpractice insurance is an essential part of any law firm’s safety net. READ MORE >>

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Thursday, October 13, 2022

Dare to Repair: Understanding the Value of Pre-Claim Assistance Coverage

  When confronted with a situation that might result in a malpractice claim, most lawyers, understandably, do not know what to do. They may be tempted to ignore the situation or try and fix the problem on their own. In many cases, a potential malpractice claim can be repaired. READ MORE >>

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