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L Squared Insurance Agency Blog: claims

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End of year can be an exciting time for accountants and attorneys.  Many professionals make or execute career decisions at year.  Some start out on a new journey as a solo practitioner.  Others are forming new partnerships or joining existing partnerships. READ MORE >>

An attorney malpractice claim resulted in a loss of over $200,000. Unfortunately, the insured only had a policy limit of $100,000 per claim. The insurer wrote their check for $100,000 and closed their claim file. It left the insured to defend themselves and settle the balance owed on any additional amount due. READ MORE >>

Upon discovering a potential malpractice claim, think and consult before you react.  Law firms can make a bad situation much worse.  Here are a few attorney malpractice claim broad strokes to keep from making things worse:    1.       The good news is that not every mistake is malpractice. READ MORE >>

A claims-made insurance errors & omissions or malpractice policy may have a Firm Prior Acts Date, an Individual Prior Acts Date, a Career Coverage Prior Acts Date and/or Predecessor Firm Prior Acts Date. Each can be used to address specific coverage needs: 1. READ MORE >>

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

From Dental Insights, Fall 2019 By Wasif Khan J.D., L.L.M., Lance Jones J.D., and Julieta Kosiba J.D. For many dentists, their role as employers is often overlooked, taking a backseat to their role as healthcare providers. The two roles should not be viewed, however, as separate. READ MORE >>

Insurance policies can lapse because of 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 >>

The general public commonly believes that attorneys rarely get sued.  By one estimate 1 in 20 private practice attorneys face a legal malpractice claim each year.  Other estimates are that a private practice attorney can face 3 malpractice claims during their careers. READ MORE >>

Avoid flying into a mountain.  One of the more preventable attorney malpractice claims is a statute of limitations claim.  Initial steps at client intake can help avoid or minimize your risk of being sued. First determine if the firm is bumping up against statutes of limitation issues. READ MORE >>

With some frequency professionals cite claims-made coverage that they had in the past as their current coverage.  Many seem to think that if the act occurred while coverage was previously inforce they still have coverage for that claim even if it was never reported to the insurer. READ MORE >>

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