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L Squared Insurance Agency Blog: claims

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One of the most preventable attorney malpractice claims is a statute of limitations claim.  The initial steps at client intake can help avoid or minimize your risk of being sued. The firm needs at intake determine if the firm is bumping up against a statutes of limitation issue. 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 >>

Although it comes up infrequently, occasionally you will receive a Subpoena.  Even though it is a benefit in many policies this is a 2 edge sword.  Responding to the subpoena without notifying your malpractice insurance carrier could down the road lead to a malpractice claim's denial.  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 >>

Brief background Most property & casualty insurance policies are occurrence policies.  With an occurrence policy, the policy that is on the risk at the time that a covered act “occurs” is the policy that the claim will be settled under, regardless of when the act is reported (barring policy provisions and/or statute of limitations issues). READ MORE >>

We work with many distressed firms to place Lawyers Professional Liability Insurance Coverage.  Most of the time the firm is in the distressed or surplus lines market because of claims.  Distressed firms depending how much work they are willing to put into the disclosing claims informat... READ MORE >>

An important part of managing your attorney malpractice exposure is getting the proper Legal Management Software.  The proper system software coupled with the procedures and standards being integrated into the software can go a long way in preventing a professional liability insurance claim. READ MORE >>

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

Approximately twenty-five percent of legal malpractice claims result from calendaring issues, such as failure to know a deadline, failure to timely file, failure to record in a calendar or failure to respond to a calendar reminder.  A law firm should use calendaring for all projects, events and deadlines. READ MORE >>

There are a number of things that need to be maintained if you switch professional liability insurance carriers.  Some of those items are: 1.       Make sure the effective date of the replacement policy matches the expiration date of your current coverage. READ MORE >>

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