L Squared Insurance Agency Blog: claims
View the latest blog posts from L Squared Insurance Agency.
Wednesday, September 28, 2016Claims 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 >>
Wednesday, September 21, 2016Brief 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 >>
Friday, August 26, 2016We 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 >>
Wednesday, August 24, 2016An 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 >>
Friday, August 19, 2016With 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 >>
Thursday, August 11, 2016Approximately 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 >>
Tuesday, July 26, 2016There 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 >>
Thursday, July 21, 2016Attorney Malpractice Insurance is not like homeowners, auto, or business insurance. You need an agent that is trained and experienced in Attorney Malpractice Insurance. Here are a few of the reasons: 1. Most of the Malpractice Insurance carriers are not companies that many people know. READ MORE >>
Tuesday, July 12, 2016Attorneys continue to be confused with claims-made coverage as to if a claim is covered. If the coverage is not in force at the time a claim is made there is no coverage. Some attorneys assume that claims-made coverage is like an occurrence policy in that if a covered act occurred during the time that coverage was inforce you can make claim at any time in the future. READ MORE >>
Tuesday, June 21, 2016CEOL stands for Claims Expenses Outside the Limits. The purpose of CEOL is to provide additional coverage for claims expenses to help preserve the primary limit of liability. The other option is Claims Expenses Inside the limits (CEIL). With CEIL, every dollar used for claims expenses reduces the liability limit by a dollar. READ MORE >>
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