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L Squared Insurance Agency Blog: claims

View the latest blog posts from L Squared Insurance Agency.

It’s important to encourage your staff to improve client relationships whenever possible. Surprise your staff with gift cards or a catered lunch when you see them go above and beyond for a client, or if they consistently assist you with providing great client relations. READ MORE >>

Request from our Client: Need to add a rider to our Lawyers Professional Liability Insurance Policy to increase my limits to cover a large real estate deal for a client. Response: The term “rider” is normally associated with life insurance and health insurance policies. READ MORE >>

When I asked why my lawyer’s professional liability policy premium went up, the agent stated that it was because of “step rating”.  What is step rating and why did my premium go up? Lawyers Professional Liability policies are Claims Made Policies.  Most Claims Made Policies are Step Rated. READ MORE >>

Many Law Firms have a misconception that the Lawyers Professional Liability Insurance Coverage for an attorney continues until the end of the policy term because it is paid for even after the attorney has left the firm.  Once an attorney leaves a law firm their work they do after they leave the firm is not covered. READ MORE >>

Lawyers Professional Liability Insurance (LPL) and Accountants Professional Liability (APL) Insurance claims made coverage ends at the policy/coverage termination.  Lawyers Professional Liability Insurance Policies (LPL&APL) are generally written for the firm and coverage extents from the firm READ MORE >>

There is a major key difference between claims-made vs occurrence insurance policies. Most professional liability policies (including all accountant and lawyer policies sold in the United States) are ‘claims-made’ or ‘claims-made and reported’. READ MORE >>

The lawsuit by Christ Academy against Hermes Sargent Bates was only recently filed.   Assuming the firm has adequate insurance limits, and there are no coverage disputes with the carrier, the insurance company will likely move quickly to control defense expenses and damages. READ MORE >>

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