L Squared Insurance Agency Blog: claims
View the latest blog posts from L Squared Insurance Agency.
Friday, June 17, 2016For a solo attorney, once the attorney is suspended from the practice of law, the lawyers professional liability insurance carrier will not renew insurance coverage. The attorney malpractice insurance policy covers the work of a licensed attorney. READ MORE >>
Monday, June 13, 2016Attorney Malpractice Insurance and Accountant Malpractice Insurance are written on a claims-made basis. One of the issues is when should a claim be reported and to which insurance carrier on a claims-made policy. The liability portion of your Business Owners and Workers Compensation policies are written on an occurrence policy form. READ MORE >>
Monday, June 6, 2016Unfortunately, we get asked this question way too often. Attorney either represented the abusive litigant in an action or filed against the litigant. Either way attorney gets dragged into the web of the malpractice claimant, who may have filed against every judge and state or federal official. READ MORE >>
Friday, June 3, 2016Attorney Question: “Why do you need the declarations page & policy endorsements to provide a malpractice quote?” Response: Attorney insurance malpractice is claims made coverage. There are no standard policies for lawyers professional liability insurance. READ MORE >>
Friday, May 27, 2016Question from Attorney: Why do I need prior acts coverage for Attorney Malpractice Insurance? Response: Lawyers Professional Liability Insurance is written on a “Claims made” policy form. “Claim made” coverage in its purest form would only provide coverage for covered acts that that occurred and were reported during the policy period. READ MORE >>
Wednesday, May 25, 2016Attorney Asks: Why did the attorney malpractice premium not go down at renewal? I decided to switch to all criminal work which I know is a lower risk area of practice, but the renewal application only wants to know what was done in the past year. I told carrier that I want the practice areas changed to criminal anyway. READ MORE >>
Tuesday, May 24, 2016Many people are concerned after they report a potential claim or incident the malpractice insurance company’s claims department sends them a Reservation of Rights Letter. This is a standard procedure for most malpractice claims departments. READ MORE >>
Friday, May 20, 2016Another Law Firm that needed was being non renewed by their current Lawyers Professional Liability Insurance Carrier because of claims, severity, and frequency. This combination meant that it was prohibitively expensive to find a Malpractice Insurance policy that covered their prior acts. READ MORE >>
Wednesday, May 18, 2016One area that law firms get caught on is completing the claims section of either the incumbent malpractice insurance carrier’s renewal application or a new business application with a different carrier at renewal. “Prior Knowledge” of a claim is one of the leading causes for denial of Lawyers Professional Liability Insurance Claims. READ MORE >>
Wednesday, May 4, 2016Many Law Firms are reluctant to report claims made against them. Many times the Law Firm feels that the Lawyer Liability Claim is small and they can cover it themselves and it will help their insurance history, thereby keeping their Lawyers Malpractice Insurance premiums low. READ MORE >>
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