L Squared Insurance Agency Blog: claims
View the latest blog posts from L Squared Insurance Agency.
Tuesday, May 3, 2016It is not a good idea to pick up an attorney’s past acts exposure for Lawyers Malpractice Insurance for a number of reasons: 1. It immediately will increase the firm’s Lawyers Professional Liability Insurance premium. READ MORE >>
Friday, April 29, 2016Question from Law Firm: My Lawyers Professional Liability Insurance carrier non-renewed my policy because of a claim. Now all I can get is “Surplus Lines” or a non-admitted insurance carrier for a much higher premium than I used to have to pay. READ MORE >>
Thursday, April 28, 2016Question from Attorney: Will you write a Lawyers Malpractice Insurance policy for me without prior acts coverage? I currently have prior acts coverage and want to renew without any prior acts coverage and do not want to purchase a Tail or Extended Reporting Period Endorsement. Response: READ MORE >>
Wednesday, April 20, 2016Insured asks what is “Step Rating”? Did not find term defined or mentioned in my policy. Response: Lawyers Professional Liability Insurance policies are written “claims made” policy form. Most Claims Made Policies are Step Rated. READ MORE >>
Monday, April 18, 2016Lawyers Professional Liability Insurance policies are written on a “Claims Made” or “Claims Made and Reported Form” policy form. This is unlike an “occurrence” policy in many ways. READ MORE >>
Friday, April 8, 2016A Lawyers Liability Policy is a “claims made” insurance policy. Once coverage ceases, so does your coverage for your past acts. This is unlike an “occurrence” policy, such as a Business Owners Policy, where if you let the coverage lapse for a few days and start... READ MORE >>
Monday, April 4, 2016If your 2 person law firm is splitting up and each going separate ways, the best approach for the firm is to Purchase an Extended Reporting Period Endorsement (ERP/Tail) at the time the split occurs. The ERP is made part of your last Lawyers Professional Liability Policy extending the reporting period for the number of years purchased. READ MORE >>
Monday, April 4, 2016It’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 >>
Friday, April 1, 2016Request 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 >>
Monday, March 28, 2016When 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 >>
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