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L Squared Insurance Agency Blog: claims

View the latest blog posts from L Squared Insurance Agency.

Professional Liability Insurance policies are normally written on a ‘claims-made’ policy form.  In its purest form, an unendorsed ‘claims-made’ policy only provides coverage for the current policy term for covered acts that occurred during and where the claim is made and reported during that policy term. READ MORE >>

Individuals that have not had a claims-made policy often do not understand the importance of maintaining prior acts.  Many think it is just a ploy for the insurer to collect more money.  The reality is that claims-made insurance policies are almost worthless without the proper maintenance of prior acts coverage. READ MORE >>

Brief background Most property & casualty insurance policies are occurrence policies.  Your personal auto, homeowners and business owners policies are good examples of an occurrence policy.  With an occurrence policy, the policy that is on the risk at the time that a covered act &l... READ MORE >>

Every year there are insurers that leave the Attorney Malpractice marketplace.   In some cases it is because their relationship with their managing general agent (MGA) or agent ended.  In others it is because the insurer decided to stop writing attorney malpractice insurance. READ MORE >>

We work with many distressed firms in placing Legal Malpractice Insurance.  Most firms are in the distressed or surplus lines market because of claims.  Distressed firms depending on how they disclose the claims information can end up paying dramatically different premiums for basically the same claim. READ MORE >>

An important part of managing your attorney malpractice exposures 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 >>

Running a firm can be stressful.  There are never enough hours in the day.  But did not know that lack of sleep can Kill You?  In addition it can lead to bad judgement and mistakes in judgement, which can lead to malpractice claims. The following is an article from The Hartford concerning what lack of sleep can do to you. READ MORE >>

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

Free CLE Webinars for Lawyers: Crazy Claims: Lessons Learned from Cases that Veered off Track November 14, 2018 1 PM EST   A lawyer's day is filled with potential pitfalls—missed statute of limitation periods, drafting errors, conflicts of interest—but knowing how to appropriately respond to these situations is crucial. READ MORE >>

Approximately twenty-five percent of legal malpractice claims result from calendaring issues.  The claims can range from failure to know a deadline, failure to timely file, failure to record in a calendar or failure to respond to a calendar reminder.  Law firms should use calendaring for all projects, events and deadlines. READ MORE >>

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