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L Squared Insurance Agency Blog: claims

View the latest blog posts from L Squared Insurance Agency.

Some law firms are reluctant to report small claims.  Many times the law firm feels that the legal malpractice claim is small and they can cover it themselves.  These strategies will help their insurance history thus keeping their attorney malpractice insurance premiums lower. READ MORE >>

Tough call, you found this terrific attorney that would be a great fit for your firm.  The attorney’s prior firm(s) work experience and skills are exactly what your law firm needs.  The attorney is concerned about the prior firm surviving after departure and has asked if you will pick up this prior acts exposure. READ MORE >>

Question from Law Firm: My Attorney Malpractice Insurer just non-renewed my policy because of a claim,  now all I can get is ‘Surplus Lines’ or ‘Non-admitted’ insurers for a much higher premium.  How many years after a Legal Malpractice claim do I have to wait to get back with an ‘admitted’ Attorney Malpractice Insurer? READ MORE >>

Question from Attorney: Will you write an Attorney Malpractice Insurance Policy for me without prior acts coverage?  I currently have prior acts coverage and want to renew without any prior acts coverage to save money.  I do not want to purchase a Tail or Extended Reporting Period Endorsement from the incumbent insurer. READ MORE >>

Attorney Malpractice Insurance Policies do not have standard wording but a common exclusion is for excluding awarded attorney’s fees.  As attorney’s fees can run in the hundreds of thousands of dollars or more this can be a significant surprise if the firm is not aware of this exclusion. READ MORE >>

As a law firm evolves through the years, its insurance needs may change.  Changes in a firm’s practice areas and clients might require different liability insurance limits than the firm required in the past.  Raising policy limits to meet a law firms needs causes no coverage issues. READ MORE >>

As an accountant and auditor through the years of working with attorneys and seeing some of the claims reported because of lack of controls I have always been amazed.  More than one attorney has decided that they only want to ‘practice law’ and leave the ‘business side of the law’ to lessors. READ MORE >>

On June 8, 2017, we blogged about a US District Court case, Gonakis v Medmarc Casualty Insurance Company.  In this case the District Court granted a summary judgement for Medmarc Casualty stating that because of ‘prior knowledge’ of the claim and not disclosing this claim to Medm... READ MORE >>

Claims-made insurance is often misunderstood.  This misunderstanding can be costly. All Attorney Malpractice Insurance policies issued in the USA are written on a ‘claim-made’ policy form.  With claim-made coverage, once policy lapses, so does your past acts coverage. READ MORE >>

Many attorney s refer cases.  Some firms do no real legal work and refer out almost any case that comes their way.  For law firms with this business model they should read ‘Court Castigates the Solicit-Then-Refer Model’ by Seth Laver.   The rest of this blog is for the attorneys that occasionally refer out cases. READ MORE >>

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