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L Squared Insurance Agency Blog: claims

View the latest blog posts from L Squared Insurance Agency.

It is amazing the problems an accounting firm or law firm can create for themselves by failing to notify their Malpractice agent/insurer of changes to the firm.  Malpractice Insurance Policies Require Timely Notification of Firm Changes. READ MORE >>

When I asked why malpractice insurance 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? Most malpractice insurance policies are Claims Made Policies.  And most Claims Made Policies are Step Rated. READ MORE >>

When does misrepresentation or non-disclosure on the attorney malpractice insurance application cross the line between having coverage declined to having the coverage rescinded?   Having coverage declined because of properly disclosing application information is a problem. READ MORE >>

In speaking with malpractice insurers, what the insurers call ‘social media fraud’ in many cases is ‘The Friday Afternoon Fraud’.  Insurers refer to it as a 'social media fraud' because cybercriminals lurk on social media looking for information that can be used in a hack. READ MORE >>

Yesterday’s blog dealt with a data breach that did not use a computer.  There are many ways to compromise personal confidential information without a computer.  This is a recent example of what can happen: As with many older law firms, this firm had too many client files for its actual office space. READ MORE >>

When people think of a data breach’s they often think of a cyber-criminal breaking into a computer system and stealing client/customer personal information.  They are not all very high tech.  This is an actual occurrence that recently happened:   READ MORE >>

A recent article from The Dentons, “You’re Facing a Malpractice Claim; Don’t Make it a Bad Situation Worse”, gives advice on what to do after the mistake has been made.  Every so often we have law firms that actually make things much worse. READ MORE >>

With Christmas just around the corner and New Year not far off, many law firms’ partners and staff are getting ready to have a few well-earned days off.  Not to put a damper on the Xmas cheer, but many law firms’ also renew their attorney malpractice insurance at year end. READ MORE >>

Prior acts along with a ‘claims-made’ policy form are two of the most misunderstood concepts with malpractice insurance.  It is a shame, because this misunderstanding costs many professional s millions of dollars in coverage every year. READ MORE >>

During a closing on a real estate transaction, cyber criminals sent new instructions via e-mail for sending the monies.   Insured did not verify by a phone call or other means that the new instructions changing the account numbers was correct.  $150,000 was sent to the cyber criminals via ACH as a result and the money is gone. READ MORE >>

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