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L Squared Insurance Agency Blog: claims

View the latest blog posts from L Squared Insurance Agency.

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 >>

The attorney was with a high risk insurance carrier letting his coverage lapse in 2016.  He wrongly assumed that it would not be a big deal to get his prior acts back after more than a year and ½..  He had been paying around $7,000 annually to cover his past acts. READ MORE >>

A recent decision by the Tax Court Avrahami  v IRS and Feedback Insurance Co V IRS highlighted that the IRS is now looking more closely at captive insurance companies being used for tax avoidance.  The Avrahamis own 3 jewelry stores and 3 shopping malls in the Phoenix area. READ MORE >>

Many law firms hold attorneys that leave the firm responsible for the attorney malpractice claims deductible should a claim be made against the firm for work that the attorney did while at that law firm.  In most cases smaller law firms carry deductibles of $10,000 or less so although this c... READ MORE >>

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