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L Squared Insurance Agency Blog: claims

View the latest blog posts from L Squared Insurance Agency.

Mayer Brown isn’t liable for a paralegal’s error that canceled a security interest in a $1.5 billion loan to General Motors because the law firm didn’t represent the lenders, according to a federal appeals court. READ MORE >>

If your firm has received a demand letter, I have some good news for you: Your business has not been sued (yet). However, a lawsuit could be in your firm’s near future. A demand letter often precedes a lawsuit and usually represents an opposing party's desire to resolve a dispute before involving the court system. READ MORE >>

Illinois State Bar Association Mutual Insurance Co (ISBA) files declaratory action against insured Attorney Patricia Sharkey in a Seawall Suit.  Attorney Sharkey is accused of malpractice in this case and sanctions are also being sought. READ MORE >>

Recently a claim was made because a business deal was going bad.  This could be a covered act if the lawyer or accountant were acting in their professional capacity and providing professional services.  But in this case it was the insured accountant that had bought a non-accounting related business personally with nonmember partner from outside the firm. READ MORE >>

Claims made policies normally contain a prior acts date.  Firms face a dilemma when they have trouble renewing claims made coverage at a ‘reasonable’ price.  Sometimes it is tempting to renew coverage without the prior acts being maintained to save money. READ MORE >>

In Continental Casualty Company (CNA) v Joseph J Boughton Jr, CNA was allowed to rescind coverage even after CNA agreed to pay $12,500 to reimburse one of the accounting firm’s owners for his legal costs. The CPA firm Marshall Granger & Co LLP was jointly owned by Mr. Laurence M Brown & Ronald J Mangini. READ MORE >>

See the Rest of the Story.  When Attorney Malpractice Prior Knowledge is not Prior Knowledge Blog It is important to know when to put your Attorney Malpractice Insurance Carrier on notice.  Most malpractice policies require the insured to put the malpractice insurance carrier on notice... READ MORE >>

Attorney Sicari discovered that his Lawyers Professional Liability Insurance Policy (LPL) had lapsed.  Unfortunately for him his discover was in 2013 when the coverage had lapsed in 2011.  As luck would have it in July of 2013 he also discovered that he had a malpractice claim against him. READ MORE >>

“Duty to Defend” is an important provision in most Professional liability and Malpractice Insurance policies.  This gives the insured the peace of mind that an insurer cannot just choose not to defend without clearly stating why the policy does not provide coverage. READ MORE >>

Debt Collection attorneys are constantly worried about running afoul of the Fair Debt Collection Practices Act (FDCPA).  According to Professional Liability Matters in Midland Funding LLC v Johnson the Supreme Court ruled that pursuing stale debt in bankruptcy court does not violate the FDCPA. READ MORE >>

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