L Squared Insurance Agency Blog: erp
View the latest blog posts from L Squared Insurance Agency.
Tuesday, May 4, 2021Your law firm is closing. You decide to purchase an Extended Reporting Period Endorsement (ERP/Tail) to cover past acts. This endorsement is attached to your last in-force policy. Other than amending the reporting period (for a specified time from 1-year to unlimited), the endorsement does not normally amend any coverage or policy terms. READ MORE >>
Thursday, April 29, 2021Extended Reporting Period Endorsements (ERP or Tail) are truly a limited time offer. Most claims-made insurance policies give the insured the right to purchase an ERP with very specific deadlines and requirements. Except for very limited circumstances the right to purchase the ERP cannot be taken away by the insurer. READ MORE >>
Wednesday, April 28, 2021A little discussed issue is the remaining Extended Reporting Period (ERP or Tail) aggregate policy limit. An ERP is attached to the last inforce policy. The ERP does not change the terms of the policy or reinstate policy liability limits used during policy term. A little claims-made insurance background READ MORE >>
Wednesday, April 21, 2021Attorney Malpractice policies are written on a claims-made policy form. With claims-made policy forms, when the policy terminates so does the coverage and there is no coverage for claims reported after the coverage termination date. READ MORE >>
Friday, April 9, 2021Attorney Malpractice Extended Reporting Period (ERP or Tail) Endorsements are expensive. This is a tale of a firm that went to great lengths to figure out a way to avoid buying an ERP. Unfortunately, a bad creative solution can be costly. The following money saving idea for an alternative ERP is not recommended. READ MORE >>
Monday, October 26, 2020Your law firm is closing. The firm has maintained attorney malpractice insurance since the firm’s inception. But remember that all attorney malpractice insurance policies sold in the USA are claims-made coverage. When the last policy terminates so does your past acts coverage unless you have an Extended Reporting Period Endorsement attached to the policy. READ MORE >>
Wednesday, September 23, 2020There can be strings attached to a "free" retirement tail. The attorney takes the “free” non-practicing Extended Reporting Period Endorsement (ERP/Tail) on his Attorney Malpractice Insurance Policy but decides to start practicing law again. What is the impact on the ERP? READ MORE >>
Tuesday, July 28, 2020A frequently asked misguided question from attorneys is wanting to purchase a tail policy or shop their tail policy coverage. My response upsets some. There really is no such thing as a ‘tail policy’. I am sure that many attorneys stop reading right there, but hopefully not! READ MORE >>
Wednesday, December 4, 2019Year-end is the time that many law firms split up and one of the questions is what’s the cost for attorney malpractice insurance tail coverage or an extended reporting period endorsement (ERP). This question came from an email from a law firm that was planning on splitting up at year-end. READ MORE >>
Monday, February 25, 2019Many an attorney is frustrated when they first breach the subject of using the “free” non-practicing Extended Reporting Period Endorsement (ERP or Tail) with their Attorney Malpractice Agent. If the agent tells them the cold “truth”, it can change the attorney’s plans about how and when to retire. READ MORE >>
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