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Home > Blog > L Squared Insurance Agency Blog: erp
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L Squared Insurance Agency Blog: erp

View the latest blog posts from L Squared Insurance Agency.

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Monday, May 9, 2022

Legal Malpractice ‘Automatic’ Extended Reporting Period—Explained

The legal malpractice insurance policy ‘Automatic’ 60 Day ERP provision does not extend coverage and does not provide a ‘grace’ period for renewing coverage. The automatic ERP extends the reporting period when no other coverage is purchased. If other coverage is purchased, then this provision does not apply. READ MORE >>

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Thursday, March 24, 2022

Making a ‘Free’ Attorney Malpractice non-practicing ERP Worthless

The conundrum attorneys face is that after they retire, they really did not want to fully retire. An old client or a new client comes along and wants the attorney to do some part-time legal work. While a free non-practicing Extended Reporting Period Endorsement (ERP)Tail is a valuable endorsement, it can be made worthless. READ MORE >>

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Wednesday, March 23, 2022

Does My Tail (ERP) Still Provide Coverage when my Insurer Stops Writing Malpractice Insurance?

It depends. Just because an insurer stops writing malpractice insurance does not invalidate the Extended Reporting Period Endorsement (Tail or ERP). The issued ERP remains in force from an admitted insurer. As the years go an insurer may merge, sell, liquidated, or go completely out of business. READ MORE >>

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Tuesday, May 4, 2021

Attorney Malpractice Tail Costs Reduced by Reducing Liability Limits

Your 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 >>

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Thursday, April 29, 2021

Procrastination with Reporting Period Endorsement Deadline Loses Right

Extended 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 >>

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Wednesday, April 28, 2021

Burning Attorney Malpractice Extended Reporting Period Endorsement (Tail) Limit

A 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 >>

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Wednesday, April 21, 2021

Law Firm's One Year Tail Purchase Penny Wise and Pound Foolish

Attorney 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 >>

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Friday, April 9, 2021

Do It Yourself Attorney Malpractice Tail

Attorney 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 >>

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Monday, October 26, 2020

Shopping for an Attorney Malpractice Insurance Tail

Your 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 >>

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Wednesday, September 23, 2020

Attorney Malpractice Insurance Free Retirement Tails may have Strings Attached

There 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 >>

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