L Squared Insurance Agency Blog: extended reporting period endorsement
View the latest blog posts from L Squared Insurance Agency.
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 >>
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 >>
Tuesday, February 19, 2019 The conundrum some 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 >>
Thursday, February 14, 2019Have blogged about this before. Attorney’s close to retirement having qualified for a free non-practicing ERP are shopping their malpractice insurance. Saving a couple hundred dollars today could cost thousands tomorrow. READ MORE >>
Thursday, December 27, 2018Please see the answers to your questions below each question: I know that this can be frustrating, but all attorney malpractice insurers’ extended reporting period (ERP/Tail) provisions are provisions that an insurer will not modify. READ MORE >>
Wednesday, December 12, 2018As the New Year approaches this seems to the time of year that attorneys getting close to retiring start thinking about hanging up their shingles. Generally their income starts to drop and they start looking for ways to save money. One of the quickest ways appears to be shopping the attorney malpractice insurance in hopes of getting a cheaper rate. READ MORE >>
Tuesday, August 28, 2018Accountant called wanting to know how to make sure that she had insurance coverage for her past acts once she sells her practice. All Accountant E&O policies sold in the US are written on a claims-made basis. In essence, once your Travelers Insurance Policy is canceled so is your coverage for past acts. READ MORE >>
Wednesday, August 8, 2018When we get this question, it is usually because the suspended attorney suspects that there will be unreported malpractice claims made against the attorney in the future. Generally when a malpractice insurer learns about the suspension, the insurer will either set the malpractice policy up for non-renewal or cancel the coverage immediately with notice. READ MORE >>
Thursday, June 28, 2018Before your law firm’s malpractice insurance coverage sails into the sunset the wise professional considers purchasing an Extended Reporting Period Endorsement (ERP/Tail). Many people think that a separate policy is issued once an ERP is purchased for a legal malpractice policy. READ MORE >>
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