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L Squared Insurance Agency Blog: extended reporting period endorsement

View the latest blog posts from L Squared Insurance Agency.

We previously blogged about Kentucky Attorney Conn who was accused of gaming the social security system out of over $550,000,000.  Per the ABA Journal report, Mr. Conn has pleaded guilty to charges he submitted false medical documents and bribed an administrative law judge to approve claims, obligating the government to pay more than $550 million in lifetime disability payments. READ MORE >>

Background: This firm had 6 attorneys at the beginning of the policy year and is going to dissolve on December 31, 2017.  The firm is planning on purchasing a 1 year Extended Reporting Period Endorsement (ERP) for the firm.  Their current carrier Medmarc Casualty’s policy allows the purchase of individual attorney and firm ERP’s. READ MORE >>

Background: This firm had 6 attorneys at the beginning of the policy year and is going to dissolve on December 31, 2017.  The firm is planning on purchasing a 1 year Extended Reporting Period Endorsement (ERP) for the firm.  Their current carrier Medmarc Casualty’s policy allows the purchase of individual attorney and firm ERP’s. READ MORE >>

Background: This firm had 6 attorneys at the beginning of the policy year and is going to dissolve on December 31, 2017.  The firm is planning on purchasing a 1 year Extended Reporting Period Endorsement (ERP) for the firm.  Their current carrier Medmarc Casualty’s policy allows the purchase of individual attorney and firm ERP’s. READ MORE >>

We continue to be approached by attorneys that are close to retirement that are “shopping” their professional liability insurance.  In fact yesterday we had two such occurrences from solo attorneys close to retirement. READ MORE >>

Many attorneys are very frustrated when they 1st breach the subject of using the “free” non-practicing Extended Reporting Period Endorsement (ERP or Tail) with the 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 >>

Please see the answers to your questions below. I know that this can be frustrating, but the extended reporting period provisions of any carrier’s lawyers professional liability insurance are an area that no insurance carrier will modify. READ MORE >>

As we go through the year, many attorneys that had been with National Union (AIG) for the attorney malpractice had stayed with them to take advantage of the “free” Non-practicing Extended Reporting Period Endorsement (ERP). READ MORE >>

It is not always in the best interests of a solo attorney to switch attorney malpractice insurance carriers if they are close to retirement.  The savings of a couple of hundred dollars could cost them thousands of dollars later.  See below for the attorney's inquiry and L Squared's response: READ MORE >>

For a solo attorney, once the attorney is suspended from the practice of law, the lawyers professional liability insurance carrier will not renew insurance coverage.  The attorney malpractice insurance policy covers the work of a licensed attorney. READ MORE >>

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