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L Squared Insurance Agency Blog: extended reporting period

View the latest blog posts from L Squared Insurance Agency.

Accountant 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 >>

Errors made during the dissolving and forming of law firms with legal malpractice claims-made insurance policies can cost attorneys coverage.  Too often the attorneys either ignore or misunderstand the need for making sure that their past acts are covered. READ MORE >>

When 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 >>

Before 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 >>

Not all insurers offer “Career Coverage” for attorney malpractice insurance.  But “Career Coverage” is a useful option for an attorney that is joining a new firm and had attorney malpractice that is being terminated with an old firm. READ MORE >>

You have seen the sales pitches that this offer is available for a limited time only.  Most claims-made insurance policies give the right to an insured to purchase an Extended Reporting Period Endorsement (ERP or Tail) have very specific deadlines and requirements. READ MORE >>

We have discussed a number of issues with Extended Reporting Period Endorsements (ERP or Tail) recently.  One that does not come up often is the remaining ERP policy limit.  Remember that an ERP is attached to the last inforce policy. READ MORE >>

Attorney Malpractice Extended Reporting Period Endorsement (ERP) premiums are a multiple of the policy that is inforce at the time the coverage is terminated.  So if the premium is $20,000 and the firm purchases an unlimited ERP that the insurer has a multiplier cost of 3.5 the cost of that ERP is $70,000 (20,000*3. READ MORE >>

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 >>

A number of years ago a law firm was being non-renewed by their current attorney malpractice insurer because of claims severity and frequency.  This meant that it was prohibitively expensive to find a replacement attorney malpractice Insurance policy that covered their prior acts. READ MORE >>

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