L Squared Insurance Agency Blog: extended reporting period
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 >>
Thursday, December 17, 2020This can be misleading unless you read the paragraph that follows the title. While this provision is useful in special cases, it normally does not come into play. More than one attorney has thought that they have 60 days past the policy expiration date to renew or get new coverage because of the 60-day ‘Automatic’ Extended Reporting Period (ERP). 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, August 19, 2020The Attorney Malpractice “Automatic’ Extended Reporting Period (60-Day AERP) is not what it seems. More than one attorney has assumed that they have 60 days past expiration to renew or get new coverage because a 60-Day AERP is part of their policy. Nothing could be further from the truth. 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 >>
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 >>
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 >>
Friday, December 21, 2018Every year there are insurers that leave the Attorney Malpractice marketplace. In some cases it is because their relationship with their managing general agent (MGA) or agent ended. In others it is because the insurer decided to stop writing attorney malpractice insurance. READ MORE >>
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