L Squared Insurance Agency Blog: extended reporting period
View the latest blog posts from L Squared Insurance Agency.
Friday, January 20, 2023 When a two attorney firm splits, the best approach for the firm is to Purchase an Extended Reporting Period Endorsement (ERP/Tail) at the time the split occurs. The ERP is made part of the old firm’s last Attorney Malpractice Policy extending the reporting period for the number of years purchased. READ MORE >>
Thursday, January 19, 2023 What does an ‘Automatic Extended Reporting Period’ (ERP) actually do? For special cases this provision works well but, it normally does not provide any coverage. Firms that think that this provision provides continued coverage for 60 days past the policy expiration date are in for a rude surprise. READ MORE >>
Tuesday, May 4, 2021Your 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 >>
Thursday, April 29, 2021Extended 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 >>
Wednesday, April 21, 2021Attorney 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 >>
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 >>
|
Blog Archive
2023
2022
2021
2020
2019
2018
2017
2016
2015
2013
2011
 |
|