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L Squared Insurance Agency Blog: lawyers professional liability insurance

View the latest blog posts from L Squared Insurance Agency.

Most attorneys understand that if they have a malpractice claim made against them or a lawsuit filed that they need to notify their insurer immediately.  But it is also important for the attorney to know when they should or should not put their malpractice insurer on notice. READ MORE >>

CEOL stands for Claims Expenses Outside the Limits of Liability.  CEOL is a separate liability sublimit for claims expenses (sometimes call defense costs).  With CEOL claims expenses do not reduce the primary liability limit, unless the sublimit is exhausted. READ MORE >>

Recently we wrote attorney malpractice insurance for a law firm that had been with Hanover Insurance since 1986.  The firm was one of the original law firms that started with Michigan Lawyers Mutual in 1986.  It had stayed with Michigan Lawyers Mutual which had changed to Professionals Direct Insurance Company (PDIC) in 2001. 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 >>

No one likes completing malpractice insurance applications.  It is one of the more boring and stressful things to do.  But properly completing the malpractice insurance application is very important.  Even though this process takes away from billable hours, if done incorrectly it c... READ MORE >>

Law schools may be great at giving lawyers a legal education, but many are very poor in preparing an attorney to run a business.  The last 2 blogs discussed succession planning and the need for a backup attorney, all important issues for running an ongoing law firm. READ MORE >>

Yesterday’s blog discussed the need for a backup attorney and also hinted at the need for a succession plan.  This is especially important for small law firms.  No matter where an attorney or attorneys are in their career(s) having a succession plan is important to the overall health of the entire organization. READ MORE >>

Most attorney malpractice insurers require a backup attorney or they will not issue a policy for a solo practitioner.   Frequently the solo attorney will ask why this is a requirement and some even get mad refusing to go with an insurer that requires this. READ MORE >>

Notice the title states avoiding not preventing attorney malpractice claims.  Every attorney I know complains about the rising cost of attorney malpractice insurance.  This is especially true for the attorneys that started practice in the 70’s and 80’s. READ MORE >>

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