L Squared Insurance Agency Blog: lawyers professional liability insurance
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Thursday, May 19, 2016Attorneys are very intelligent creative people. Lawyers Professional Liability Insurance Extended Reporting Period Endorsements (ERP or Tail) are expensive. In trying to figure out ways to avoid buying a Lawyers Professional Liability Insurance Extended Reporting Period Endorsement and save money, Lawyers have come up with some very creative solutions. READ MORE >>
Wednesday, May 18, 2016One area that law firms get caught on is completing the claims section of either the incumbent malpractice insurance carrier’s renewal application or a new business application with a different carrier at renewal. “Prior Knowledge” of a claim is one of the leading causes for denial of Lawyers Professional Liability Insurance Claims. READ MORE >>
Tuesday, May 17, 2016Question from Attorney: I am still looking at alternatives for renewing my attorney malpractice coverage and cannot get firm terms until I get Insurance Carrier Loss runs from my incumbent carrier. If I am a “few” days late renewing coverage is that going to be a problem? READ MORE >>
Monday, May 16, 2016Insurance carrier loss runs are a report that shows what claims have been reported to the insurance company. This is a report that is prepared by the claims department but can also be generated by many underwriters. READ MORE >>
Wednesday, May 11, 2016Many states have statutes that limit the time to file an action against a lawyer. The statutes many times have statements in them when a person would responsibly know an error was made. Or for example, in Michigan, plaintiffs have 6 years after the date the alleged malpractice was committed to bring suit regardless of when it was discovered. READ MORE >>
Tuesday, May 10, 2016Often when asked why one attorney is paying more for legal malpractice then a colleague. According to the attorney that is paying more the two attorneys doing the 'same' thing, but they answer the same Lawyers Malpractice application very differently. READ MORE >>
Monday, May 9, 2016 Lawyers that choose to go without malpractice insurance believe that because they work for a small firm and maintain close relationships with their regular clients, that they are immune to claims. Other attorneys believe that the chances of them facing a claim aren’t great enough for them to purchase a lawyers liability malpractice insurance policy. READ MORE >>
Wednesday, May 4, 2016Many Law Firms are reluctant to report claims made against them. Many times the Law Firm feels that the Lawyer Liability Claim is small and they can cover it themselves and it will help their insurance history, thereby keeping their Lawyers Malpractice Insurance premiums low. READ MORE >>
Tuesday, May 3, 2016It is not a good idea to pick up an attorney’s past acts exposure for Lawyers Malpractice Insurance for a number of reasons: 1. It immediately will increase the firm’s Lawyers Professional Liability Insurance premium. READ MORE >>
Monday, May 2, 2016 The purpose of a Risk Purchasing Group (RPG) is to allow like risks to be able to purchase liability insurance on a group basis. In 1981 Congress enacted the Products Liability Risk Retention Act that allowed the formation of groups to be formed to purchase liability insurance on a group basis. READ MORE >>
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