L Squared Insurance Agency Blog: lawyers professional liability
View the latest blog posts from L Squared Insurance Agency.
Tuesday, April 26, 2016Question from Law Firm: Law Firm’s Managing Partner states, “My Travelers Lawyers Professional Liability Insurance Agent tells me that it is going to cost 3 times expiring to buy an Extended Reporting Period Endorsement (ERP or Tail). Our law firm is merging with another firm and is required to have an ERP. READ MORE >>
Monday, April 25, 2016A frequently asked question from solo attorneys is why they need a backup attorney in order to obtain their Lawyers Professional Liability Insurance Coverage. The rationale for a solo having a backup attorney is to make sure that if due to unexpected circumstances the insured attorney canno... READ MORE >>
Friday, April 22, 2016Lawyers Professional Liability policies use no standard form. Even though most policies are worded different, they generally cover the same risks and exposures. But as the saying goes the devil is in the details. Case in point is the definition of “an insured”. READ MORE >>
Thursday, April 21, 2016While Lawyers Professional Liability policies do not have standard wording excluding attorney’s fees it is a common exclusion. Normally attorney’s fees are carved out in the definition of damages. When examining the Lawyers Professional Liability Policy, this exclusion is not normally found in the exclusion section of the policy. READ MORE >>
Wednesday, April 20, 2016Insured asks what is “Step Rating”? Did not find term defined or mentioned in my policy. Response: Lawyers Professional Liability Insurance policies are written “claims made” policy form. Most Claims Made Policies are Step Rated. READ MORE >>
Tuesday, April 19, 2016Often law firms finance their professional liability insurance through a premium finance company. It is a good way to manage cash flow. Some law firms whether because of cash flow issues or poor procedures let their Lawyers Professional Liability Insurance go into cancelled status with the finance company for premium nonpayment. READ MORE >>
Monday, April 18, 2016Lawyers Professional Liability Insurance policies are written on a “Claims Made” or “Claims Made and Reported Form” policy form. This is unlike an “occurrence” policy in many ways. READ MORE >>
Friday, April 15, 2016Regardless of whether you are moving your Law Office across town or out of state you should notify all of your property & casualty insurance carriers, this includes your Lawyers Professional Liability Insurance/Malpractice Carrier as soon as possible. Do not wait until renewal to notify your insurance carrier and/or agent. READ MORE >>
Thursday, April 14, 2016Lawyers Professional Liability Insurance companies cap their exposure to losses through a variety of means. One is by limiting the limits the carrier will post for one firm. All Lawyers Professional Liability Insurance companies have reinsurance which also limits their exposure to “shock” losses. READ MORE >>
Wednesday, April 13, 2016 Many of the Lawyers Professional Liability Insurance Mutual Companies are licensed in very few states. Some Mutual Insurance Companies are only licensed in their domiciled state. Often times they required the law firm if they are going to accept clients in another state to get a 2nd policy for the other state. READ MORE >>
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