L Squared Insurance Agency Blog: lawyers
View the latest blog posts from L Squared Insurance Agency.
Wednesday, June 27, 2018Attorney Asks: Why did my attorney malpractice premium not go down at renewal? I’m switching to all criminal work which I know is a lower risk area of practice, but the renewal application only wants to know what was done for the past year. I told insurer that I want the practice areas changed to criminal anyway. READ MORE >>
Tuesday, June 26, 2018Not all insurers offer “Career Coverage” for attorney malpractice insurance. But “Career Coverage” is a useful option for an attorney that is joining a new firm and had attorney malpractice that is being terminated with an old firm. READ MORE >>
Thursday, June 7, 2018You report a malpractice claim now the insurer sends a Reservation of Rights Letter (ROR). Don’t panic this does not mean that the insurer is about to deny your claim. An ROR is a standard procedure for most malpractice claims departments. READ MORE >>
Thursday, May 31, 2018We have discussed a number of issues with Extended Reporting Period Endorsements (ERP or Tail) recently. One that does not come up often is the remaining ERP policy limit. Remember that an ERP is attached to the last inforce policy. READ MORE >>
Wednesday, May 30, 2018Attorney Malpractice Extended Reporting Period Endorsement (ERP) premiums are a multiple of the policy that is inforce at the time the coverage is terminated. So if the premium is $20,000 and the firm purchases an unlimited ERP that the insurer has a multiplier cost of 3.5 the cost of that ERP is $70,000 (20,000*3. READ MORE >>
Tuesday, May 29, 2018Attorney 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, May 25, 2018A number of years ago a law firm was being non-renewed by their current attorney malpractice insurer because of claims severity and frequency. This meant that it was prohibitively expensive to find a replacement attorney malpractice Insurance policy that covered their prior acts. READ MORE >>
Wednesday, May 23, 2018Attorneys are very intelligent creative people who sometimes do dumb things. Attorney Malpractice Extended Reporting Period Endorsements (ERP or Tail) are expensive. Some firms have gone to great lengths to figure out ways to avoid buying an ERP to save money. READ MORE >>
Tuesday, May 22, 2018Attorney malpractice policies are not standardized. There is no ISO attorney malpractice policy form. Some law firms attempt to address the policy coverage differences by having an agent do a side by side policy comparison. READ MORE >>
Friday, May 18, 2018I was meeting with the partners of a medium sized insurance defense law firm a few years ago, trying to understand why they were paying what seemed about 3 times what the attorney malpractice premium should be. According to the practice area grid (AOP) the firm did 100% insurance defense. READ MORE >>
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