L Squared Insurance Agency Blog: lawyers
View the latest blog posts from L Squared Insurance Agency.
Tuesday, April 17, 2018Question from Law Firm: Law Firm’s Managing Partner states, “My Travelers Attorney Malpractice 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 16, 2018Attorneys do not question the need to back-up their computers or phones, but a few have a real problem with getting a backup attorney. Not sure how a computer or phone’s data is more important than the attorney. READ MORE >>
Friday, April 13, 2018Attorney Malpractice Insurance policies use no standard form. Even though the policy wording is 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 12, 2018Attorney Malpractice Insurance Policies do not have standard wording but a common exclusion is for excluding awarded attorney’s fees. As attorney’s fees can run in the hundreds of thousands of dollars or more this can be a significant surprise if the firm is not aware of this exclusion. READ MORE >>
Wednesday, April 11, 2018New York Attorney M Scott Vayer was admitted to practice law in 1980. Somewhere around 2001 Vayer stopped reregistering with the Office of Court Administration (OCA) because of the stresses in his life prevented him from being able to complete his CLE. READ MORE >>
Wednesday, April 11, 2018Insured asks: What is ‘Step Rating’? I did not find term defined or mentioned in my policy. Response: Attorney Malpractice Insurance policies are written ‘claims made’ policy form. Most Claims Made Policies are Step Rated. READ MORE >>
Tuesday, April 10, 2018Law firms often finance their attorney malpractice insurance with a premium finance company. It is a good way to manage cash flow. Problems happen though when a law firm allows their attorney malpractice insurance go into cancelled status with the finance company for premium nonpayment. READ MORE >>
Monday, April 9, 2018As a law firm evolves through the years, its insurance needs may change. Changes in a firm’s practice areas and clients might require different liability insurance limits than the firm required in the past. Raising policy limits to meet a law firms needs causes no coverage issues. READ MORE >>
Friday, April 6, 2018As an accountant and auditor through the years of working with attorneys and seeing some of the claims reported because of lack of controls I have always been amazed. More than one attorney has decided that they only want to ‘practice law’ and leave the ‘business side of the law’ to lessors. READ MORE >>
Thursday, April 5, 2018On June 8, 2017, we blogged about a US District Court case, Gonakis v Medmarc Casualty Insurance Company. In this case the District Court granted a summary judgement for Medmarc Casualty stating that because of ‘prior knowledge’ of the claim and not disclosing this claim to Medm... READ MORE >>
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