L Squared Insurance Agency Blog: lawyers
View the latest blog posts from L Squared Insurance Agency.
Wednesday, August 29, 2018Many Law Firms carry large balances in Escrow Trust and IOLTA accounts. What would happen if those funds disappear? Law firms may rely on a “trusted” employee to manage the funds, balance the accounts, deposit funds and write checks. Unfortunately this “trusted” employee is a leading cause of loss. READ MORE >>
Tuesday, August 28, 2018You're approached at an informal gathering about a legal matter that a friend has. Giving informal legal advice to friends or family is like looking down the barrel of a gun to see if it is loaded. It can be tempting at a party or family event, but it could be harmful to both yourself and the receiver of the advice. READ MORE >>
Monday, August 27, 2018Per a recent ABA article, Texas US District Judge Biery has a number of unique approaches to getting attorneys attention. They include: 1. Warning of no 'Rambo' tactics or other forms of elementary school behavior in an August 14 order; 2. READ MORE >>
Friday, August 24, 2018The former finance administrator for the ABA’s Information Services department, Karen M Healy, was recently arrested for stealing nearing $1.3 million of cellphones and IPads that she ordered in the name of the ABA. READ MORE >>
Friday, August 24, 2018A leading cause of attorney malpractice claims is conflicts of interest. That little check box on the application can determine whether you get a preferred rate or even a malpractice quote from some insurers. Beyond representing both parties in a proceeding such as a divorce, there are many hidden conflicts that can cause problems for law firms. READ MORE >>
Wednesday, August 22, 2018Approximately twenty-five percent of legal malpractice claims result from calendaring issues such as failure to know a deadline; failure to timely file; failure to record in a calendar; or failure to respond to a calendar reminder. READ MORE >>
Tuesday, August 21, 2018Admitted insurers are licensed by the individual states. An admitted insurer must get a license in any state where it wants to write policies. Each state’s insurance department regulates these insurers. The regulations will vary by state. Admitted/ licensed insurers must: 1. READ MORE >>
Monday, August 20, 2018Business interruption insurance coverage is an essential coverage needed by all businesses. It is not uncommon that the costs of restoring a business’s operations can easily exceed the actual cost of repairing the damage that caused the business interruption. READ MORE >>
Thursday, August 16, 2018Most 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 >>
Wednesday, August 15, 2018CEOL 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 >>
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