L Squared Insurance Agency Blog: legal malpractice insurance
View the latest blog posts from L Squared Insurance Agency.
Thursday, December 22, 2022 Legal Malpractice Insurance premiums start at about the cost of a weekly trip to for coffee at your favorite café. So, is the cost of a weekly cup of coffee worth it? Attorneys going bare are in the mistaken belief that their close relationship with clients makes them immune to claims. READ MORE >>
Monday, October 31, 2022 A law firm with claims, disciplinary activity, insurance coverage non-renewed, or rescinded, plan to provide insurance carrier loss runs for quoting and/or binding new coverage. Insurance carrier loss runs report(s) show claims reported to a malpractice insurer during the time the firm was insured with that insurer. READ MORE >>
Tuesday, October 11, 2022 Suing clients for unpaid legal fees can cause your attorney malpractice insurance premiums to increase. With admitted insurers as few as 5 client fee suits for unpaid legal fees in a 2-year period causes the insurer to either decline, non-renew your insurance or place restrictive policy exclusions on your policy. READ MORE >>
Monday, May 16, 2022Suits for fees are one of the leading causes of attorney malpractice claims. Studies suggest that 33% of all malpractice claims are due to fee suits. The larger the percentage in over 90 days past due receivables, the more likely the firm will have issues when they try to collect the past due amounts. READ MORE >>
Thursday, April 7, 2022A legal malpractice claims-made insurance error policy may have a Firm Prior Acts Date, an Individual Prior Acts Date, a Career Coverage Prior Acts Date and/or Predecessor Firm Prior Acts Date. The different prior acts types address specific coverage needs: 1. READ MORE >>
Tuesday, February 19, 2019 The conundrum some attorneys face is that after they retire, they really did not want to fully retire. An old client or a new client comes along and wants the attorney to do some part-time legal work. While a free non-practicing Extended Reporting Period Endorsement (ERP)Tail is a valuable endorsement, it can be made worthless. READ MORE >>
Thursday, January 24, 2019Individuals that have not had a claims-made policy often do not understand the importance of maintaining prior acts. Many think it is just a ploy for the insurer to collect more money. The reality is that claims-made insurance policies are almost worthless without the proper maintenance of prior acts coverage. READ MORE >>
Thursday, July 12, 2018Everyone wants an accurate attorney malpractice insurance quote. Remember it is not just the premium quoted that matters, but the coverage provided by that quote. No one wants a low premium that does not provide the proper insurance coverage. 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 >>
Tuesday, May 15, 2018Many people have no idea what Insurance Carrier Loss Runs are. Plus who wants to discuss or disclose malpractice claims just to get an insurance quote. Why won’t an insurer just quote without this information? Insurance carrier loss runs are a report(s) that shows claims reported to a malpractice insurer during the time the firm was with the insurer. READ MORE >>
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