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L Squared Insurance Agency Blog: legal malpractice insurance

View the latest blog posts from L Squared Insurance Agency.

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 >>

Individuals 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 >>

Everyone 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 >>

A 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 >>

Many 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 >>

Year after year you are required to complete a malpractice application.  It is enough to make you want to scream.  Accountant and attorney malpractice insurers generally want an updated application every year.  But Business Owners, Workers Compensation and Commercial Auto insurers renew each year without an application. READ MORE >>

As the law firms try to address their costs by avoiding hiring new associate attorneys many firms have turned to hiring contract attorneys either on a short or long term basis.  This has advantages to the law firm by being able to take on more legal work without having to permanently increase its fixed costs. READ MORE >>

Claims made insurance policies are designed to provide coverage for covered acts that a claim is made and reported during the policy period.  An unendorsed claims made policy generally only provides coverage for the current policy term for covered acts that occurred during the policy period and where the claim is made and reported during that term. READ MORE >>

An important and sometimes overlooked item is what are the entities that are actually insured under the Lawyer Professional Liability Insurance Policy?  Generally Attorney Malpractice Insurance policies are written on behalf of the named insured firm and all of the attorneys that work for the firm are insured for the work that they do for the firm. READ MORE >>

There are many different deductible options; some are packaged into the policies some are provided as an additional charge. 1.       Zero Dollar Deductible—this is listed 1st, as with a zero dollar deductible the options list after this do not apply. READ MORE >>

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