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L Squared Insurance Agency Blog: legal malpractice

View the latest blog posts from L Squared Insurance Agency.

Legal malpractice policies sold in the United States are claims-made policies.  Conceptually the insurer that is on the risk is the insurer and policy form that will defend the insured and pay the claim should a claim be made during the policy period, providing that the reported act occurs after the prior acts date. READ MORE >>

An attorney can do the darnedest things to ensure that they get their claim denied.  Attorney Malpractice insurance policies are claims-made and reported policies.  Remember insurance policies are contracts.  Not understanding your coverage is not a defense for getting a claim denied. READ MORE >>

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 >>

Danger Zones: Preventing Legal Malpractice in Everyday Practice December 12, 2018 Most lawyers understand the importance of their reputation and avidly work to build and maintain a good one. So, it can be unsettling when a lawyer's work product or reputation is called into question. READ MORE >>

Insurers look at 2 things when setting rates; frequency & severity of claims.  There is some caution with producing a list as different time periods and different jurisdictions can change these practice areas.  For example, up until 2009, residential real estate and title agency coverage was considered a preferred area of practice. READ MORE >>

Based on a recent Lawyers Professional Liability Insurance Conference in Law Vegas, Argo Pro’s Kim Noble released its Top 6 Liability Risks for Lawyers: 1.       Cyberattacks—As reported in our Blog, in 2017 22 Percent of the law firms reported a Cyber Attack. READ MORE >>

These are the clients from hell.  And unfortunately you are not immune even if you decline to represent the client or they were the opposing litigant.  Next thing you know you receive a notice that you have been filed upon for malpractice. 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 >>

Question from Attorney: Why do I need prior acts coverage for Attorney Malpractice Insurance?   Response: Lawyers Professional Liability Insurance is written on a ‘Claims-made’ policy form.  ‘Claims-made’ coverage in its purest form would only provide coverage for covered acts that that occurred and were reported during the policy period. READ MORE >>

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