L Squared Insurance Agency Blog: legal malpractice
View the latest blog posts from L Squared Insurance Agency.
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, August 25, 2020To the dismay of insureds, there is no such thing as an ‘All Risk’ insurance policy. If you have an insurance agent tell you that this is an ‘All Risk’ policy with everything covered run do not walk to the nearest exit. Case in point is the insured v insured exclusion in a legal malpractice policy. READ MORE >>
Thursday, June 13, 2019A common administrative error that causes many attorney malpractice claims involves statute of limitations issues. By one estimate at least 1 in 5 attorney malpractice claims involves a statute of limitations being missed. While determining the statute of limitation in a given state is relatively easy. READ MORE >>
Wednesday, March 13, 2019Legal 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 >>
Tuesday, February 26, 2019 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 >>
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, November 29, 2018Danger 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 >>
Friday, July 20, 2018Insurers 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 >>
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