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L Squared Insurance Agency Blog: malpractice application

View the latest blog posts from L Squared Insurance Agency.

Recently a claim was made because a business deal was going bad.  This could be a covered act if the lawyer or accountant were acting in their professional capacity and providing professional services.  But in this case it was the insured accountant that had bought a non-accounting related business personally with nonmember partner from outside the firm. READ MORE >>

While it is one of the more boring things to do, properly completing the Lawyers Professional Liability Insurance application is very important.  While this process takes away from billable hours, if done incorrectly it can lead to having claims denied, the law firm being non-renewed, or if the error is material enough coverage rescinded. READ MORE >>

Another Law Firm that needed was being non renewed by their current Lawyers Professional Liability Insurance Carrier because of claims, severity, and frequency.  This combination meant that it was prohibitively expensive to find a Malpractice Insurance policy that covered their prior acts. READ MORE >>

One area that law firms get caught on is completing the claims section of either the incumbent malpractice insurance carrier’s renewal application or a new business application with a different carrier at renewal.  “Prior Knowledge” of a claim is one of the leading causes for denial of Lawyers Professional Liability Insurance Claims. READ MORE >>

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