L Squared Insurance Agency Blog: malpractice insurance
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 >>
Monday, March 21, 2022When your insurer stops writing attorney malpractice insurance, every firm needs to address this issue promptly. Likely promptly will be at renewal. But for attorneys that are planning to retire this can be even more of an issue. With claims-made insurance coverage understand the needed steps to protect the your past acts coverage. READ MORE >>
Monday, December 13, 2021
No matter how talented or experienced an attorney is, the risk of making a mistake and being held liable for it is one that is always present in this profession. And while learning about the intricacies of legal professional liability (commonly referred to as malpractice insurance) mi... READ MORE >>
Wednesday, September 29, 2021As law firms evolve so should their insurance coverage. Not every malpractice insurance policy is a good fit for every firm. The proper firm coverage needed 3 years ago, may not be the coverage that the firm needs today. Neglecting a periodic review of your firm’s insurance needs can be costly. READ MORE >>
Monday, September 20, 2021Without proper attention during the dissolving and forming of law firms with legal malpractice claims-made insurance policies can cost coverage. Understand the need for making sure that past acts are covered. While purchasing an extended reporting period endorsement (ERP) can be costly, it is often the best way for covering an attorney’s past acts. READ MORE >>
Monday, August 9, 2021For an attorney malpractice policy to cover a cyber claim it must cause a 3rd party covered client lost for attorney malpractice. Even when it triggers the malpractice policy, the policy likely will only cover a portion of the claim that deals with monetary damages to the client. READ MORE >>
Tuesday, July 27, 2021A small law firm partnership can be like a marriage. Through good and bad times many partnerships stick together and work things out. But when things go bad in a law firm between attorneys, they can really go bad. Once communication breaks down it can lead to more drastic actions. READ MORE >>
Monday, July 26, 2021When essential information is not provided, the quoting agent assumes. Remember it is not just the quoted premium. Coverages do matter. No one wants a quote with the wrong insurance coverages. The attorney malpractice application is essential for underwriting and quoting a law firm but the declarations page with the policy endorsements provides the rest of the story. READ MORE >>
Thursday, July 22, 2021We often tell insured how important prior acts coverage is, but what does it cover? Attorney malpractice insurance is written on a ‘Claims-made’ policy form. ‘Claims-made’ coverage in its purest form only provides coverage for covered acts that that occurred and were reported during the policy period. READ MORE >>
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