L Squared Insurance Agency Blog: policy
View the latest blog posts from L Squared Insurance Agency.
Tuesday, January 24, 2023 Attorney malpractice insurance uses a claims-made policy form. This is an important concept when reducing coverage limits. Unlike an occurrence policy form where the policy form used to settle a claim is when the act occurred. READ MORE >>
Wednesday, October 26, 2022 An attorney malpractice claim resulted in a loss of over $200,000. Unfortunately, the attorney only had a policy limit of $100,000 per claim. The insurer wrote their check(s) for $100,000 and close their claim file. The insurer fulfilled their contract. The attorney defended themselves after that and paid any additional damages due. READ MORE >>
Thursday, October 20, 2022 Insurance Bonds and insurance policies both offer protection, but who they protect, how they protect and who pays is different. While the name of an insurance bond product and an insurance policy may sound the same. Each is intended for a specific purpose. A good example is a Fidelity Bond versus a Crime policy. READ MORE >>
Friday, June 10, 2022What is the difference and uses of a Lawyers Professional Lability Policy versus an Employed Lawyer Policy? Lawyers Professional Liability Insurance (LPP) An LPP policy is designed to cover private practice attorneys where there is an attorney/client relationship. READ MORE >>
Wednesday, April 13, 2022A business owner’s policy, or BOP, is a great insurance solution for small- to medium-sized businesses. This type of policy is favored because it bundles the most common coverages into one policy, with one premium as opposed to paying for policies a la carte. READ MORE >>
Thursday, May 6, 2021Contractual Liability is a common attorney malpractice policy exclusion. As there is not a common policy form this ‘exclusion’ may or may not be found in the policy exclusion section. The different exclusion wording appears in many different policy form sections. READ MORE >>
Wednesday, April 28, 2021A little discussed issue is the remaining Extended Reporting Period (ERP or Tail) aggregate policy limit. An ERP is attached to the last inforce policy. The ERP does not change the terms of the policy or reinstate policy liability limits used during policy term. A little claims-made insurance background READ MORE >>
Thursday, February 18, 2021When insuring your small business, you might find an ideal coverage solution in a business owners policy (BOP). These packages of essential commercial insurance benefits will combine several pieces of critical coverage in one place, and at one affordable cost. READ MORE >>
Thursday, October 15, 2020As a law firm’s practice evolves through the years, so may its insurance needs. Changes in a firm’s practice areas and clients might require different liability insurance limits than the firm required in the past. Raising policy limits to meet a law firms needs causes no coverage issues. 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 >>
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