L Squared Insurance Agency Blog: policy
View the latest blog posts from L Squared Insurance Agency.
Tuesday, August 11, 2020 A law firm has clients with business in many states, but their insurer is only licensed in one state. Or the law firm has offices in different states, which creates a similar problem. In the past we have helped law firms with 3 different policies in 3 different states go to one policy for the 3 different states at a significant premium savings. READ MORE >>
Tuesday, July 28, 2020A frequently asked misguided question from attorneys is wanting to purchase a tail policy or shop their tail policy coverage. My response upsets some. There really is no such thing as a ‘tail policy’. I am sure that many attorneys stop reading right there, but hopefully not! READ MORE >>
Thursday, May 21, 2020With COVID-19 disrupting many accounting and law firm’s stability, do not keep silent about material changes to the firm. It is amazing the problems an accounting firm or law firm can create for themselves by failing to notify their malpractice agent/insurer of changes to the firm. READ MORE >>
Friday, May 15, 2020This continues to be a frequently asked question. As law firms discover that their businessowners policy (BOP) has exclusions for viruses or it is not a defined covered loss, they are realizing that the BOP will not provide any business interruption coverage. Attorneys are now reading their malpractice policies. READ MORE >>
Thursday, April 16, 2020With an uptick in turnover at law firms there is a common misconception that can cause uninsured malpractice claims. Many attorneys and firms wrongly believe that the Attorney Malpractice Insurance coverage for a departing attorney continues until the end of the policy term because it is ‘paid for’. READ MORE >>
Thursday, February 27, 2020Yesterday we blogged about making sure that you have adequate limits. Attorneys forget that if their policy is Claims Expenses Inside the Limits (CEIL), the limits can be exhausted before a damages award is made or there may not be enough left to pay the damages awarded. READ MORE >>
Wednesday, February 26, 2020Whether this is your 1st attorney malpractice policy or you have had coverage for many years, law firms want to know if they have adequate insurance coverage limits. No one wants to pay for unneeded coverage but being underinsured could be a life altering event. READ MORE >>
Friday, February 21, 2020 Have you actually read the policy and attached endorsements or just assume by the title the policy does what you think it does? This is an important question if you expect your malpractice insurer to provide coverage as you expect. Not properly insuring yourself will cause a claim denial. READ MORE >>
Thursday, December 12, 2019 An attorney malpractice claim resulted in a loss of over $200,000. Unfortunately, the insured only had a policy limit of $100,000 per claim. The insurer wrote their check for $100,000 and closed their claim file. It left the insured to defend themselves and settle the balance owed on any additional amount due. READ MORE >>
Tuesday, May 21, 2019The confusion in the proper use of an insurance policy versus a bond often leads to the request for the wrong coverage product. Many people think that there is little to no difference and become frustrated when trying to obtain a bond over an insurance policy or the reverse because of a basic misunderstanding. READ MORE >>
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