L Squared Insurance Agency Blog: prior acts
View the latest blog posts from L Squared Insurance Agency.
Thursday, June 25, 2020In this blog we only address Firm Prior Acts Coverage not Individual Prior Acts Coverage. Not understanding prior acts can come back to bite you. Attorney Malpractice insurance policies have a Retroactive Date which is sometimes called a Prior Acts Date. READ MORE >>
Thursday, April 23, 2020Professional Liability Insurance policies usually are written on a ‘claims-made’ policy form. In its purest form, an unendorsed ‘claims-made’ policy only provides coverage in the current policy term for covered acts that occurred and where the claim is made and reported during the policy term. READ MORE >>
Thursday, April 25, 2019With some frequency professionals cite claims-made coverage that they had in the past as their current coverage. Many seem to think that if the act occurred while coverage was previously inforce they still have coverage for that claim even if it was never reported to the insurer. READ MORE >>
Wednesday, March 20, 2019 Accountants 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 >>
Tuesday, February 12, 2019 Accountants Errors & Omissions and Attorney Malpractice insurance policies 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. Each can be used to address specific coverage needs: 1. READ MORE >>
Wednesday, February 6, 2019What do you mean that Full Prior Acts might not mean Full Prior Acts. Legal Malpractice Insurance policies are similar but there is no common meaning to the terms. Full Prior Acts is a term that is often misunderstood and changes from insurer to insure as to its meaning. READ MORE >>
Friday, January 25, 2019Professional Liability Insurance policies are normally written on a ‘claims-made’ policy form. In its purest form, an unendorsed ‘claims-made’ policy only provides coverage for the current policy term for covered acts that occurred during and where the claim is made and reported during that policy term. 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 >>
Wednesday, January 23, 2019Brief background
Most property & casualty insurance policies are occurrence policies. Your personal auto, homeowners and business owners policies are good examples of an occurrence policy. With an occurrence policy, the policy that is on the risk at the time that a covered act &l... READ MORE >>
Monday, October 22, 2018You are very happy as it appears that your new policy is going to save you money. But as with the changing seasons there are certain things you want to check when you switch claims-made malpractice insurers. Items to check: 1. Check the named insured and who is insured. READ MORE >>
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