L Squared Insurance Agency Blog: prior acts
View the latest blog posts from L Squared Insurance Agency.
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 >>
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 >>
Thursday, February 4, 2021Because attorney malpractice insurance is written on a claims-made policy form, the prior acts date is important to determine if there is coverage for an act that may have occurred many years ago. To determine if the claims made policy covers the loss, the claims department checks: 1. READ MORE >>
Monday, November 16, 2020To save money L Squared is occasionally asked if we will allow a law firm to renew their Attorney Malpractice Insurance Policy without prior acts coverage. In some cases, the firm only carries the malpractice insurance to meet the state requirements or requirements of a referral service. READ MORE >>
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 >>
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