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L Squared Insurance Agency Blog: prior acts

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Question from Attorney: Why do I need prior acts coverage for Attorney Malpractice Insurance?   Response: Lawyers Professional Liability Insurance is written on a ‘Claims-made’ policy form.  ‘Claims-made’ coverage in its purest form would only provide coverage for covered acts that that occurred and were reported during the policy period. READ MORE >>

Because attorney malpractice insurance is written on a claims made policy form the prior acts date is important to determining if there is coverage for an act that may have occurred many years ago.  The first three things that an insurer looks at to determine if the claims made policy covers the loss are: READ MORE >>

Some law firms are reluctant to report small claims.  Many times the law firm feels that the legal malpractice claim is small and they can cover it themselves.  These strategies will help their insurance history thus keeping their attorney malpractice insurance premiums lower. READ MORE >>

Tough call, you found this terrific attorney that would be a great fit for your firm.  The attorney’s prior firm(s) work experience and skills are exactly what your law firm needs.  The attorney is concerned about the prior firm surviving after departure and has asked if you will pick up this prior acts exposure. READ MORE >>

Question from Attorney: Will you write an Attorney Malpractice Insurance Policy for me without prior acts coverage?  I currently have prior acts coverage and want to renew without any prior acts coverage to save money.  I do not want to purchase a Tail or Extended Reporting Period Endorsement from the incumbent insurer. READ MORE >>

Attorney Malpractice insurance policies have a Retro Active date sometimes called a Prior Acts date.  But some attorney malpractice policies do not.  These attorney malpractice insurance policies are Full Prior Acts (FPA). READ MORE >>

Professional 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 >>

An attorney malpractice or lawyers professional liability insurance policy may have a Law ‘Firm’ Prior Acts Date, an ‘Individual’ Prior Acts Date, a ‘Career Coverage’ Prior Acts Date and/or ‘Predecessor ‘ Firm Prior Acts Date. READ MORE >>

Prior acts along with a ‘claims-made’ policy form are two of the most misunderstood concepts with malpractice insurance.  It is a shame, because this misunderstanding costs many professional s millions of dollars in coverage every year. READ MORE >>

During a closing on a real estate transaction, cyber criminals sent new instructions via e-mail for sending the monies.   Insured did not verify by a phone call or other means that the new instructions changing the account numbers was correct.  $150,000 was sent to the cyber criminals via ACH as a result and the money is gone. READ MORE >>

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