L Squared Insurance Agency Blog: prior acts
View the latest blog posts from L Squared Insurance Agency.
Tuesday, February 20, 2018Attorney 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 >>
Wednesday, January 24, 2018Professional 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, December 7, 2017 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 >>
Wednesday, December 6, 2017 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 >>
Monday, December 4, 2017During 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 >>
Tuesday, June 20, 2017Claims made policies normally contain a prior acts date. Firms face a dilemma when they have trouble renewing claims made coverage at a ‘reasonable’ price. Sometimes it is tempting to renew coverage without the prior acts being maintained to save money. READ MORE >>
Friday, April 7, 2017We get this question frequently, especially after an attorney has received one of our mailers. “I need prior acts coverage and your mailer states that you work with malpractice insurance carriers that offer prior acts coverage.” READ MORE >>
Wednesday, February 22, 2017 For Lawyers Professional Liability Insurance, there is not common meaning to the terms. “Full Prior Acts” is a term that is often misunderstood and changes from carrier to carrier as to what it means. Each Attorney Malpractice policy defines the terms used in the policy in its own unique way. READ MORE >>
Friday, December 9, 2016Insurance policies can lapse either through administrative issues or lack of funds. Letting coverage lapse is never a good thing. Whether it is Business Auto, Business Owners Coverage, Professional Liability Insurance or Workers Compensation letting your insurance coverage lapse can be costly. READ MORE >>
Wednesday, September 28, 2016Claims made insurance policies are designed to provide coverage for covered acts that a claim is made and reported during the policy period. An unendorsed claims made policy generally only provides coverage for the current policy term for covered acts that occurred during the policy period and where the claim is made and reported during that term. READ MORE >>
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