L Squared Insurance Agency Blog: professional liability insurance
View the latest blog posts from L Squared Insurance Agency.
Wednesday, May 25, 2016Attorney Asks: Why did the attorney malpractice premium not go down at renewal? I decided to switch to all criminal work which I know is a lower risk area of practice, but the renewal application only wants to know what was done in the past year. I told carrier that I want the practice areas changed to criminal anyway. READ MORE >>
Monday, May 23, 20161st dollar defense (FDD) is sometimes called a Loss Only Deducible. What ever the name the meaning is the same. Certain professional liability insurers for attorneys and accountants offer this coverage. With FDD the insured is only responsible for the deductible if there is an indemnity payment required on the claim. READ MORE >>
Friday, May 20, 2016Another Law Firm that needed was being non renewed by their current Lawyers Professional Liability Insurance Carrier because of claims, severity, and frequency. This combination meant that it was prohibitively expensive to find a Malpractice Insurance policy that covered their prior acts. READ MORE >>
Thursday, May 19, 2016Attorneys are very intelligent creative people. Lawyers Professional Liability Insurance Extended Reporting Period Endorsements (ERP or Tail) are expensive. In trying to figure out ways to avoid buying a Lawyers Professional Liability Insurance Extended Reporting Period Endorsement and save money, Lawyers have come up with some very creative solutions. READ MORE >>
Wednesday, May 18, 2016One area that law firms get caught on is completing the claims section of either the incumbent malpractice insurance carrier’s renewal application or a new business application with a different carrier at renewal. “Prior Knowledge” of a claim is one of the leading causes for denial of Lawyers Professional Liability Insurance Claims. READ MORE >>
Tuesday, May 17, 2016Question from Attorney: I am still looking at alternatives for renewing my attorney malpractice coverage and cannot get firm terms until I get Insurance Carrier Loss runs from my incumbent carrier. If I am a “few” days late renewing coverage is that going to be a problem? READ MORE >>
Monday, May 16, 2016Insurance carrier loss runs are a report that shows what claims have been reported to the insurance company. This is a report that is prepared by the claims department but can also be generated by many underwriters. READ MORE >>
Friday, May 13, 2016Every year, year after year you are required to fill out a new application. It is enough to make you scream. Accountants and Attorney Malpractice Insurance carriers generally want an updated application every year. Business Owners, Workers Compensation and Commercial Auto insurance carriers generally renew each year without an application. READ MORE >>
Wednesday, May 11, 2016Many states have statutes that limit the time to file an action against a lawyer. The statutes many times have statements in them when a person would responsibly know an error was made. Or for example, in Michigan, plaintiffs have 6 years after the date the alleged malpractice was committed to bring suit regardless of when it was discovered. READ MORE >>
Tuesday, May 10, 2016Often when asked why one attorney is paying more for legal malpractice then a colleague. According to the attorney that is paying more the two attorneys doing the 'same' thing, but they answer the same Lawyers Malpractice application very differently. READ MORE >>
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