L Squared Insurance Agency Blog: professional liability insurance
View the latest blog posts from L Squared Insurance Agency.
Monday, May 9, 2016 Lawyers that choose to go without malpractice insurance believe that because they work for a small firm and maintain close relationships with their regular clients, that they are immune to claims. Other attorneys believe that the chances of them facing a claim aren’t great enough for them to purchase a lawyers liability malpractice insurance policy. READ MORE >>
Wednesday, May 4, 2016Many Law Firms are reluctant to report claims made against them. Many times the Law Firm feels that the Lawyer Liability Claim is small and they can cover it themselves and it will help their insurance history, thereby keeping their Lawyers Malpractice Insurance premiums low. READ MORE >>
Tuesday, May 3, 2016It is not a good idea to pick up an attorney’s past acts exposure for Lawyers Malpractice Insurance for a number of reasons: 1. It immediately will increase the firm’s Lawyers Professional Liability Insurance premium. READ MORE >>
Monday, May 2, 2016 The purpose of a Risk Purchasing Group (RPG) is to allow like risks to be able to purchase liability insurance on a group basis. In 1981 Congress enacted the Products Liability Risk Retention Act that allowed the formation of groups to be formed to purchase liability insurance on a group basis. READ MORE >>
Monday, May 2, 2016 Avoid fee disputes by explaining the fee arrangement in great detail during the first meeting. Confirm this understanding in writing and have the client agree by signing the agreement. When billing the client, ensure there is enough detail in the bill to allow the client to understand everything you are doing on their behalf. READ MORE >>
Friday, April 29, 2016Question from Law Firm: My Lawyers Professional Liability Insurance carrier non-renewed my policy because of a claim. Now all I can get is “Surplus Lines” or a non-admitted insurance carrier for a much higher premium than I used to have to pay. READ MORE >>
Thursday, April 28, 2016Question from Attorney: Will you write a Lawyers Malpractice Insurance policy for me without prior acts coverage? I currently have prior acts coverage and want to renew without any prior acts coverage and do not want to purchase a Tail or Extended Reporting Period Endorsement. Response: READ MORE >>
Wednesday, April 27, 2016When completing the Lawyers Professional Liability Insurance application a frequent question is how to fill out the area of practice grid (AOP). I suspect that it is frequently done incorrectly. For firms that are currently in operations for over a year: READ MORE >>
Tuesday, April 26, 2016Question from Law Firm: Law Firm’s Managing Partner states, “My Travelers Lawyers Professional Liability Insurance Agent tells me that it is going to cost 3 times expiring to buy an Extended Reporting Period Endorsement (ERP or Tail). Our law firm is merging with another firm and is required to have an ERP. READ MORE >>
Monday, April 25, 2016A frequently asked question from solo attorneys is why they need a backup attorney in order to obtain their Lawyers Professional Liability Insurance Coverage. The rationale for a solo having a backup attorney is to make sure that if due to unexpected circumstances the insured attorney canno... READ MORE >>
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