L Squared Insurance Agency Blog: professional liability insurance
View the latest blog posts from L Squared Insurance Agency.
Tuesday, July 10, 2018Many an attorney has commented when completing the malpractice insurance application that they refer out or case share cases that they normally do not handle. While a referral or sharing a case can be in the best interest of the law firm and client be cautious about making sure you document the relationship. READ MORE >>
Friday, July 6, 2018Many attorneys are surprised to find that attorney malpractice insurance policies have a deductible. The deductible may be mandated by the underwriter to address small frequent claims or chosen by the insured to reduce premiums or claim costs. READ MORE >>
Thursday, July 5, 2018Question 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 >>
Friday, June 29, 2018The 2018 annual Ames & Gough survey used data provided by nine leading attorney malpractice companies that write approximately 80% of the attorney malpractice sold to law firms. The key findings of the survey were: 1. Conflicts of Interest was leading cause of malpractice claims because of inadequate controls READ MORE >>
Thursday, June 28, 2018Before your law firm’s malpractice insurance coverage sails into the sunset the wise professional considers purchasing an Extended Reporting Period Endorsement (ERP/Tail). Many people think that a separate policy is issued once an ERP is purchased for a legal malpractice policy. READ MORE >>
Wednesday, June 27, 2018Attorney Asks: Why did my attorney malpractice premium not go down at renewal? I’m switching 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 for the past year. I told insurer that I want the practice areas changed to criminal anyway. READ MORE >>
Tuesday, June 26, 2018Not all insurers offer “Career Coverage” for attorney malpractice insurance. But “Career Coverage” is a useful option for an attorney that is joining a new firm and had attorney malpractice that is being terminated with an old firm. READ MORE >>
Thursday, June 7, 2018You report a malpractice claim now the insurer sends a Reservation of Rights Letter (ROR). Don’t panic this does not mean that the insurer is about to deny your claim. An ROR is a standard procedure for most malpractice claims departments. READ MORE >>
Thursday, May 31, 2018We have discussed a number of issues with Extended Reporting Period Endorsements (ERP or Tail) recently. One that does not come up often is the remaining ERP policy limit. Remember that an ERP is attached to the last inforce policy. READ MORE >>
Wednesday, May 30, 2018Attorney Malpractice Extended Reporting Period Endorsement (ERP) premiums are a multiple of the policy that is inforce at the time the coverage is terminated. So if the premium is $20,000 and the firm purchases an unlimited ERP that the insurer has a multiplier cost of 3.5 the cost of that ERP is $70,000 (20,000*3. READ MORE >>
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