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L Squared Insurance Agency Blog: tail

View the latest blog posts from L Squared Insurance Agency.

Before 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 >>

Not 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 >>

You have seen the sales pitches that this offer is available for a limited time only.  Most claims-made insurance policies give the right to an insured to purchase an Extended Reporting Period Endorsement (ERP or Tail) have very specific deadlines and requirements. READ MORE >>

We 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 >>

Attorney 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 >>

Attorney Malpractice policies are written on a claims-made policy form.  With claims-made policy forms, when the policy terminates so does the coverage and there is no coverage for claims reported after the coverage termination date. READ MORE >>

A number of years ago a law firm was being non-renewed by their current attorney malpractice insurer because of claims severity and frequency.  This meant that it was prohibitively expensive to find a replacement attorney malpractice Insurance policy that covered their prior acts. READ MORE >>

Attorneys are very intelligent creative people who sometimes do dumb things.  Attorney Malpractice Extended Reporting Period Endorsements (ERP or Tail) are expensive.  Some firms have gone to great lengths to figure out ways to avoid buying an ERP to save money. READ MORE >>

Question from Law Firm: Law Firm’s Managing Partner states, “My Travelers Attorney Malpractice 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 >>

Along with attorneys not understanding claims-made insurance coverage and the need to protect past acts, more than one attorney has ‘top sheeted’ their policy determining they have 60 days past expiration to renew or get new coverage because of the 60 day  ‘Automatic’ Extended Reporting Period (ERP). READ MORE >>

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