L Squared Insurance Agency Blog: tail
View the latest blog posts from L Squared Insurance Agency.
Friday, August 12, 2022 With Crum & Forster (C&F) dropping its small firm Lawyer s Professional Liability Insurance what happens to the “Free” Retirement Tail? 1. If C&F has issued the non-practicing extended reporting period endorsement (ERP) attached to your policy, then you have nothing to worry about. READ MORE >>
Friday, July 29, 2022 Attorney Malpractice Insurance Policies are written on a ‘claims-made’ policy form. A claims-made policy form requires that the covered act must be reported (claim made) during the policy period or during the extension of the reporting period (ERP/Tail). READ MORE >>
Tuesday, May 4, 2021Your law firm is closing. You decide to purchase an Extended Reporting Period Endorsement (ERP/Tail) to cover past acts. This endorsement is attached to your last in-force policy. Other than amending the reporting period (for a specified time from 1-year to unlimited), the endorsement does not normally amend any coverage or policy terms. READ MORE >>
Wednesday, April 21, 2021Attorney 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 >>
Tuesday, April 20, 2021Many years ago, a law firm’s attorney malpractice insurance was being non-renewed because of claims severity and frequency. No malpractice insurer would provide a replacement attorney malpractice Insurance policy with prior acts. This 13 member firm was looking at premiums of around $125,000 for a million dollars coverage without prior acts. READ MORE >>
Friday, April 9, 2021Attorney Malpractice Extended Reporting Period (ERP or Tail) Endorsements are expensive. This is a tale of a firm that went to great lengths to figure out a way to avoid buying an ERP. Unfortunately, a bad creative solution can be costly. The following money saving idea for an alternative ERP is not recommended. READ MORE >>
Tuesday, July 28, 2020A frequently asked misguided question from attorneys is wanting to purchase a tail policy or shop their tail policy coverage. My response upsets some. There really is no such thing as a ‘tail policy’. I am sure that many attorneys stop reading right there, but hopefully not! READ MORE >>
Tuesday, July 21, 2020 Even though the insurer is no longer writing malpractice insurance the coverage once an Extended Reporting Period Endorsement (Tail or ERP) is issued it remains in force from an admitted insurer. If the Tail that you purchased was from a non-admitted insurer or a Risk Retention Group that was liquidated, you may be out of luck. READ MORE >>
Thursday, December 27, 2018Please see the answers to your questions below each question: I know that this can be frustrating, but all attorney malpractice insurers’ extended reporting period (ERP/Tail) provisions are provisions that an insurer will not modify. READ MORE >>
Friday, December 21, 2018Every year there are insurers that leave the Attorney Malpractice marketplace. In some cases it is because their relationship with their managing general agent (MGA) or agent ended. In others it is because the insurer decided to stop writing attorney malpractice insurance. READ MORE >>
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