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Home > Blog > L Squared Insurance Agency Blog: tail
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L Squared Insurance Agency Blog: tail

View the latest blog posts from L Squared Insurance Agency.

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Tuesday, July 28, 2020

Misunderstanding your Attorney Malpractice Insurance Tail Coverage Rights

A 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 >>

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Tuesday, July 21, 2020

What happens to the Malpractice Tail (ERP) when the Insurer goes away

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 >>

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Thursday, December 27, 2018

Additional Questions Concerning Attorney Malpractice Insurance and a Retirement ERP

Please 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 >>

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Friday, December 21, 2018

Attorney Malpractice Insurer Leaving your State and Your Retiring Soon

Every 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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Wednesday, December 12, 2018

Switching Legal Malpractice Insurers Close to Retirement not Always a Good Idea

As the New Year approaches this seems to the time of year that attorneys getting close to retiring start thinking about hanging up their shingles. Generally their income starts to drop and they start looking for ways to save money.  One of the quickest ways appears to be shopping the attorney malpractice insurance in hopes of getting a cheaper rate. READ MORE >>

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Thursday, June 28, 2018

Lowering Limits on Extended Reporting Period Endorsement (ERP/Tail) to reduce cost

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 >>

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Tuesday, June 26, 2018

Cannot have “Career Coverage” with an ‘Of Counsel’ Designation on Attorney Malpractice Policy

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 >>

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Thursday, May 31, 2018

Missed Extended Reporting Period Endorsement Deadline can be Costly-Bad Idea-Part VI

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 >>

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Thursday, May 31, 2018

The Disappearing Extended Reporting Period Endorsement (ERP)-Bad Idea-Part V

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 >>

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Wednesday, May 30, 2018

Slow Firm Breakups Hard to do when Purchasing Attorney Malpractice ERP-Bad Idea-Part IV

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 >>

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