Call Us 866.940.1101 ☰ ˟
866.940.1101
Logo
  • Home
  • About Us
    • About Us
    • Employee Directory
    • Partners Page
    • Event Calendar
    • Refer a Friend
  • Get A Quote
  • Products
    • Lawyers Malpractice Insurance
    • Professional Liability Coverage For Attorneys
    • Accountants Professional Liability
    • Dentist Malpractice Insurance
    • Business Owners Policy
    • Cyber Liability Insurance
    • Workers Compensation Insurance
    • Title Agents E&O Insurance
    • Paralegal Malpractice Insurance
  • Testimonials
  • Common Terms
    • Common Terms
    • Frequently Asked Questions
  • Blog
  • Contact
  • Areas We Serve
    • Grand Rapids, MI
    • Detroit, MI
    • Lansing, MI
    • Kalamazoo, MI
Home > Blog > With AIG dropping Lawyer s Professional Liability Insurance what about the “Free” Retirement Tail?
TUESDAY, MARCH 29, 2016

With AIG dropping Lawyer s Professional Liability Insurance what about the “Free” Retirement Tail?

From Client:

 I am primarily retired now, and planned to take advantage of the tail hook coverage at some point during the next few years.  How will this change affect me in that regard?

 Response:

 If you do not take advantage of the non-practicing extended reporting period endorsement(Tail) for AIG to provide at no cost prior to renewal, AIG’s obligation to provide this ends at the expiration date of this year’s coverage.  We have one carrier that currently provides this benefit after one year with them as you have been with AIG for over 3 years, but they can change that policy language at any time.  Most carriers provide a no cost non practicing extended reporting period endorsement, but these Lawyers Professional Liability Insurance carriers require that you are with them for at least 3 to 5 years to qualify for that benefit.

 

Most Lawyers Professional Liability Insurance Carriers do provide an extended reporting period endorsement (tail), if you are with them at the time you stop practicing for an additional premium.  The cost for doing so is between 2.5 to 3.5 times the inforce premium at that the time you cancel or do not renew the coverage your Lawyers Professional Liability Insurance coverage.

 

Lee E Norcross CPCU

 

Posted 12:55 PM

Tags: lawyers professional liability insurance, extended reporting period, tail, erp, aig
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2013
  • 2011

  • lawyers professional liability insurance(429)
  • attorney malpractice insurance(383)
  • attorney malpractice(337)
  • legal malpractice(223)
  • legal liability(134)
  • cyber insurance(102)
  • data breach(92)
  • ethics(87)
  • erp(57)
  • malpractice insurance(54)
  • claims(39)
  • title agency e&o(36)
  • accountant e&o(34)
  • extended reporting period endorsement(30)
  • tail(29)
  • phishing(25)
  • legal malpractice insurance(21)
  • claims made coverage(21)
  • extended reporting period(21)
  • prior acts(21)
  • cyber security(19)
  • cyber liability(18)
  • accountant errors & omissions(18)
  • claims reporting(17)
  • crime insurance(16)
  • ransomware(16)
  • claim prevention(16)
  • attorney protective cle(14)
  • the hartford weekly newsletter(14)
  • attorney protective cle webinar(14)
  • 2022 mcgowan pro cpe webinar for accountants(13)
  • mcgowan webinar series for cpas 2021(12)
  • professional liability insurance(12)
  • retirement tail(12)
  • business owners insurance(11)
  • legal liability insurance(11)
  • fee suits(10)
  • full prior acts(10)
  • attpro tip of the month(10)
  • accountant errors & omissions insurance(10)
  • non-practicing erp(9)
  • bop(9)
  • cyber liability insurance(9)
  • title agent errors & omissions(9)
  • cyber crime(9)
  • claims made(9)
  • prior acts date(8)
  • webinar(8)
  • step rating(8)
  • lawyers(8)

View Mobile Version
Logo
Quick Links
Home Our Products Customer Service Payment Options Common Terms
About Us Refer A Friend Our Carriers Blog Contact Us
Location
2430 Camelot Ct SE
Grand Rapids, MI 49546

Local: 616.940.1101
Toll Free: 866.940.1101
Email: info@L2ins.com
Facebook Twitter Social LinkedIn
© Copyright. All rights reserved.
Powered by Insurance Website Builder