L Squared Insurance Agency Blog: 5_2016
View the latest blog posts from L Squared Insurance Agency.
Tuesday, May 31, 2016There are many different deductible options; some are packaged into the policies some are provided as an additional charge. 1. Zero Dollar Deductible—this is listed 1st, as with a zero dollar deductible the options list after this do not apply. READ MORE >>
Friday, May 27, 2016Question 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. “Claim 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 >>
Thursday, May 26, 2016Many people think that there is a separate policy issued once “Tail” is purchased on a Lawyers Professional Liability Insurance Policy. This is not the case. Generally the endorsement is just one sheet of paper and only one or 2 paragraphs long. There is not a separate policy that is issued. READ MORE >>
Wednesday, May 25, 2016Attorney Asks: Why did the attorney malpractice premium not go down at renewal? I decided to switch 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 in the past year. I told carrier that I want the practice areas changed to criminal anyway. READ MORE >>
Tuesday, May 24, 2016Many people are concerned after they report a potential claim or incident the malpractice insurance company’s claims department sends them a Reservation of Rights Letter. This is a standard procedure for most malpractice claims departments. READ MORE >>
Monday, May 23, 20161st dollar defense (FDD) is sometimes called a Loss Only Deducible. What ever the name the meaning is the same. Certain professional liability insurers for attorneys and accountants offer this coverage. With FDD the insured is only responsible for the deductible if there is an indemnity payment required on the claim. READ MORE >>
Monday, May 23, 2016One of the most asked questions is what is an “Innocent Insured Clause”. The purpose of an Innocent Insured Clause is to provide coverage for individuals that are members of the firm for deliberate acts that normally would be excluded from coverage as long as those i... READ MORE >>
Friday, May 20, 2016Another Law Firm that needed was being non renewed by their current Lawyers Professional Liability Insurance Carrier because of claims, severity, and frequency. This combination meant that it was prohibitively expensive to find a Malpractice Insurance policy that covered their prior acts. READ MORE >>
Thursday, May 19, 2016Attorneys are very intelligent creative people. Lawyers Professional Liability Insurance Extended Reporting Period Endorsements (ERP or Tail) are expensive. In trying to figure out ways to avoid buying a Lawyers Professional Liability Insurance Extended Reporting Period Endorsement and save money, Lawyers have come up with some very creative solutions. READ MORE >>
Wednesday, May 18, 2016One area that law firms get caught on is completing the claims section of either the incumbent malpractice insurance carrier’s renewal application or a new business application with a different carrier at renewal. “Prior Knowledge” of a claim is one of the leading causes for denial of Lawyers Professional Liability Insurance Claims. READ MORE >>
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