L Squared Insurance Agency Blog: attorney malpractice insurance
View the latest blog posts from L Squared Insurance Agency.
Tuesday, March 21, 2023 Certain insurers include additional beneficial coverages. ProAssurance adds on in states where permitted a Cyber Risk Endorsement. The base cyber endorsement adds $25,000 in coverage for certain cyber events. Given the increased frequency of data breaches and cyber-attacks cyber insurance is an essential coverage. READ MORE >>
Friday, March 17, 2023 As a nationwide independent agency L Squared Insurance LLC offers attorney malpractice programs from over 50 insurers. In one of those programs L Squared Insurance Agency LLC has partnered with Aon Attorneys Advantage. L Squared Insurance Agency has been and will continue to be an agency for insuring small law firms (1-4 attorneys). READ MORE >>
Thursday, March 16, 2023 Certain insurers offer deductible reductions when resolving a claim in arbitration or medication. Given the appropriate circumstances it can be a significant savings for the insured at claims time. For example, the current Wesco policy has a provision for reducing the deductible for mediation or arbitration by up to 50%: READ MORE >>
Tuesday, March 14, 2023 Buried in the policy language for certain insurers are additional coverages that not all admitted attorney malpractice insurers provide. The AIG policy is one of those policies. Found in the Special Benefit Policy Section are additional coverages for Claims Expenses: 1. Claim Expenses. READ MORE >>
Monday, March 13, 2023 When considering needed liability limits often overlooked are claims expenses. This could leave an insured dramatically underinsured. Given the right set of circumstances, claims expenses can easily exceed $100,000. So, what are claims expenses? The current AIG policy defines claims expenses as: READ MORE >>
Tuesday, March 7, 2023 There is no standardization for Attorney Malpractice Insuring Agreements. The insuring agreement might also be called “Defense and Settlement” or a similar name. This plus the “Additional Coverages” sections gives the policy intent. Key terms in the insuring agreement: READ MORE >>
Thursday, March 2, 2023 Attorney malpractice insurance protects in case of a malpractice claim made against your firm. Simple enough. But when to report a claim? A major reason for claims denial is prior knowledge. Of course, reporting a claim that’s not a claim could impact your insurance rates and future insurability. READ MORE >>
Monday, February 27, 2023 Attorney malpractice insurance policies have no standard policy form. So, defining Legal Services or Professional Services without caveats is not possible. Legal Services (Professional Services) definitions shown below from two different insurers do not provide the full picture. READ MORE >>
Tuesday, February 21, 2023 Question from Attorney: I am still looking at alternatives for renewing my attorney malpractice coverage and cannot get firm terms until I get Insurance Carrier Loss runs from my incumbent insurer. If I am a “few” days late renewing coverage is that going to be a problem? READ MORE >>
Monday, February 20, 2023 Periodically we receive requests to add a mortgagee to a legal malpractice policy. This occurs when a law firm lender requests a certificate of insurance for a loan that is being renewed or procured. The law firm gives our insurance agency name and e-mail so that the lender can contact us about adding a certificate for a mortgagee to an attorney malpractice insurance policy. READ MORE >>
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