L Squared Insurance Agency Blog: lawyers professional liability insurance
View the latest blog posts from L Squared Insurance Agency.
Wednesday, April 11, 2018New York Attorney M Scott Vayer was admitted to practice law in 1980. Somewhere around 2001 Vayer stopped reregistering with the Office of Court Administration (OCA) because of the stresses in his life prevented him from being able to complete his CLE. READ MORE >>
Wednesday, April 11, 2018Insured asks: What is ‘Step Rating’? I did not find term defined or mentioned in my policy. Response: Attorney Malpractice Insurance policies are written ‘claims made’ policy form. Most Claims Made Policies are Step Rated. READ MORE >>
Tuesday, April 10, 2018Law firms often finance their attorney malpractice insurance with a premium finance company. It is a good way to manage cash flow. Problems happen though when a law firm allows their attorney malpractice insurance go into cancelled status with the finance company for premium nonpayment. READ MORE >>
Monday, April 9, 2018As a law firm evolves through the years, its insurance needs may change. Changes in a firm’s practice areas and clients might require different liability insurance limits than the firm required in the past. Raising policy limits to meet a law firms needs causes no coverage issues. READ MORE >>
Friday, April 6, 2018As an accountant and auditor through the years of working with attorneys and seeing some of the claims reported because of lack of controls I have always been amazed. More than one attorney has decided that they only want to ‘practice law’ and leave the ‘business side of the law’ to lessors. READ MORE >>
Thursday, April 5, 2018On June 8, 2017, we blogged about a US District Court case, Gonakis v Medmarc Casualty Insurance Company. In this case the District Court granted a summary judgement for Medmarc Casualty stating that because of ‘prior knowledge’ of the claim and not disclosing this claim to Medm... READ MORE >>
Wednesday, April 4, 2018Moving a law practice can open up an exciting new chapter. But make sure to add insurance to your moving checklist. As with the practice of law, property and casualty insurance is regulated by each state. Insurers and insurance policies by state can differ. READ MORE >>
Tuesday, April 3, 2018Attorney Malpractice Insurers cap their exposure to losses through a variety of means. One is by limiting the limits an insurer will post for a single law firm. All attorney malpractice Insurers carry reinsurance helping to limit their exposure to “shock” losses. READ MORE >>
Monday, April 2, 2018 According to USA Today, New York Suffolk County District Judge is accused of repeatedly breaking into his neighbors house and stealing the 23-year-old daughters underwear out of the clothes hamster. READ MORE >>
Friday, March 30, 2018In a previous blog, Attorney Malpractice—Substance Abuse the Practice of Law’s Dirty Little Secret', we detailed attorney’s struggles with substance abuse. The ABA just documented another attorney whose practice of law has been cut short by his drinking. READ MORE >>
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