L Squared Insurance Agency Blog: lawyers professional liability
View the latest blog posts from L Squared Insurance Agency.
Tuesday, April 12, 2016Question: I am told my Lawyers Professional Liability Insurance Policy has a “Hammer Clause”—what is a “Hammer Clause”? Response: There is no Lawyers Professional Liability policy that actually states or has a defined term for a “Hammer Clause”. READ MORE >>
Monday, April 11, 2016The “automatic” Extended Reporting Period (ERP) provision in the Lawyers Liability Policy does not extend coverage or provide a “grace” period for renewing coverage. If your policy has this provision the only thing it does is extend the reporting period in cases where no other coverage is purchased. READ MORE >>
Friday, April 8, 2016A Lawyers Liability Policy is a “claims made” insurance policy. Once coverage ceases, so does your coverage for your past acts. This is unlike an “occurrence” policy, such as a Business Owners Policy, where if you let the coverage lapse for a few days and start... READ MORE >>
Thursday, April 7, 2016Lawyers Professional Liability Policies are “claims made” policies. Meaning that the covered act claim must be reported (claim made) during the policy period or during the extension of the reporting period. READ MORE >>
Wednesday, April 6, 2016 This is a frequently asked question. Attorney takes the “free” non-practicing Extended Reporting Period Endorsement(ERP/Tail) on his Lawyers Professional Liability Insurance Policy and decides to start practicing law again at a later date. What is the impact on the ERP? READ MORE >>
Tuesday, April 5, 2016What professional liability limits should a firm carry is a frequently asked question. It is one of the hardest questions for an insurance agent/broker to answer for a law firm. The broker simply does not know your law practice well enough to give more than a ballpark of needed limits. READ MORE >>
Monday, April 4, 2016If your 2 person law firm is splitting up and each going separate ways, the best approach for the firm is to Purchase an Extended Reporting Period Endorsement (ERP/Tail) at the time the split occurs. The ERP is made part of your last Lawyers Professional Liability Policy extending the reporting period for the number of years purchased. READ MORE >>
Monday, April 4, 2016It’s important to encourage your staff to improve client relationships whenever possible. Surprise your staff with gift cards or a catered lunch when you see them go above and beyond for a client, or if they consistently assist you with providing great client relations. READ MORE >>
Friday, April 1, 2016Request from our Client: Need to add a rider to our Lawyers Professional Liability Insurance Policy to increase my limits to cover a large real estate deal for a client. Response: The term “rider” is normally associated with life insurance and health insurance policies. READ MORE >>
Thursday, March 31, 2016Question from Client: Is this Lawyers Professional Liability Insurance Policy Extended Reporting Period Endorsement (Tail) Full Prior Acts? Response: Many people think that there is a separate policy issued once “Tail” is purchased on a Lawyers Professional Liability Insurance Policy. READ MORE >>
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