Malpractice Insurance Basics Episode #5: Loss Runs and Their Impact on Your Firm
Malpractice Insurance Basics Webinar Episode#1: An Introduction to LPL Policy Terms
LPL Insurance Basics Welcome and Introduction National Broker Specialists in Insurance products for law firms: LPL CYBER EPLI Professional Liability Insurance Definition: Claims made policy that protects law firms and individuals against claims made for inadequate work or negligent actions. Claims Made Policy vs Occurrence Made Policy Who is covered? LPL Policies cover everyone who
Reduce your Law Firm’s Insurance Costs Without Compromising Coverage
Underwriters typically evaluate law firms according to several main factors including: the firm’s areas of practice (AOP), attorney roster, internal procedures, fee suits against clients, frequency and severity of malpractice claims, and the requested liability limits and deductible. AREAS OF PRACTICE (AOP): The American Bar Association lists failure to know or apply the law as
Effects of COVID-19 on Insurance for Lawyers
While the COVID-19 virus continues to spread and the world attempts to prevent economic devastation, law firms fight against an increasing number of challenges. As your trusted advisor, Lawyers Choice works to stay on top of the everchanging industry, securing the most comprehensive policies for the lowest possible premium to ensure your firm is always
Extended Reporting Period [‘ERP’] A.K.A. ‘Tail Policy’
A law firm is exposed to a potential claim far beyond the policy period. Often, a claim will be made several years after the lawyer’s services are performed. For example, when a lawyer from an Estate Planning practice writes a will that contains an error, the family might not discover the error until several decades
Thank You, Jennifer!
Recently, one of our underwriters stated Jennifer Kentner is one of the best account managers he’s ever dealt with, and we couldn’t agree more!! He said; ‘she is thorough, responsive, knowledgeable and very easy and pleasant to work with’. Jennifer, you are such a valuable asset to the team. We sincerely appreciate all of your
Families First Coronvirus Response Act Notice
On March 25th, 2020, the United States Department of Labor (USDOL) issued its required Families First Coronavirus Response Act Notice. Employers must post the notice in a conspicuous place on its premises. The notice provides an explanation of employee rights to both paid sick leave and expanded Family and Medical Leave under the Act. Download. Click
COVID-19 Update from Lawyers Choice
Dear Valued Clients and Partners, As your trusted advisor, Lawyers Choice, promises to be there for you when you need us. Looking at the weeks ahead, we know that you will need our support and as always, we will be there. Our team is prepared to work remotely and our operations will continue as usual. We
Cyber Security Threats Skyrocket as the Workforce Transitions into Remote Work
As the world attempts to prevent the spread of COVID-19, many companies are allowing their employees to work from home. While this option presents a wonderful opportunity, remote work is faced with many cyber-security threats and challenges. Companies that allow employees to work from home during the coronavirus pandemic, face a host of cybersecurity issues,
What Needs To Be Included In Your Cyber Coverage Policy:
1. Expansive business interruption triggers Are business interruptions and extra expenses (BI/EE) covered during a security breach? Are network disruptions or system failures covered? Is coverage available when a business you rely on is down? (i.e. cloud or supply chain providers) 2. Coverage for Ransomware Some criminals will require Bitcoin as a form of payment.
Wouldn’t You Rather Pay $1000 for a Policy vs. $400,000+ in Damages?
Barbara Corcoran, a judge on “Shark Tank”, lost nearly $400,000 in an email scam this Wednesday, February 26th, 2020. Her bookkeeper received an email requesting a $388,700 payment for renovations. Since they regularly invest in real estate, and the email appeared to come from Barbaras’ assistant, the bookkeeper had no reason to be suspicious. A
Lawyers Professional Liability Insurance (LPL) for Firms Practicing Cannabis Law.
Due to various legal complexities, law firms involved in even 1% of the cannabis industry are encountering numerous obstacles when acquiring Lawyers Professional Liability Insurance, Business Owners or Workers Compensation Policies. Many carriers still find too much risk involved due to the lack of precedent, and the opposing positions between the federal and state government.
Employment Practices Liability Insurance
If you have been keeping up with current events, you are well aware of the workplace-related scandals known as the “#MeToo” movement. Not only is this movement occurring in Hollywood and large corporations, but similar wrongful employment acts occur in smaller firms as well. The cost of paying for a legal defense and a potential
Ensure Your Coverage Won’t Fall Through When You Need It.
Professional liability coverage is essential in protecting your firm from malpractice lawsuits. When a claim comes, you want to be absolutely certain you have more than enough professional liability insurance coverage and proper indemnity limits to protect your firm and your assets. Often, legal practice malpractice claims arise years after the original service was provided,
How Much Can Your Firm Afford to Lose? Protect Your Law Firm from a Cyber Security Attack.
The ABA 2019 TechReport, Cybersecurity reported that about 26% of respondent law firms, had experienced a security breach in 2019, an increase of 11% since 2017. Another 36% of law firms have indicated their systems have been infected with viruses, spyware, and malware in 2019. The percentage of attorneys reporting that they have cyber liability coverage is
Claims Expenses Inside the Limit (C.E.I.L.) VS. Claims Expenses Outside the Limit (C.E.O.L.)
Most of our policies will include either claims expenses inside the limit (CEIL) or claims expenses outside the limit (CEOL).Claims expenses inside the limit is commonly referred to as an eroding policy or a Pac Man Policy. Under this provision any money spent to defend the claim will reduce the amount available to pay the
How Much Can Your Firm Afford to Lose?
The ABA 2019 TechReport, Cybersecurity reported that about 26% of respondent law firms, had experienced a security breach in 2019, an increase of 11% since 2017. Another 36% of law firms have indicated their systems have been infected with viruses, spyware, and malware in 2019. The percentage of attorneys reporting that they have cyber liability coverage
Probation After a Legal Malpractice Claim
After a claim, you can expect your premium to go up and carriers will not be as willing to offer higher limits or favorable terms such as first-dollar defense or claims expense outside the limits. When a claim is filed, under a claims made policy, there is a 5-year probationary phase from the date the
Claims-Made Policy vs Occurrence-Made Policy
The main difference between a claims-made policy and an occurrence-made policy is the timing of which coverage is effective for. An occurrence-made policy, pays when the event takes place. For example, your auto insurance pays when a car accident occurs. Other examples of occurrence-made policies would be things like home owners or health insurance. These