commentary
Welcome to the Daniels-Head commentary section. We will regularly post items here for your review that are pertinent to the professional liability marketplace in the various states and locations where we operate around the United States.
October 26, 2006 01:49 PM
Understand LPL Pricing Better by Viewing This Article
"Why does my premium go up every year?" This one-page summary helps to explain the pricing of a claims-made policy. Click here to open file.
October 13, 2006 06:28 PM
Snips and Snails and Liability Tails
By Carol Bauman, Daniels-Head Insurance
An important protection feature in a claims-made policy is "tail" coverage. While many assume that this option is only necessary when an attorney retires, actual experience indicates that the options are exercised for varied reasons and needs. An understanding of this policy feature is as important as the feature itself.
Once a claims-made policy ceases, the coverage ceases, unless an Extended Reporting Period option is exercised. This means that there would not be coverage for an error made while the policy was in force if the reporting of the error or claim occurred after the termination date of the policy. Because of this, claims-made policies contain Extended Reporting Period options. These options are not standardized and vary from policy to policy and company to company. The wise consumer will check the policy language to determine the scope of the coverage being offered here...
September 22, 2006 02:55 PM
Can Office Automation Reduce the Exposure to Professional Liability Claims?
by Paul F. Mahaffey, CPCU
The statistics that have been accumulated by the American Bar Association from insurance companies show that in any given year lawyers in the various states will have between 2 and 5 claims per 100 lawyers insured. The data does not include claims against uninsured attorneys nor does it include complaints filed with the various regulatory authorities. California has the highest frequency while others will have varying results.
In addition to formal claims, there are the clients who for various reasons are unhappy with the experience. Some become fee collection problems while others just go away never to return, but may inform their friends, family and business associates about their dissatisfaction with a particular lawyer or firm....
September 21, 2006 08:37 PM
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Welcome to the Daniels-Head commentary section. We will regularly post items here for your review that are pertinent to the professional liability marketplace in the various states and locations where we operate around the United States.
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