When a hurricane strikes, insurance agencies are often on the frontlines, helping clients navigate through the aftermath of destruction. However, the pressure to process claims quickly and the complexity of insurance policies can sometimes lead to errors or omissions that negatively impact both the agency and the insured. Let’s explore the common mistakes agencies might make during such high-stress situations, and how they can avoid them.
Read MoreBe Careful of New Artificial Intelligence Exclusion!
One of our competitors to our Non-Standard Lawyers Professional Liability Program is now attaching a manuscript endorsement that excludes any claim that is based upon any actual or alleged use of generative artificial intelligence (“AI”) by the law firm.
It is especially interesting that such exclusion uses “or alleged” language, which presumably means that the carrier will not even be obligated to provide a defense if a claim allegedly was based upon the insured’s use of AI.
Read MoreHow Title Agents are Using Technology to Prevent Social Engineering Claims
in Title Agents
Around 2018, there was a major uptick in the amount of claims that Title Agents filed in response to an unprecedented increase in Social Engineering claims, where fraudsters trick employees into divulging sensitive information or transferring funds fraudulently. These scams often involve fake emails or phone calls pretending to be from trusted parties, leading to significant financial losses and damage to reputations.
Read MoreOlder Plaintiff Attorneys Getting Claims Due to Lack of Technology
in LPL, Non-Standard LPL
We have had some large claims in our Non-Standard LPL program involving Plaintiff firms missing the Statute of Limitations deadline for their plaintiff cases. Since there was a series of claims involving similar fact patterns, we did a deep dive into our book of business to discern if there was any pattern.
A common thread that we found among many of these claims were mistakes committed by older attorneys that were still relying on older calendaring methods. Many of these firms have been around for such a long time, it seems that they have not seen the need to update their systems in order to take advantage of newer software such as Clio that helps law firms keep track of important deadlines, including Statute of Limitations deadlines.
In fact, we found that many of these law firms still do not even have websites. Most Plaintiff firms are constantly looking for new cases (as anyone can see with all of the Plaintiff firm billboards seen all over the country), yet these older attorneys seem to continue to attract new clients using old methods.
Plaintiff attorneys should use software to help keep track of important deadlines, including statute of limitations deadlines for their personal injury cases, for several compelling reasons. First and foremost, software provides a high level of accuracy and reliability, significantly reducing the risk of human error in tracking crucial dates. This is particularly important in complex cases with multiple deadlines. Additionally, automating deadline tracking frees up valuable time for attorneys, allowing them to focus more on substantive legal work rather than administrative tasks, thereby enhancing overall productivity and efficiency.
Modern legal software often integrates with other tools and systems used in legal practice, such as case management software, document management systems, and calendaring tools, providing a more organized and streamlined approach to managing cases. Adopting such technology allows older attorneys to stay current with industry standards and best practices. Many of these software solutions are designed to be user-friendly, with intuitive interfaces and support services, making the transition to using technology smoother for attorneys who may not be as familiar with modern software.
Moreover, the increasing need for remote work capabilities makes software solutions that provide remote access invaluable. Attorneys can access important information and deadlines from anywhere, ensuring they stay on top of their cases even when away from the office. Incorporating software into legal practice for tracking deadlines offers numerous benefits that enhance the overall management of personal injury cases and support the successful resolution of client matters.
Yet it may be a simple fact that these law firms are in the surplus lines market because they have not adopted the latest risk management techniques. Nonetheless, our Non-Standard LPL underwriters will be examining this aspect of Plaintiff firms more carefully going forward.
What are Legal Paraprofessionals and How are They Insured?
in LPL
The legal landscape is ever-evolving, and in the state of Arizona, a new role has emerged to bridge the gap between laypersons and the legal system: the Legal Paraprofessional (LPP). This innovative position is designed to improve access to justice by allowing qualified individuals to perform certain legal tasks traditionally reserved for attorneys. But what exactly is a Legal Paraprofessional, and how do they fit into Arizona’s legal framework?
Read MoreArtificial Intelligence is Like Having a College Intern
As Artificial Intelligence (AI) is becoming incorporated into more business tasks, it is useful to think of AI as that akin to a college intern on your staff. AI can serve as a digital counterpart that aids in research, data processing, and scalability. Much like an intern, AI can examine data, identify patterns, and generate insights that form the foundation for informed decision-making by business owners. Its ability to automate repetitive tasks mirrors an intern's role in tackling routine assignments, like data entry, thereby freeing up human resources for more strategic endeavors. Moreover, AI's scalability allows it to adapt seamlessly to changing workloads and demands, resembling the eagerness of that certain “go getter” intern to take on new challenges.
Read MoreWhy Real Estate Appraisers Should Have Errors & Omissions Insurance
in Real Estate
In the dynamic world of real estate, the role of appraisers stands out as crucial. These professionals provide an unbiased assessment of property values, aiding in fair transactions and ensuring market stability. However, alongside their expertise comes a responsibility that extends beyond valuation accuracy: mitigating risks and protecting stakeholders. One vital aspect of this risk management is Errors and Omissions (E&O) insurance, which plays a pivotal role in safeguarding both appraisers and their clients.
Read MoreWhy Insurance Agents and Brokers Need Errors & Omissions Insurance
In the complex world of insurance, professionals like agents and brokers serve as the crucial bridge between individuals or businesses and the insurance policies that safeguard their assets and mitigate risks. However, despite their expertise and diligence, mistakes can happen. Whether it's a miscommunication, a misunderstanding of policy terms, or a simple oversight, these errors can have significant consequences for clients. This is where Errors & Omissions (E&O) insurance steps in as a crucial safeguard for both the insurance professionals and their clients.
Read MoreWhy Insurance Keeps Attorneys Up at Night
in LPL
As legal professionals, attorneys constantly juggle various responsibilities and concerns. From managing cases to maintaining client relationships, their days are filled with complexities. However, amidst the myriad of issues that occupy their minds, one aspect that often keeps attorneys up at night is professional liability insurance. While it might not be the most glamorous topic, it holds significant importance in safeguarding both the attorney and their firm against potential risks and liabilities.
Read MoreWhich AOPs Have the Most Severity?
in LPL
Lawyers professional liability insurance, also known as legal malpractice insurance, covers claims arising from errors, omissions, negligence, or misconduct in the provision of legal services. While the specific areas of practice (AOPs) with the highest and most severe claims may vary over time and depend on various factors, certain practice areas tend to carry a higher risk.
Read MoreEscrow Wire Fraud Prevention
in Title Agents
One of the most common sources of professional liability claims against a title agency is when one of the title agency’s employees falls prey to an escrow wire fraud scheme. Fortunately, there are many ways that a title agency can mitigate the risk of these claims from happening to them. As title agency business overall has slowed down in 2023 due to higher interest rates, now is a great time to employ some of these appropriate strategies.
Read MoreWhen to Consider Non-Admitted vs. Admitted
in LPL
There are benefits to admitted and non-admitted insurance carriers in today’s market depending upon the circumstances. Admitted carriers are licensed by the state and must comply with their state’s regulations, which verify policy forms, rates and requirements. Non-admitted insurance carriers, also known as surplus lines carriers, are not licensed or regulated by the state insurance department and typically provide more flexible coverage for risks that are considered high-risk or hard-to-place.
Read MoreThe 411 on Malpractice Claims Today
in LPL
Over the past year, law firms and their insurance carriers have experienced a rise in the frequency and severity of high-exposure legal malpractice claims. Today, lawyers need to have a strong and proactive risk management plan in place to prepare for a potential claim.
Read MoreThe Risks of Real Estate Wire Fraud are Real
in Title Agents
Cyberattacks and wire fraud are on the rise in the real estate industry. According to a 2022 survey by the American Land Title Association, 86% of respondents said the volume of cyberattacks either increased or remained the same in 2021 when compared to 2020.
Read MoreTitle Agents
in Title Agents
Title Agents Errors & Omission (E&O) insurance protects the title agent’s business against baseless and legitimate claims. Commercial General Liability insurance is not enough. An E&O policy covers many of the items that a CGL policy does not, such as performance disputes, errors, and other liability issues.
Read MoreAre Your Law Firm Clients Entitled to a Reward for Good Behavior?
in LPL
Each year, your law firm clients pay a premium for professional liability coverage. And many of those clients may remain claim free year after year. Are they entitled to a reward for good behavior?
Read MoreLawyers' Professional Liability
in LPL
Professional liability coverage can protect your client attorneys and their firm from costly malpractice claims.
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