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Insurance Glossary

The world of insurance for law firms can be confusing, and difficult to navigate. We've created this glossary because these common insurance terms should be easy to understand.

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Mark Bassingthwaighte, Risk Manager

Mark Bassingthwaighte, Esq., serves as Risk Manager at ALPS, a leading provider of insurance and risk management solutions for law firms. Since joining ALPS in 1998, Mark has worked with more than 1200 law firms nationwide, helping attorneys identify vulnerabilities, strengthen firm operations, and reduce professional liability risks. He has presented over 700 continuing legal education (CLE) seminars across the United States and written extensively on the topics of risk management, legal ethics, and cyber security. A trusted voice in the legal community, Mark is a member of the State Bar of Montana and the American Bar Association and holds a J.D. from Drake University Law School. His mission is to help attorneys build safer, more resilient practices in a rapidly evolving legal environment.

3 min read

How to Avoid Problems with Third Party Payors

A lawyer called me wanting to discuss third-party payors because his representation of his client had just ended, and he didn’t know what to do with the excess funds that remained in trust. In light of that call, I thought it worthwhile to cover...

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3 min read

Why You Should Prioritize Taking Care of Yourself

The best risk management advice I will ever have to offer is simply this: Never minimize the importance of taking care of yourself. I know it sounds...

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3 min read

How To Start Drafting an Electronic Document Retention Policy

I suspect more than a few law firms, particularly in the solo/small firm space, have yet to take the necessary time to draft and write up a...

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3 min read

A Tale of Two Calls – Insuring Past and Future Exposures

Two calls that I recently took almost back to back really surprised me. The first came from an attorney who was retiring in another month or so. He...

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2 min read

How to Responsibly Embrace Any and All Digital Tech in the Practice of Law

In many jurisdictions, commentary to Rule of Professional Conduct 1.1 Competency states that lawyers are to keep abreast of the benefits and risks...

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13 min read

ALPS In Brief — Episode 46: What if Goat Yoga Isn't Your Thing?

On this episode of ALPS In Brief, at the beginning of Lawyer Wellbeing Week and Mental Health Awareness month, Mark sits down with Liesel Brink,...

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10 min read

ALPS In Brief — Episode 45: Listening to Your Life

There are all kinds of finish lines in life. Some of those will be positive, and others won’t. So go ahead and feel what you feel, but remember the...

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20 min read

ALPS In Brief — Episode 44: It's a Different World — Literally.

Do you feel like you’re living on another planet right now? There’s a reason. Humans are social animals and social distancing and isolation is not...

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3 min read

Why Agreeing to Rent Out Your Law License May Not Be the Best Idea

Solo and small firm lawyers continue to occasionally call in wanting to discuss a business opportunity that has come to be known as a “license...

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3 min read

How COVID-19 and a Recession Could Impact Malpractice Claims

During a recession, and for the three years following, there has historically been a huge spike in paid claims, which is a number that typically...

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1 min read

ALPS COVID-19 Risk Management Alert

While missed deadlines are always a risk management concern, the significant number of uncertainties brought about by the COVID-19 pandemic only...

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3 min read

How to Write a 'Closing Your Practice' Letter

Occasionally a lawyer will reach out to me wanting clarification on what should be covered in a letter notifying active clients, whose matters the...

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