Buying a practice
If you are acquiring an existing firm, you should seek consent to see the claims history of that firm.
You need to be aware that the claims experience and the premiums of the practice you are purchasing may be blended with that of your firm. The reason is that claims may emerge out of the acts and omissions that occurred prior to your acquisition of the practice. LPLC covers such claims as emerging from a prior practice. LPLC will consider the other firm to be a prior practice of your firm if your firm acquires the majority of files, principals, staff, assets or liabilities of the other firm, or holds itself out as a successor to the other firm.