Sometimes referred to as Claims Expenses Outside the Limits (CEOL) When purchasing professional liability insurance, be aware that most policies come with eroding limits. Both the defense costs to defend the claim, as well as any monetary damages paid to a party on the claim, erode the limits of liability. Some polices do offer defense […]
In most of my writings, you will see me emphasize the importance of accurate, timely and careful reporting of potential claims. Most professional liability insurance policies contractually obligate or place a duty upon the insured to report incidents or potential claims somewhere along the process. Whether it be completing a new business application or during […]
Attorneys: the stats are in on legal malpractice claims, and they are not pretty. Did you know that the American Bar Association reports four out of five lawyers will get sued for malpractice at some point in their career?[1] Seventy percent of malpractice claims are filed against firms with one to five attorneys.[2] Are you prepared […]
You purchase a legal malpractice insurance policy to protect your law practice. You pay your initial yearly insurance premium, which is based on a variety of answers you provided in the malpractice application. The underwriter reviews the application, enters the information into a rating system and comes up with the premium. Factors which determine the […]
Attorneys often ask us, “Now what?” after applying for malpractice insurance. We’re uncovering the mystery; here’s what you need to know about what happens after you apply and in the event you need to utilize your coverage. Once you’ve completed the malpractice application process and bound coverage, you will receive a copy of your professional […]
When a prospective client has a divorce or custody issue they turn to a family law attorney for guidance. The family law attorney has expertise in the field and knows the law in this area. The same principal should apply when purchasing professional liability insurance. You should seek out a professional that understands the intricacies of a claims-made […]
Most lawyers’ professional liability policies cover the attorney for financial loss suffered by third parties arising from wrongful acts, errors and omissions in providing legal services. Claims such as negligence, misrepresentation, violation of good faith and fair dealing, as well as inaccurate advice are typically covered in LPL policies. Remember to visit the legal services […]
