From The Hirsch Blog
Remember to Consult Your Policy Pre-Claims Assistance
I’ve had numerous clients over the years email me and ask me for advice about a situation, incident or potential claim that has arisen with a lawyer in the firm and whether they should report that as a claim. Here’s my advice to the firm. First, I’m always going to make sure you refer to your actual policy about what triggers your policy’s claims made coverage. It’s important that you have read the definitions and familiarized yourself with what’s in your policy. You can usually find the Pre-Claims Assistance under the insuring agreement, coverage or supplemental coverage portion of the...
Ames & Gough Legal Malpractice Survey
Ames & Gough provided results of its eighth annual survey of legal malpractice survey. They polled nine of the leading professional liability...
What is the Hammer Clause in Your Lawyers’ Professional Liability Policy?
Most lawyers don’t even know the hammer clause is tucked away deep, somewhere within the wording of their policy. It’s usually under the defense and...
What Are Defense Costs Outside the Limits in a Professional Liability Insurance Policy?
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...
What Other Coverage Should a Law Firm Consider and Purchase Outside of Legal Malpractice Insurance?
Owning or running a law firm is no easy task. There are virtually dozens of difficult decisions to be made on a daily basis. Overseeing your attorneys, staff, and making sure your clients are happy are just some of the daily difficulties that goes along with running a...
What is the Innocent Insured Clause?
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...
Trends in Legal Malpractice Claims
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...
What Factors Make Your Legal Malpractice Premium Go Up?
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...
Top 5 Ways to Avoid Legal Malpractice
It is an unfortunate reality for a great deal of lawyers that malpractice claims have simply become part of the “cost of doing business,” and regardless of the steps that some lawyers take, they may still end up as a defendant in a legal malpractice claim. But...
Understanding Your Policy: Claims-Made Reporting Procedures
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...
How the Attorney Benefits from Using a Specialized Professional Liability Insurance Broker
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...
Seven states now require lawyers to disclose directly to clients that they do not carry professional liability coverage.
In February 2014, the Supreme Court appointed an ad hoc committee to address the questions of whether attorneys should disclose to clients and report on the annual registration statement whether they carry professional liability insurance; whether such a client...
What is Covered in a Lawyers’ Professional Liability Policy (LPL)?
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...