For a long-time practitioner, your retro date usually coincides with the date you first purchased liability insurance probably close to the date you first started practice. For many, your retro date starts the legacy of many years of continuous insurance coverage representing an entire career.Read More
It is important to know the limitations of a Legal Malpractice or Lawyers’ Professional Liability Insurance (LPL) policy. Most Legal Malpractice Insurance Policies have three components in common.
The key to avoiding the unexpected is to have a good understanding of all restrictions, provisions and costs at the time of purchase or renewal. The implications of these three components can wreak havoc on a law firm.
Deciding on where to purchase your legal malpractice insurance (E & O or Professional Liability Insurance) can be difficult, especially when looking at all the associated costs that come with.
I think it's a safe assumption that premiums dictate what coverage you get and where you get it.
What you may not know though is that the type of deductible associated with your policy can greatly increase its value.
I’ll be sharing with you a unique Deductible Abatement Provision to save you money on future policies.
I’ll also cover more common deductible variations so when it comes time to renew or shop for your insurance you will have a better understanding of the value you can receive from your policy.Read More
Despite best efforts, dissatisfied clients sometimes file legal malpractice suits. Although there are no guaranteed methods preventing suits from being filed, there are tried and true ways that often reduce the risk of being sued, or minimize exposure once suits are filed.Read More
To avoid a potential uninsured career, lawyers practicing in a group setting, need to be prepared to buy Tail coverage should the “group” split up and there is no successor to continue to insure the former firm, and its lawyers’ prior acts.Read More
Your professional liability insurance premium is most often based upon the number of full time lawyers in your firm. As the size of the firm increases however, the cost per lawyer actually decreases.Read More
To be sure that you’re getting the best out of your professional liability insurance policy in terms of cost and coverage, it’s best to shop your coverage once every three years. You can do it yourself, or save a considerable amount of time and effort by having an independent broker who specializes in professional liability insurance do it for you. A mistake not to make: don’t use multiple brokers and wholesalers to shop your coverage.Read More
Ask any busy professional for their most hated business process, 9 out of 10 will say filling out those darn malpractice insurance applications. I have to agree, they're inconsistent, unclear, repetitive, too long and oh-so-tedious. So much so that unless your current insurer refuses to renew your policy or doubles your premium, you will stay put with your current insurance company . . . and insurance carriers know that.Read More