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 […]
Ames & Gough provided results of its eighth annual survey of legal malpractice survey. They polled nine of the leading professional liability insurance companies: AXIS, CAN, Huntersure, Ironshore, Markel, Travelers, Swiss Re, QBE, and XL/Catlin. Altogether, they insure approximately 80 percent of the 200 highest grossing law firms in the United States. Conflicts of interest […]
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 settlement clause or provision in the policy. Most professional liability policies contain a “hard hammer” consent to settle clause. This clause forces the insured to comply with the insurance carrier’s […]
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 […]
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 successful law firm. Often those in charge […]
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 […]
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 following the guidance below should reduce — and […]
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 […]