Legal malpractice insurance is not just about the cost
As H. Robert Fiebach points out in his article “Shopping for Malpractice Insurance”, there is much more to consider than just costs when purchasing Lawyers Professional Liability (LPL). When was the last time that you took a hard look at your firm’s professional liability coverage? Do you know what you are really getting for your premium? There are several items that can be amended in the standard policy forms offered by most insurers. These amendments enhance the cover that is being afforded; however, you will not receive the enhancements unless you ask for them.
Additional, key areas of a Lawyers Professional Liability Policy to review include the exclusions and the definitions sections of the policy form. It is here that you may find cover is being restricted, without thorough review you may unwittingly be exposed to uncovered claims scenarios. Please contact us for further advice on purchasing insurance for a Professional Services firm.
About the Author
Lynne Ahearn is Senior Vice President at WGA, working with clients to provide innovative risk management and insurance advice to the Professional Services sector.