1. Why do I need Lawyers' Professional Liability insurance?
2. I already have liability insurance. Why consider the your plan?
3. What is the difference between defense inside and outside?
4. What are the different deductible options that you offer?
5. What is a claim?
6. What is a potential claim?
7. What is an Extended Reporting Period (ERP) or "Tail" coverage?
8. How can I switch if I am already covered?
Why do I need Lawyers' Professional Liability insurance?
Each state has different regulations regarding the requirements for carrying Lawyers' Professional Liability Coverage. Some states mandate coverage, while others mandate that you must disclose to your clients and prospective clients if you do not carry a professional liability policy. In either case, not carrying comprehensive coverage may put you at a disadvantage when compared to covered firms, as well as at risk for lawsuits.
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I already have liability insurance. Why consider your plan?
Just as your clients rely on you for your legal guidance, attorneys across the country rely on USI Affinity for our expertise in professional liability. As the market leader in Lawyers’ Professional Liability programs, USI Affinity currently serves as the endorsed provider for 34 bar associations nationwide. We earn our reputation for excellence by listening to our clients, analyzing market trends and designing comprehensive liability programs to meet your firm’s unique needs. For over 60 years, our team has offered clients an exceptionally high level of knowledge and service.
Even if you already have insurance, the recent softening in the Lawyers’ Professional Liability market makes this an ideal time to reassess your LPL program. Carriers have become more aggressive in pricing and policy enhancements, including the potential for multi-year policies, broadened defense costs and additional risk management services. Let our knowledgeable professional liability experts help you find the most comprehensive and competitive policy available.
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What is the difference between defense inside and outside?
Defense Costs Inside the Limits of Liability means that both the loss amount and claim expenses are deducted from the available limit of liability, and reduce the amount of your available limits to pay the actual claim. Defense Costs Outside the Limits of Liability means that only the damages/settlement amount is deducted from the available limit of liability, and that defense costs are in addition to the limits of liability.
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What are the different deductible options that you offer?
- Loss and/or Defense Per Claim: The deductible applies for each and every claim, to loss and defense payments.
- Loss and/or Defense Annual Aggregate: The deductible applies for each and every claim, to loss and defense payments, but is limited to the aggregate for the policy period.
- Loss Only Per Claim: The deductible applies for each and every claim, but is limited to loss payments only.
- Deductible options are subject to underwriting.
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What is a claim?
A claim is a demand made upon any insured for loss, as defined in each of the coverage units including, but not limited to, service of suit or institution of arbitration proceedings or administrative proceedings against any insured.
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What is a potential claim?
A potential claim is any act, error, omission, circumstance, or personal injury that might reasonably be expected to give rise to a claim against any insured under the policy; or any breach of duty to a client or third party that has not resulted in a claim against an insured.
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What is an Extended Reporting Period (ERP) or "Tail" coverage?
Extended Reporting Periods are used to provide coverage for claims that may be reported after the end of a claims-made policy period. The option to extend the reporting period does not extend the policy period. The ERP cannot be renewed or extended.
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How can I switch if I am already covered?
Please fill out the short form to the right and we will contact you 60 days prior to your policy expiration date. Or simply call us today to speak to a professional liability expert in your area.
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