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Attorneys & Law FirmsAttorneys in all fields of law, whether practicing solo, as member of a group or law firm, or as an employed attorney of a company (in-house Counsel) need to obtain Professional Liability insurance. In addition to claims directly against the firm by clients, lawyers can also find themselves named as defendants in actions against their clients.
In-house attorneys are increasingly finding themselves as defendants in actions brought by their employer, employees, coworkers and especially by non-client third parties.
"In fact, the American Bar Association has estimated that 25% of all claims against attorneys are brought by non-client third parties. And the cost of defending against these lawsuits—not to mention the settlements—can be beyond the means of most in-house attorneys. Recent changes in federal law create even greater potential liability for in-house counsel in areas like securities law". (Source: Chubb Insurance)
Whether a solo practitioner, a law firm or an in-house counsel, when purchasing a professional liability policy, some of the questions that must be addressed are:
- Who is the "Named Insured"?
- How does the policy address the coverage for professionals who are partners, shareholders and employees of the firm or independent contractors?
- Is coverage provided for all persons for whom the insured is legally responsible?
- How does the policy cover former, current or future non-professionals and employees, independent contractors, heirs, executors, administrators, legal representatives or assigns of the insured?
- Does policy provide coverage for innocent partners, where others have not complied with policy conditions?
The above are only some of the issues which need to be considered when purchasing a practice policy. Our brokers will be happy to answer all your questions in detail.