Shoring up malpractice insurance; the importance of prior acts coverage and extended reporting endorsements

Article Abstract:

Lawyers purchasing malpractice insurance need to know how the contract is structured to minimize gaps in protection. The claims-made basis of most policies does not protect the holder for claims which happened before the current policy started or after termination for prior acts. Prior acts coverage will provide this protection and should come without time limitation for the most complete coverage. The lawyer must check to see if there are any limitations on this coverage. 'Extended reporting endorsement' or 'tail coverage' provides protection for future claims after policy termination.

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The right amount of coverage: taking inventory of risks helps determine malpractice insurance limits

Article Abstract:

Law firms should consider at least five factors when evaluating the level and nature of professional liability insurance they need. These include whether defense costs are included in the coverage limits; the length of the risk 'tail,' which varies according to practice type; the average and high-end size of potential losses; policy aggregate (total for the year) loss limits as well as per-claim limits; and the claim frequency, also affected by practice type. Occasional activity in low-risk areas increases exposure.

Direct Property and Casualty Insurance Carriers, Surety insurance, Malpractice Insurance, Methods, Interpretation and construction, Risk assessment, Evaluation, Insurance policies

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No retreat in retirement: liability claims may shadow lawyers who change practice status

Article Abstract:

Lawyers retiring from or otherwise leaving a private law practice should consider professional liability insurance issues, as this will often entail a change in their coverage. Most such insurance purchased by firms operates on a 'claims made' basis, without regard to when the triggering event occured. If the plan lapses, is changed, or does not apply to the lawyer's status, it may no longer offer coverage. The partnership agreement and recent claims by the firm also affect coverage.

Retirement

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