Attorneys’ Professional Liability Insurance And Why You Need It
Attorneys’ Professional Liability Coverage is certainly recommended if you have a law firm and want to protect yourself against expensive legal malpractice lawsuits. If you’re a law firm operating in NY and you don’t carry this type of insurance, then you’re basically leaving yourself exposed to a wide range of risks that may put you out of business.
The Professional Liability Coverage plan administered through USI is fully endorsed by the NY State Bar Association and that’s because it offers you affordable, yet also broad coverage that specifically meets your needs.
A five percent Bar Association membership credit. This credit applies to your APL premium for membership in the NYSBA on a per lawyer basis.
A 7.5 % risk control credit per lawyer for 24 months after you’ve completed a CNA risk management seminar.
Legal Liability Limits
Ranges from at least one hundred thousand dollars per claim and up to three hundred thousand dollars aggregate up to a maximum of ten million dollars out of ten million dollars.
Subject to underwriting claims expenses beyond the coverage limits is available.
What is Covered
For qualifying lawyers, Full Prior Acts are available.
Defense for personal injury claims stemming from your legal services.
Notary public, mediation, arbitration, and title agent services usually performed by an attorney.
Professional trustee, fiduciary services usually performed by an attorney.
Who is Covered
Lawyers in your NY law firm, but also those who join your team mid-term.
Former lawyers for work performed on the behalf of your firm.
Disabled or retired lawyers of your firm.
Staff and lawyers of predecessors firms while working on behalf of your firm.
Employees working for your firm, including investigators and paralegals for work performed on your firm’s behalf.
Lawyers acting on a contractual basis or off-counsel lawyers for work performed on your firm’s behalf.
Lateral Hire Coverage
Lawyers that join your company benefit from coverage for their prior acts, but only if they (i) meet the conditions and terms of the policy and require underwriting approval; (ii) managed to have claims made coverage during the entire time they practiced law.
Sole Practitioners: Special Benefits
Part-time Program that’s designed for those who work less than twenty six hour a week in their own practice. The Extended Reporting Period provides your estate or you with extra protection for free should you die or become permanently disabled.
Unlimited Extended Reporting Period is offered by the Retiree Benefit for free, but only if you had continuous coverage , as following:
If you retire at fifty five years old: you to have had insurance for a minimum of seven years.
If you retire at fifty six years old: you to have had insurance for a minimum of six years.
If you retire at fifty seven years old: you to have had insurance for a minimum of five years.
If you managed to open a solo firm within 12 months after graduating form law school, you may qualify for the New Lawyer Discount of 30% in your first year, 20% in your 2nd year, and ten percent in your 3rd year.