Coverage
Our policy is continually being reviewed to ensure it stays current with market conditions. In fact, to meet the needs of MBA members, we have enhanced the form two times in the past three years!
Lawyers Professional Liability Coverage Highlights - Limits of Liability - range from a minimum of $100,000 per claim subject to a $300,000 aggregate up to a maximum of $20M per claim subject to a $20M aggregate. Optional claims expense outside limits coverage is available, subject to underwriting.
- Deductibles - range from $1,000 to $100,000 on either an aggregate or per claim basis. Optional first dollar defense coverage is available, subject to underwriting.
- Broad definition of Legal Services includes Arbitrator, Mediator, Title Agent, Notary Public and customary Fiduciary Capacities such as Administrator, Conservator, Executor, Trustee together with investment advice given in connection with fiduciary activities.
- Broad definition of Insured: includes the Firm, Predecessor Firm, Lawyers within the Firm (Partners, Associates, Directors, Officers, Employees). Also covers Of Counsel and/or Independent Contractors for work performed on behalf of the Firm.
- Supplementary payments up to $500 per day for loss of earnings while in attendance at a trial for a covered claim against the Insured. Maximum limit is $10,000 despite the number of Insureds.
- Supplementary payments up to $10,000 for any Insured and in the aggregate for attorney fees and other reasonable costs, expenses or fees resulting from a Disciplinary Proceeding received by the Insured and reported to the Company during the policy period involving covered legal services. Maximum limit is $10,000 despite the number of Insureds. In the event of a determination of No Liability, the limit is increased to $100,000.
- Assistance in responding to a subpoena arising out of legal services rendered by an Insured including production of documents and preparation of sworn testimony provided the subpoena arises out of a lawsuit to which the Insured is not a party.
- Waiver of deductible for claims resolved by mediation or arbitration either without service of suit or within 120 days of service of suit
- Coverage is provided for claims arising out of legal services by an Insured rendered to another Insured as a client.
- Individual Retirement Extended Reporting Period Policy is available for Attorneys ceasing the private practice of law.
- Non-Practicing Extended Reporting Period for retiring or non-practicing lawyers who have been continuously insured by the Company for at least three consecutive years at no extra charge.
- Death or Disability Extended Reporting Period at no extra charge.
- Full Prior Acts Coverage available.
- Policy requires Insured's consent in order to settle claims.
- Coverage for services as an author or publisher of legal research papers or legal materials or the presenter of legal seminars but only where compensation is less then $10,000.
- The definition of Damages does not exclude punitive or exemplary damages
- Coverage is provided for services rendered as a member, director or officer of any professional legal association.
- Policy protects a truly innocent insured from prior knowledge disclosure issues of a non-innocent insured.
- Coverage can only be cancelled for Non-Payment of Premium.