FAQ

Why do I need Lawyers Professional Liability insurance?

Lawyers Professional Liability coverage helps protect New York law firms from costly legal malpractice lawsuits. Law firms that do not carry this legal liability coverage leave themselves open to a host of lawsuit possibilities, the most common being:

  • Malpractice (a former client unhappy with the service or judgments they received).
  • Suits that may arise out of a former client’s assertion that the bill is too high, unjust or, more commonly, overdue.

I already have legal liability insurance. Why consider the New York State Bar Association’s plan?

If you already have lawyers professional liability coverage, it’s advisable that you look at two key features of the Bar Association’s plan: Lateral Hire Coverage and Special Benefits for Sole Practitioners.

With Lateral Hire Coverage, attorneys who join your firm will be covered for their prior acts, provided (1) they meet the terms and conditions of the policy and are subject to underwriting approval; and (2) have maintained continuous claims-made coverage while in practice. (This coverage may be excluded from the policy upon your law firm’s written request.)

Special Benefits for Sole Practitioners include the following:
• Part-Time Program
• Extended Reporting Period
• Retiree Benefit
• New Attorney Discount

What is a potential legal malpractice potential claim?

A potential legal malpractice 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.

What is a legal malpractice claim?

A legal malpractice claim is a demand made upon any insured for loss, including, but not limited to, service of suit or institution of arbitration proceedings or administrative proceedings against any insured.

What is Extended Reporting Period 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.

What is the difference between Defense Costs Inside and Outside?

Defense Costs Inside the Limits of Liability means that both the loss amount and claims 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.

What are the different deductible options that you offer?

A range of deductibles, from $0 to $100,000 (depending on your New York law firm’s size and the insurer’s approval).

How can I switch if I am already covered?

Please click below to complete a brief form and we will contact you 60 days prior to your policy expiration date.

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