Call Us Today For A Free Quote | 866.940.1101
Professionals Insuring Professionals
 

Attorney asks:

Why did the attorney malpractice premium not go down at renewal?  I decided to switch to all criminal work which I know is a lower risk area of practice, but the renewal application only wants to know what was done in the past.  I told carrier that I changed areas of practice anyway.  I want a lower rate this year.

Response:

The Lawyers Professional Liability Insurance renewal application is meant to capture on a retrospective basis.  Attorney malpractice insurance is written on a claims made and reporting coverage form.  The renewal claims made malpractice policy not only covers acts that occur in the current year, but covered acts that occurred in the past.  If attorney malpractice insurance were written on an occurrence policy form, then changing the areas of practice in the current year would be more relevant.

Given the retrospective nature of the claims made malpractice coverage, rating the firm for what it has done in the past, not want it plans to do more accurately reflects the exposure.  Obviously it is frustrating to many an attorney that is expecting an immediate change in the premium.

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Quick Contact
Referrals
We love referrals! And thank you even more for your continued business.
Customer Service
Self policy service any time of the day, directly from our website.
Join Our Newsletter
Stay in touch with the latest events, news and offers we have.
From Our Blog From Our Customers
Read More Read More
Stay In Touch With Us Helpful Site Links Read the News
Sign up now to receive new and updates Stay up-to-date with the latest industry, community and agency news through our newscenter. We also provide handy hints on how to save on your insurance.

Read More
We have the expertise to find you the right coverage at the right price 
Powered by Insurance Website Builder