2023 will bring many positive changes to the Alta Pro Lawyers RPG program. We are excited to announce Chapter One of these changes: CorePointe Insurance Company Transition
Some background: Seven years ago, AmTrust Financial, rated A- XV(Excellent) by A.M. Best, acquired CorePointe Insurance Company, domiciled in Michigan, with the goal of creating a company within the AmTrust family of companies dedicated to MGA program business. The Alta Pro Lawyers RPG program was the first specialty program underwritten by AmTrust starting in 2011. In just over 12 years, our Lawyers Professional Liability program has grown to cover almost 10,000 lawyers in seven states. We look forward to expanding our program with AmTrust into more states.
Now it’s time for Chapter One, in which our Wesco renewals will be transitioned to CorePointe, beginning with our June renewals.
What does this mean for you?
- First and foremost, Wesco insureds will NOT be non-renewed.
- Policy numbers will NOT change.
- Rates have NOT changed.
- Forms and endorsements have NOT changed.
- The base LPL policy has been enhanced as follows:
- Added supplemental crisis event coverage for limits of $25k per event/$50k aggregate
- Increased loss of earnings from $500 to $1,000 per day with the maximum increased to $25,000 from $10,000
- Increased subpoena assistance from $25,000 to $50,000
- Increased the percentage of equity from 10% to 15% for the outside interest exclusion
- Provides an exception to the outside interest exclusion when the claim is based on or arising out of an Insured’s capacity as a member, director or officer of any professional legal association
- Increased the automatic ERP(Extended Reporting Period)from 30 days to 60 days
- Increased time to notify of the election of the optional ERP from 30 days to 60 days
- Increased the additional premium for an unlimited ERP from 225% to 250%, which remains one of the least expensive ERP options in the market today
Time Spent with Wesco counts towards calculating a free retirement ERP with Corepointe.
Wesco to CorePointe Fact Sheet
Carrier Notice of Transition