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Home > Blog > Attorney Malpractice Insurance Policy Care Custody or Control Exclusion
MONDAY, NOVEMBER 14, 2022

Attorney Malpractice Insurance Policy Care Custody or Control Exclusion

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A law firm may have substantial exposure for assets that are in their care, custody, or control.  An Attorney malpractice insurance policy may exclude coverage if the asset is lost or stolen.  Assets can be anything from a gold watch to a IOLTA or trust account.  A staff member with sticky fingers, an office break-in, a data breach, or stolen passwords can all lead to a loss of value or the loss of the asset.

Attorney malpractice policies may contain language similar to the following in the exclusions:

based upon, arising out of or attributable to any loss or destruction, or any diminution in the value of any asset in the Insured’s care, custody, or control, or out of the misappropriation of or failure to give an account of, or failure to produce upon legitimate demand, any asset in the Insured’s care, custody, or control, including the commingling of funds.

 

Law Firms need to look to their Business Owners Policies, their Thief Policies and/or their Cyber Policy for coverage.   The policies need to be properly endorsed with adequate policy limits.  It is not unusual for a law firm client to require a bond to cover these exposures.  While the bond provides protection for the client.  It provides no protection for the insured law firm.

Click Here for an Attorney Malpractice Insurance Quote

Click Here for a Business Owners Quote

Click Here for a Cyber Quote

 

Lee

 
 
   Contact Me Today
   Lee Norcross, MBA, CPCU

    Managing Director, CEO
    Click here to contact Lee Norcross, MBA, CPCU, CPIA

     (616) 940-1101 Ext. 7080

 
Posted 7:39 PM

Tags: attorney malpractice insurance, care custody or control exclusions
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