Who wouldn’t want a legal malpractice insurance policy that wiped out the deductible? To make doubly sure that you never have to pay a deductible, why not have an policy that has a zero dollar deductible and 1st dollar defense. This is why you cannot...
A frequently asked question is what is the purpose of an ‘Innocent Insured Clause’? The Innocent Insured Clause’s purpose is to provide coverage for individuals that are members of the firm for deliberate acts that normally would be...
Extended Reporting Period Endorsement (ERP or Tail) have very specific deadlines and requirements. There is no underwriting that takes place and except for very limited circumstances the right to purchase the ERP cannot be taken away by the insurer. But...
We have discussed a number of issues with Extended Reporting Period Endorsements (ERP or Tail) recently. One that does not come up often is the remaining ERP policy limit. Remember that an ERP is attached to the last inforce policy. The ERP does not...
Extended Reporting Period Endorsement (ERP) premiums are a multiple of the policy that is inforce at the time the coverage is terminated. So if the premium is $20,000 and the firm purchases an unlimited ERP that the insurer has a multiplier cost of 3.5 the cost...
