This continues to be a frequently asked question. As law firms discover that their businessowners policy (BOP) has exclusions for viruses or it is not a defined covered loss, they are realizing that the BOP will not provide any business interruption coverage. Attorneys are now reading their malpractice policies. In reading the professional liability policy they find that there is no exclusion for viruses, pandemics, or plagues. Problem is two-fold for recovery under the malpractice policy:
1. A COVID-19 loss would have to have a covered attorney malpractice claim made against the firm.
2. Even if there is a malpractice claim cause by the virus, most attorney malpractice policies do not provide any type of business interruption coverage as a remedy. The damages that would be paid are the 3rd party monetary damages for the malpractice claim.
Recovery of damages for being forced to shutter the law practice is not part of the attorney malpractice policy
coverage.
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Lee Norcross, MBA, CPCU
Managing Director, CEO
(616) 940-1101 Ext. 7080 |