Crime Insurance a must – Attorney Malpractice Policy did not cover legal assistant’s theft
Crime Insurance is a property coverage, not a liability coverage. Lawyers Professional Liability Insurance (LPL) covers attorney malpractice liability claims. Crime insurance covers a theft of funds. Law firms without crime insurance are in for a surprise. LPL rarely covers employees with sticky fingers.
The following case shows need for adequate crime coverage insurance coverage through a Business Owners Policy and/or a standalone crime policy:
NJ Firm Loses Bid For Quick Win Over Stolen Funds Coverage
By Shayna Posses
Law360, New York (July 15, 2016, 4:58 PM ET) — A New Jersey federal judge rejected by a bid by the Cadre Law Firm LLC and its owner for a quick win in litigation seeking insurance coverage for client funds embezzled by a former legal assistant, rebuffing claims that a ProAssurance Casualty Co. professional liability policy clearly should apply.
U.S. District Judge Kevin McNulty denied a summary judgment motion by the firm and owner Jill Cadre in a coverage dispute over funds misappropriated from the attorney trust account, determining that neither state statutes nor the policy…
Request a Crime Insurance Quote
Contact Me Today
Lee Norcross, MBA, CPCU
California License # 0D87292
L Squared Insurance Agency, LLC ® DBA in California as L2 L Squared Insurance Agency, License # 0L93416
Managing Director, CEO
Lee@L2Ins.com
616-726-7080
