Greenwich Insurance Attorney Malpractice Insurance Policy – Disciplinary Coverage
More than a few attorneys forget to take advantage of Disciplinary Coverage until it is too late. Attorney Malpractice Insurance policies that offer this coverage can be ‘Duty to Defend’ or ‘Reimbursement’. Even though the Greenwich’s Insurance policy malpractice coverage is ‘Duty to Defend’, the disciplinary coverage is ‘Duty to Defend’ if the Insured requests. Policy wording for disciplinary coverage and reporting differs by carrier. The disciplinary reimbursement is not subject to the policy deductible.
Policy Coverage:
II. EXTENSIONS OF COVERAGE
A. At the request of an Insured, the Insurer shall defend a proceeding first brought during the Policy Period against such Insured by a bar association, licensing board, disciplinary board, peer review committee, or similar entity alleging professional misconduct or violation of the rules of professional conduct and reported to the Insurer pursuant to Section VII. herein; provided that such proceeding arises from an act or omission described in Sections I.A. and I.B. herein. The Insurer’s obligation under this provision is subject to a limit of $30,000 for each proceeding and $100,000 in the aggregate per Policy Period for all Insureds for all Claim Expenses incurred by counsel selected by the Insurer, regardless of the number of such proceedings. In no event shall the Insurer be obligated under this provision to pay any amount other than Claim Expenses.
III. DEFINITIONS
C. Claim Expenses means reasonable and necessary fees, costs and expenses charged by any lawyer or other person or organization selected pursuant to Section VI.A. Claim Expenses do not include the Insurer’s overhead expenses or any salaries, wages, fees or benefits of any employees.
Not taking advantage of this policy coverage does not make sense. Firms have a fear that reporting disciplinary complaints can impact their attorney malpractice insurance premiums. While too many disciplinary reported complaints that do not result in an issue can cause problems. Not reporting issues that may lead to a proceeding may impact your malpractice insurance should the same issue turn into a malpractice claim at a later date. The other issue is that once a year you may need to attest on the renewal application about disciplinary issues.
Click the blog tag Disciplinary Coverage by Insurer to see coverage differences
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Lee Norcross, MBA, CPCU
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L Squared Insurance Agency, LLC ® DBA in California as L2 L Squared Insurance Agency, License # 0L93416
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