To the dismay of insureds, there is no such thing as an ‘All Risk’ insurance policy. If you have an insurance agent tell you that this is an ‘All Risk’ policy with everything covered run do not walk to the nearest exit. Case in point is the insured v insured exclusion in a legal malpractice policy.
Sometimes disputes happen between attorneys in a law firm. Even to the point of filing malpractice claims against each other. Lawyers Professional Liability Insurance policies are not intended to cover these disputes. The typical exclusion for this is the type found in the current AXIS Insurance Company Attorney Malpractice Policy:
“5. Insured versus Insured. For the purpose of this exclusion, the term “insured” shall mean “you.” This policy does not apply to any claim made by one or more insured against another insured unless an attorney/client relationship exists between such insureds.”
It is the responsibility of an insured to thoroughly read their policy. After the insured understands what the purpose of the policy is in the insuring agreement and policy definitions. Make sure to read the policy exclusions. Do your reading before there is a claim. As no two legal malpractice policies are the same, what might be covered in one policy may not be covered in another.
Contact Me Today
Lee Norcross, MBA, CPCU
Managing Director, CEO
(616) 940-1101 Ext. 7080