Call Us Today For A Free Quote | 866.940.1101
Professionals Insuring Professionals

Lee NorcrossLawyers Professional Liability Insurance policies are written on a “Claims Made” or “Claims Made and Reported Form” policy form.  This is unlike an “occurrence” policy in many ways.  One of the biggest differences is that with a “Claims Made” form the law firm will settle on the limits that are in-force at the time a claim is made not when the act occurs.  With an “Occurrence” form the claim is settled on the form that is inforce when the act occurs not when the claim is made.

Given this your Lawyers Professional Liability policy will settle using the limits inforce at the time the claim is made.  If you lower the liability limits, you lower the limits back to the inception date of coverage for any newly reported matters.  If you needed to have higher limits in the past, you should maintain the higher policy limits until you are sure that the statute of limitations has run on the cases that you needed to have the higher limits for.  If you don’t could find that you are underinsured just when you need the Lawyers professional Liability Insurance Policy the most. 

Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2013
  • 2011

View Mobile Version
Quick Contact
We love referrals! And thank you even more for your continued business.
Customer Service
Self policy service any time of the day, directly from our website.
Join Our Newsletter
Stay in touch with the latest events, news and offers we have.
From Our Blog From Our Customers
Read More Read More
Facebook Twitter LinkedIn Google Maps
Stay In Touch With Us Helpful Site Links Contact Us
Sign up now to receive new and updates 5075 Cascade Rd. SE, Ste. E
Grand Rapids, MI 49546

Local: 616.940.1101
Toll Free: 866.940.1101
We have the expertise to find you the right coverage at the right price 
Powered by Insurance Website Builder