Call Us 866.940.1101 ☰ ˟
866.940.1101
Logo
  • Home
  • About Us
    • About Us
    • Employee Directory
    • Partners Page
    • Event Calendar
    • Refer a Friend
  • Get A Quote
  • Products
    • Lawyers Malpractice Insurance
    • Professional Liability Coverage For Attorneys
    • Accountants Professional Liability
    • Dentist Malpractice Insurance
    • Business Owners Policy
    • Cyber Liability Insurance
    • Workers Compensation Insurance
    • Title Agents E&O Insurance
    • Paralegal Malpractice Insurance
  • Testimonials
  • Common Terms
    • Common Terms
    • Frequently Asked Questions
  • Blog
  • Contact
  • Areas We Serve
    • Grand Rapids, MI
    • Detroit, MI
    • Lansing, MI
    • Kalamazoo, MI
Home > Blog > My legal colleague does the same thing I do, but paying half as much for Attorney’s Malpractice
TUESDAY, MAY 10, 2016

My legal colleague does the same thing I do, but paying half as much for Attorney’s Malpractice

Lee NorcrossOften when asked why one attorney is paying more for legal malpractice then a colleague.   According to the attorney that is paying more the two attorneys doing the 'same' thing, but they answer the same Lawyers Malpractice application very differently.  Many times the areas of practice are different from attorney to attorney.

 

Even with that stated there are other factors that can impact the cost of lawyer’s malpractice insurance:

 

1.       The prior acts dates may not be the same.  If one attorney has had coverage for one or 2 years and the other attorney has “full prior acts”, the Lawyers Professional Liability Insurance costs can differ by over 50%.

2.       The limits of liability for the malpractice policies may be different.  One attorney’s malpractice policy as claims expenses outside the limits (CEOL) and the other does not.

3.       The deductibles may be different or one has 1st dollar defense and aggregate deductible and the other does not

4.       The hours worked for the two attorneys can differ.

5.       One attorney has great internal controls the other attorney’s procedures are lacking.

6.       One attorney sues clients to collect unpaid legal fees; the other attorney has never sued a client.

7.       One attorney has had claims the other attorney has never had a claim or disciplinary matter.

8.       The attorneys are with different malpractice insurance carriers

 

Each of the above items can have a dramatic impact on premium.

Posted 7:06 PM

Tags: lawyers professional liability insurance, malpractice insurance, premium difference reasons
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

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
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2013
  • 2011

  • lawyers professional liability insurance(429)
  • attorney malpractice insurance(384)
  • attorney malpractice(337)
  • legal malpractice(223)
  • legal liability(134)
  • cyber insurance(103)
  • data breach(92)
  • ethics(87)
  • erp(57)
  • malpractice insurance(54)
  • claims(39)
  • title agency e&o(36)
  • accountant e&o(34)
  • extended reporting period endorsement(30)
  • tail(29)
  • phishing(25)
  • prior acts(22)
  • legal malpractice insurance(21)
  • claims made coverage(21)
  • extended reporting period(21)
  • cyber security(19)
  • cyber liability(18)
  • accountant errors & omissions(18)
  • claims reporting(17)
  • crime insurance(16)
  • ransomware(16)
  • claim prevention(16)
  • attorney protective cle(14)
  • the hartford weekly newsletter(14)
  • attorney protective cle webinar(14)
  • 2022 mcgowan pro cpe webinar for accountants(13)
  • mcgowan webinar series for cpas 2021(12)
  • professional liability insurance(12)
  • retirement tail(12)
  • business owners insurance(11)
  • legal liability insurance(11)
  • attpro tip of the month(11)
  • fee suits(10)
  • full prior acts(10)
  • accountant errors & omissions insurance(10)
  • non-practicing erp(9)
  • bop(9)
  • cyber liability insurance(9)
  • title agent errors & omissions(9)
  • cyber crime(9)
  • claims made(9)
  • prior acts date(8)
  • webinar(8)
  • step rating(8)
  • lawyers(8)

View Mobile Version
Logo
Quick Links
Home Our Products Customer Service Payment Options Common Terms
About Us Refer A Friend Our Carriers Blog Contact Us
Location
2430 Camelot Ct SE
Grand Rapids, MI 49546

Local: 616.940.1101
Toll Free: 866.940.1101
Email: info@L2ins.com
Facebook Twitter Social LinkedIn
© Copyright. All rights reserved.
Powered by Insurance Website Builder