Nationwide (National Casualty Company) Attorney Malpractice Insurance Retirement Tail
Attorney Malpractice Insurance Policies are claims-made and reported policies. When the coverage ends the ability to report claims for past acts ends at policy termination. Attorneys leaving private practice via retirement, becoming a judge or working in the private or public sector need to protect their past acts. Insurers will not renew attorney malpractice policies for attorneys that are no longer in private practice. Given this it is important for attorneys to protect their past acts once coverage ends. The Nationwide PT-Pro policy is designed and underwritten for part time partitioners. The PT-Pro policy offers an Extended Reporting Period endorsement (ERP) but does not offer a no cost non-practicing Extended Reporting Period Endorsement.
The PT-Pro Insurance policy provides an ERP based on the following policy language:
EXTENDED REPORTING PERIOD
Only the NAMED INSURED can exercise the option to purchase one of the Supplemental Extended Reporting Periods described in paragraph 3. of this provision.
1. One or more Extended Reporting Periods described below will be provided if the policy is canceled or nonrenewed or if WE renew or replace coverage with insurance that provides coverage on other than
a Claims Made and reported basis.
2. A Basic Extended Reporting Period is automatically provided without additional charge. This period begins at the end of the POLICY PERIOD and lasts for sixty (60) days. The Basic Extended Reporting
Period does not apply to CLAIMS covered under any subsequent policy.
3. In addition, the NAMED INSURED may purchase one of the Supplemental Extended Reporting Periods described below if YOU are in compliance with the terms and conditions of this policy:
a. A twelve (12) month Supplemental Extended Reporting Period for one hundred percent (100%) of the full annual premium of this policy;
b. A twenty-four (24) month Supplemental Extended Reporting Period for one hundred fifty percent (150%) of the full annual premium of this policy;
c. A thirty-six (36) month Supplemental Extended Reporting Period for one hundred seventy-five percent (175%) of the full annual premium of this policy; or
d. A sixty (60) month Supplemental Extended Reporting Period for two hundred twenty-five percent (225%) of the full annual premium of this policy.
e. Coverage for a Supplemental Extended Reporting Period must be added by endorsement for which an additional premium charge must be paid. Such period starts sixty (60) days after the end of the
POLICY PERIOD.
4. The right to purchase a Supplemental Extended Reporting Period will terminate unless:
a. WE receive a written request for a Supplemental Extended Reporting Period; and
b. The additional premium is paid; within sixty (60) days of the end of the POLICY PERIOD.
The NAMED INSURED’S request must specify the length of the Supplemental Extended Reporting Period desired. Once in effect, Extended Reporting Periods may not be canceled.
5. An Extended Reporting Period does not extend the POLICY PERIOD or change the scope of coverage provided. Subject otherwise to the policy’s terms, Limits of Liability, exclusions and conditions,
the policy is extended to apply to CLAIMS first made against YOU and reported to US in writing during the Basic Extended Reporting Period or, if purchased, the Supplemental Extended Reporting Period,
but only for CLAIMS due to WRONGFUL ACTS which happened on or after the RETROACTIVE DATE and on or before the expiration of the POLICY PERIOD.
6. Extended Reporting Periods do not reinstate or increase the policy’s Limits of Liability. CLAIMS which are first made and reported during the Basic Extended Reporting Period or the Supplemental Extended
Reporting Period, if it is in effect, will be deemed to have been made on the last day of the POLICY PERIOD.
DEFINITIONS
7. NAMED INSURED—means the person, entity or organization named in Item 1. of the Declarations.
9. POLICY PERIOD—means the period of time stated in Item 2. of the Declarations or any shorter period resulting from policy cancellation.
11. RETROACTIVE DATE—means the date specified in Item 3. of the Declarations. This policy shall not apply to any CLAIM arising from a WRONGFUL ACT which occurred prior to this date.
12. SPOUSE—means any natural person qualifying as a:
a. Spouse;
b. Domestic partner;
c. Registered domestic partner; or
d. Party to a civil union;
as may be recognized and defined under the provision of any applicable federal, state or local law.
15. 15. WRONGFUL ACT(S)—means any actual or alleged negligent act, error or omission, or PERSONAL INJURY YOU or any person or entity for whom YOU are legally responsible commit, but only
in the performance of YOUR PROFESSIONAL SERVICES for others.
16. YOU and YOUR—means:
a. The NAMED INSURED.
b. Any employee of the NAMED INSURED, but only for CLAIMS resulting from WRONGFUL ACTS committed within the scope of their employment by the NAMED INSURED.
c. The estate, heirs, executors, administrators, assigns and legal representatives of anyone listed in a. or b. above in the event of their death, incapacity, insolvency or bankruptcy, but only to the extent
that they would otherwise be provided coverage under this policy.
d. Any lawful SPOUSE of any of the persons set forth in a., b., or c. above, but only to the extent the SPOUSE is a party to any CLAIM solely in the capacity as a SPOUSE of any such persons and
only for the purposes of any CLAIM seeking DAMAGES recoverable from marital community property or property jointly held by such person and the SPOUSE.
Planning retirement or a transition out of private practice should be discussed with your malpractice insurance agent prior to ending private practice when possible.
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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
