Old Republic Attorney Malpractice 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’. The Old Republic disciplinary coverage is “Reimbursement’. Policy wording for disciplinary coverage and reporting differs by carrier. The disciplinary coverage is not subject to the policy deductible.
III. SUPPLEMENTARY PAYMENTS AND RISK CONTROL INCENTIVES
B. Disciplinary Proceedings
The Company will pay each Insured up to $50,000, for attorney fees and other reasonable costs, expenses or fees (the “Disciplinary Fees”) paid to third parties resulting from any one Disciplinary Proceeding incurred as the result of a notice of such Disciplinary Proceeding both first received by the Insured and reported in accordance with Section VI. CONDITIONS, paragraph J. Notice., subparagraph 1. Notice of Claim, Regulatory Inquiry, Disciplinary Proceeding and Discrimination Complaint, arising out of an act or omission in the rendering of legal services by such Insured. The amount payable hereunder shall not exceed $100,000 regardless of the number of Insureds or the number of such proceedings.
In the event of a determination of No Liability of the Insured against whom the Disciplinary Proceeding has been brought, the Company shall pay such Insured for Disciplinary Fees, including those in excess of the $50,000 cap set forth above, up to $100,000. In no event shall the amount payable exceed $100,000 regardless of the number of Insureds or the number of such proceedings.
IV. DEFINITIONS
Disciplinary proceeding means any matter, including an initial inquiry, before a judicial, state or federal licensing board or a peer review committee to investigate charges alleging a violation of
any rule of professional conduct.
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
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
