Stand-Alone Extended Reporting Period (ERP/Tail) Insurance for Lawyers

February 4, 2025

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Stand-Alone Extended Reporting Period (ERP/Tail) Insurance for Lawyers

Announcing a new Stand-Alone ERP product offering prior acts coverage policies for lawyers. This program is nationwide and designed to deliver Stand-Alone Prior Acts Coverage for all lawyers, groups of lawyers and dissolving law firms.

 

Product Features

  • Stand-Alone Policy from an A+ rated Surplus Lines Carrier
  • For Individual Attorneys, Muttiple Attorneys or Entire Firms
  • All Practice Areas Considered
  • All Jurisdictions Considered
  • One, Two, Three or Five -Year Policies Terms Offered
  • Claims-Made Policy
  • Primary or Excess Layers will be Considered
  • Policy Limits up to $2M/$2M Available
  • Unique Policy Application

 

When Should Lawyers Buy This?

  • Lawyer retiring from a large law firm and wants “sleep insurance”
  • Lawyer leaving firm and has concerns with management of the firm going forward
  • Rainmaker leaving firm and has concerns with the financial stability of the firm after departure
  • Lawyer’s new firm does not provide career coverage under their current LPL policy
  • Lawyer’s new firm requires an individual ERP (tail)
  • Current ERP limits exhausted by a large claim
  • Firm dissolves and it is decided by a majority of the lawyers not to purchase an ERP but several lawyers desire the coverage
  • Length of ERP term desired not offered by current carrier (may only offer a 12-month option)
  • Firm/Lawyer buys a 3-year ERP from their expiring carrier but decides the term is not long enough and want to extend it
  • Firm/Lawyer desires to buy an ERP with lower limits to cut costs
  • Firm/Lawyer being denied extension of their current ERP terms
  • Expiring policy only allows the purchase of ERP if carrier non-renews or cancels (one way ERP provision)
  • Firm/Lawyer concerned with the financial stability of their expiring insurer

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Lee E Norcross

Contact Me Today
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

 

 

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