The reality of attorney malpractice insurance policies is paying the deductible when a claim is made against the law firm. For an additional premium Insurers may offer for 1st dollar defense which addresses claims expenses for claims with no indemnity payment made or an aggregate deductible for multiple claims brought in any one policy year. But insurers may also have features built into their policies that reduce your deductible obligation. Valuable policy features mean that there are more than policy premiums that should be compared prior to making an insurer coverage decision. As every law firm is unique, policy features important to one insured are not important to another insured.
Deductible reducing features with the US Specialty policy are:
VII. LIMIT OF LIABILITY / DEDUCTIBLE
(D) Mediation of Claims Deductible Credit
The applicable Deductible amount stated in the Declarations of this Policy will be decreased by fifty percent (50%) and reimbursed to an Insured that paid the Deductible, subject to a maximum aggregate reduction of USD15,000, if a Claim is fully and finally resolved through Mediation. If such Mediation does not fully and finally resolve the Claim, there shall be no reduction of the Deductible obligation.
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This blog is an excerpt from the policy. The complete policy along with applicable endorsements could impact the information provided above.
Lee Norcross, MBA, CPCU, CPIA
Managing Director, CEO
(616) 940-1101 Ext. 7080