Received a non-renewal notice that Professional Solutions Insurance Company (PSIC) Attorney Shield is getting out of Attorney Malpractice Insurance, now what?
L Squared Insurance Agency was one of the larger writers of PSIC Attorney Shield Malpractice Insurance. In fact, we were one of the 1st agencies to write for them. Through the years PSIC’s policy and claims handling were some of the best in the industry. Very sad to see them leave. But PSIC sold their book of business to Carolina Casualty Insurance Company (CCIC).
What’s next if you are a PSIC Attorney Malpractice Insured?
1. CCIC purchased the rights to renewal for Attorney Shield insurers and will honor time spent with PSIC for the purposes of getting you a non-practicing extended reporting period endorsement (ERP or Tail). This can be an important consideration at renewal for the attorney that is close to retirement.
2. While CCIC purchased the renewal-rights it does not mean that your premiums will remain the same or that they will offer every PSIC insured law firm a renewal. If that is the case L Squared Insurance likely can provide you with alternative insurance policies from other insurers that will meet your needs.
3. If you are close to retirement and CCIC is not the right fit for you because of premiums or coverages L Squared may have other alternatives that protect your rights to obtain a no-cost non-practicing ERP or Tail.
4. If you have an Extended Period Endorsement from PSIC (Tail/ERP), PSIC is still in business and will continue to honor its obligations.
L Squared Insurance has been around longer than most of the insurers that we represent. Through the years we have seen insurers come and go. We are not going anywhere. Representing or having access to over 25 different admitted insurance attorney malpractice insurers gives us the unique ability to find a replacement insurer that will meet your needs
For peace of mind let us help you with your PSIC renewal. Please contact us today at 616-940-1101 or click here to have a L Square Agent contact you.
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Lee Norcross, MBA, CPCU Managing Director, CEO (616) 940-1101 Ext. 7080 |
