The first question often asked is how much does attorney malpractice coverage cost. Don’t get me wrong, it is smart to price compare different attorney malpractice insurers. Just looking at the cost and not comparing coverages may mean paying for insurance that does not properly cover your law firm. So what is the cost of an uninsured claim because the firm has the wrong coverage?
There is no standardized attorney malpractice policy. The attorney malpractice coverage provided is similar from insurer to insurer but not always the same. A particular attorney malpractice policy may not be suitable for your law firm. While your agent can tell you about policy coverages, an agent does not know your firm as well as you do.
Attorneys that do work for clients where the attorney is involved with client management or ownership may run afoul of attorney malpractice policy exclusions. A few law firms are paying legal malpractice premiums yet have no coverage. Where one malpractice insurance policy may provide coverage, the same client relationship with another malpractice policy excludes coverage.
The following link provides detailed information for 29 different admitted attorney malpractice insurance policies:
Attorney Malpractice Policy exclusions for client ownership, management and/or directors/officers?
This blog has excerpts from different policies. The complete policy along with applicable endorsements could impact the information provided.
CLICK HERE TO OBTAIN AN ATTORNEY MALPRACTICE QUOTE
Lee Norcross, MBA, CPCU, CPIA
Managing Director, CEO
(616) 940-1101 Ext. 7080