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 coverage may mean paying for insurance that does not properly cover your law firm. So what is the cost of an uninsured or underinsured 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.
Often attorneys may not take advantage or not know their policy may offer Disciplinary Coverage. This defense only coverage may have limits from $10,000 to $100,000 per policy period. Disciplinary proceedings attorney fees may run well over $30,000. Insurers’ policies maybe ‘duty to defend’ while other insurers’ policies maybe ‘reimbursement.’ Certain insurers only ‘reimburse’ after the determination is in favor of the attorney. Don’t find out what coverage you have after the notice shows up from the state bar.
The following Link provides detailed information on disciplinary coverages offered by 28 admitted different insurers:
Click Here for the Different Insurers Disciplinary Coverage
This blog has excerpts from different policies. The complete policy along with applicable endorsements could impact the information provided.
Click Here for an Attorney Malpractice Insurance Quote
Lee Norcross, MBA, CPCU, CPIA
Managing Director, CEO
(616) 940-1101 Ext. 7080