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 Twin City policy are:
SECTION I: SCOPE OF COVERAGE
D. LIMIT OF LIABILITY AND DEDUCTIBLE
2. Deductible
f. We will reduce the deductible amount stated in the Declarations by fifty percent (50%) if you agree with a request we make, and agree with the terms and conditions we specify, to submit a claim made against you to binding arbitration or mediation. While the right to submit a claim to binding arbitration or mediation shall be ours solely, no claim shall be submitted to arbitration without your prior written consent. In the case of mediation, the maximum dollar amount the deductible amount will be reduced under this provision is $10,000.
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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