Protexure Lawyers Professional Liability Policy
If a claim is made against you by a client, your professional liability insurance comes to your defense. A professional liability policy protects you from the threat of legal bills and defends you and your firm. No practicing lawyer should be without it. Our comprehensive professional liability insurance solutions are a smart choice for solo practitioners and small firms.
Protexure Lawyers is underwritten by ISMIE Mutual Insurance Company, rated A- "Excellent: by A.M. Best. ISMIE has launched new affinity programs by expanding its offering of professional liability product lines. ISMIE has earned a nationwide reputation for supporting their policyholders and providing peace of mind even in some of the most litigious environments in the country.
Key Policy Features
- Broad definition of professional services
- Disciplinary Proceedings Coverage up to $100,000
- Regulatory Proceedings Coverage up to $50,000
- 50% reduction of deductible for any claim resolved in its entirety by mediation
- Claims made and reported coverage
- Prior acts coverage available to qualified firms
- Subpoena assistance coverage
- Unlimited extended claim reporting period options for retiring insureds
- Free non-practicing attorney extended reporting period for qualifying attorneys
- Personal Injury and advertising liability coverage
- No Hammer Clause
- Claim-free insureds may receive 50% deductible reduction
Understanding Your Policy
At Protexure Lawyers, we pride ourselves on giving our customers the best policies and service available in the industry. Not to be forgotten, however, is the importance of educating our customers. We want you to understand your policy and coverage as well as we do. Below are some of the most often misunderstood terms in a Professional Liability Insurance Policy.
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PRIOR ACTS DATE:
The prior acts date, also referred to as the retroactive date, represents the date after which services you provide are covered by your professional liability insurance policy. The prior acts date typically is the effective date of the first claims made policy you purchase and will continue to be shown on subsequent continuously renewed policies.
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SPLIT LIMIT OF LIABILITY:
Split limits define the “per claim and the aggregate limit” the insurer will pay. For example, a limit of $1,000,000/$2,000,000 means that the maximum payment on any one claim reported during the policy period is $1,000,000 and the maximum payment for multiple claims reported during the policy period is $2,000,000. There is an increased premium charged for the split limit versus a single limit option.
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EXPENSES OUTSIDE THE LIMIT OF LIABILITY
Professional liability policies will pay for covered damages you are found to be responsible for and for expenses paid to defense counsel to represent you when a claim is made. Insurance companies may offer an option where the limit of liability will only be applied to actual damages paid, with the expense benefit paid outside the limit of liability. This option will result in a higher premium when compared to a policy with expenses paid within the limit of liability.
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AGGREGATE DEDUCTIBLE
An aggregate deductible is an option that limits your contribution to the deductible amount shown on your declarations page, regardless of the number of claims reported during the policy period. This option will carry a premium surcharge compared to a policy offered with a per claim deductible.
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FIRST DOLLAR DEFENSE
Also known as a "loss only" deductible, with first dollar defense the insured will pay the deductible only if there is a settlement or indemnity rendered. If the carrier only pays defense costs, the insured is not responsible for a deductible payment. There is a premium surcharge for this option.
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EXTENDED REPORTING PERIOD
Extended reporting, also referred to as tail coverage, provides for the reporting of claims following the termination of your last lawyer professional liability insurance policy. This coverage is especially important when your firm ceases to exist and allows you to have continued coverage for the services you provided prior to closing your practice. Options are typically for 1-6 years.
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Expert Claim Service
ISMIE's industry-leading approach to claims services, seasoned through four and a half decades, will address your concerns and help you throughout the life of the claim. ISMIE provides an unyielding claims defense with highly experienced claims personnel in the field of lawyers liability defense and implements proven litigation strategies tailored for each case. ISMIE will not settle a frivolous claim or lawsuit simply to avoid the costs of litigation. ISMIE and its professional liability team understand the challenges that lawyers in private practice face and will bring this appreciation to bear to achieve expert claims management.
Professional Liability Claims Professional
Your claims professional will explain the process, gather information to provide a thorough investigation, coordinate your case with assigned defense counsel, and communicate with you every step of the way.
Defense Attorney Representation
ISMIE will work with you to determine the best defense attorney for your specific case. Our experienced panel of defense attorneys has been selected for their expertise in defending liability litigation.
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