AmTrust Financial Services, a global specialist insurer for property and casualty, has unveiled a new Lawyers Professional Liability policy through AmTrust PRO. This policy is designed to provide flexible and customisable protection specifically tailored for mid-sized law firms.
In today’s highly competitive and intricate legal landscape, even a minor error or oversight by an individual attorney or a law firm can quickly escalate into a costly lawsuit. Tim Barrett, Vice President of AmTrust PRO, emphasized that their underwriters carefully assess each risk on an individual basis to determine the most suitable coverage for a law firm, whether it falls under the category of admitted or E&S (Excess and Surplus Lines), primary or excess coverage, or quota share, whether it leads or coinsures.
Barrett also noted that they can offer additional options such as Stand Alone Extended Reporting Periods (ERPs) or retroactive repair, regardless of the size of the firm. This comprehensive approach allows law firms to obtain nearly all the professional liability insurance they require from a single underwriter.
AmTrust’s new Admitted LPL Policy Form is in collaboration with its program administrators and program business partners, including AltaPro, Synergy, and GIG, who currently manage a significant portion of AmTrust’s lawyer’s program business.
The Admitted LPL Policy Form includes intrinsic features like subpoena coverage and pre-claim assistance. It also incorporates an enhanced ERISA exclusion with provisions for legal services and an improved Outside Interest exclusion with coverage exceptions.
As part of this updated policy, AmTrust has made a deliberate effort to broaden the definition of professional services provided for legal proceedings. This expanded list encompasses roles like expert witnesses, neutral fact finders, title insurance agents, lobbyists, escrow agents, pro bono service providers, authors, publishers, presenters of legal materials and seminars, as well as members, directors, or officers of any Bar Association.
Key highlights of the policy include:
– A comprehensive definition of Insured parties
– Coverage for damages, including pre- and post-judgment interest
– Protection for Disciplinary Proceedings
– Full Prior Acts coverage for eligible firms
– Personal Injury coverage
– Coverage for Per Diem and Independent Contractors
– Worldwide coverage for suits filed within the U.S.
– Coverage for Predecessor Firms
– Pre-Approved Defense Counsel coverage for select firms
– Inclusion of a Built-in Non-Practicing Extended Reporting Period
Additionally, law firms with primary coverage through AmTrust will have access to Risk Management support from Hinshaw & Culbertson LLP.