If you’re a law firm, the last thing you want to do is find out that you did not pay close attention to the questions asked in an insurance application when a claim comes rolling around. By being misleading, or, by just not paying close enough attention and not providing the exact details pertaining to your firm, there can be monumental consequences should you find yourself in the claims process.
Here are five things you should pay close attention to when filing your application data for a legal malpractice insurance policy.
1. Make sure the background data of your firm is precise. This includes type of practice, number of lawyers in your firm, etc. This data will be used by the insurance carrier to create a premium based on your practice’s detailed information.
2. Always properly disclose any past claims. You may think that insurance carriers will triple your premium based on your past claims, but most carriers are more interested in how the claim was handled and if the proper adjustments were made to ensure the same mistake will not happen again.
3. Make sure you disclose any current claims. Not disclosing any current claims can lead to you not being covered for said claim even if you’re insured. Always be as forthright and detailed as possible or you may find yourself paying out of pocket during a suit.
4. Never, in any case, simply glance over the details of your previous applications and just top-line them on your renewal, or new, application. The details of your firm, with even the slightest of deviations, can change your premium or your future claim coverage, or worse – you could be denied coverage altogether. Treat every application like it was your first one.
5. Find an experienced and knowledgeable legal malpractice broker to help guide you through the application process. Your broker can help make sure you answer every question to the best of your knowledge and find the best carrier and premium to suit your coverage needs.
Call The Professional Liability Insurance Group at 856-692-7702 to discuss your current policy or click here for a free legal malpractice quote.
We’re experts at finding you the best coverage at the best price, and we’ll ensure that your insurance application is filed with care adhered to every detail so that you won’t find yourself in a world of discomfort should a claim arise.
Dariel Figueroa