A few issues arise when a malpractice claim is filed against an attorney working for the insured firm when that attorney leaves the firm while the claim is pending. In addition, the question frequently arises as to how the claim will affect the firm’s future risk rating. This article is intended to provide a partial [...]
Claims Corner: Do I Need To Report This Situation To My Carrier And What Happens To My Premium If I Do?
Do I really need to report this situation to my carrier and what is going to happen to my premium if I do report it? Often, these are two of the very first questions asked by Insureds when they are faced with a situation. As is so often the case in a legal setting, the answer [...]
“I knew I shouldn’t have taken that case.” Unfortunately, this is the statement we hear all too often when an insured attorney reports a malpractice claim to ALPS. In light of that fact, this article will encourage you to listen to your own judgment when determining whether or not to take a case and emphasize [...]
Professional liability insurance policy is provided on a claims-made basis, and not the more common occurrence basis. One significant difference between claims-made and occurrence policies is the timing required when making the claim. Claims-made insurance requires that a policy be in effect at the time the claim is made regardless of when the act, error [...]
Many times policyholders, defense counsel or lawyers we meet tell us, “You should insure (fill in the name of a colleague). They are a great lawyer and would be a great risk.” That kind of endorsement is meaningful and the reputation is often well deserved. In fact we usually try to proceed with the referral [...]