Administrators for the Professions of Delaware Inc. introduced a new market for law firms with one to 15 attorneys that have disciplinary or frequency/severity issues. Firms performing high risk areas of practice (e.g., intellectual property, securities) will not be considered. Limits available are $250,000/$250,000, $500,000/$500,000, $750,000/$750,000, and $1 million/$1 million. Defense is inside the limits. Coverage (defense only) in the amount of $10,000 (outside the limits) is provided for disciplinary proceedings. It is anticipated that risks going inot this facility will be written on a “retro inception” basis. However, limited prior acts may be available at the discretion of the underwriter.
AFPD is the exclusive administrator fro this program. This facility is available in the following states: Alabama, Arizona, Washington D.C., Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, Missouri, North Carolina, New Mexico, Nevada, New York, Ohio, South Carolina, South Dakota, Tennessee, Texas, Utah, and Wisconsin.
LPL application forms from most carriers will be accepted provided an acceptance and warranty statement is completed.
Business will be placed with Noetic Specialty Insurance Co., a member of the Medmarc Insurane Group. Noetic is an A.M. Best “A” rated carrier and is an authorized surplus lines carrier in 48 states and D.C.
Since this facility is offered only on a surplus lines basis, AFPD will accept business only from producers having a surplus lines license. Producers shall be responsible for compliance with all applicable laws and regulations relating to the placement of surplus lines insurance for the collection and payment of all surplus lines fees and taxes.
Please contact, Irwin Giles at: firstname.lastname@example.org or call 516-365-6357, ext. 110.
Was this article valuable?
Here are more articles you may enjoy.