To address the growing risks faced by middle market law firms, Berkley Select said it enhanced its lawyers professional liability (LPL) offerings, adding new coverages, more flexible policy forms and expanded capacity.
Berkley Select’s lawyers professional liability coverage enhancements include:
- Coverage for losses associated with social engineering acts.
- A withheld fee assistance endorsement of up to $25,000 to cover unpaid legal fees.
- Partner departure extended reporting period for law firm mergers and acquisitions.
As one of the most successful underwriters of LPL for the past 30 years, Berkley Select, a W.R. Berkley Corp. company, has an experienced team focused on law firms up to 100 attorneys and provides policyholders with access to specialized risk management resources.
The coverage enhancements come as law firms experience a rise in malpractice claims. According to the American Bar Association’s most recent claims study, the percentage of LPL claims involving payouts of $2 million or more were up substantially between 2016 and 2019.
To help reduce law firms’ exposure, Berkley Select has enhanced its tailored risk management services to include risk assessments for individual law firms.
The Berkley Select lawyers professional liability team is led by Vice President of Underwriting Albert Roberts, who joined the company in 2021. Roberts, a former practicing attorney, has more than 23 years of experience in the insurance industry, working with multiple carriers and an MGA.
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