Global specialty P/C insurer AmTrust Financial Services introduced a new admitted lawyers professional liability policy from AmTrust PRO for mid-sized law firms.
“In today’s competitive and complex legal environment, even a small error or simple oversight by an individual attorney or a firm can escalate into a costly lawsuit,” said Tim Barrett, vice president, AmTrust PRO. “Our underwriters review each risk individually to decide what’s the best fit for a firm – whether it’s admitted or E&S, primary or excess or quota share either lead or coinsure.”
Barrett added, “We can also offer Stand Alone ERPs (Extended Reporting Period) or retro repair – regardless of firm size – which makes virtually all professional liability insurance needed by a law firm available from a single underwriter.”
The product works in concert with AmTrust’s program administrators and their program business, including AltaPro, Synergy and GIG, who currently administer a large portion of the AmTrust lawyer’s program business.
The new LPL policy includes built-in subpoena coverage and built-in pre-claim assistance, as well as an enhanced ERISA exclusion to include a carve back for legal services and an enhanced outside-interest exclusion with a coverage carve back.
As part of the new policy form, AmTrust has made a special effort to expand the definition of professional services provided for legal proceedings. This broader list includes expert witness, neutral fact finder, title insurance agent, lobbyist, escrow agent, pro bono service provider, author/publisher/presenter of legal material and seminars, as well as a member, director or officer of any Bar Association.
Other highlights of the policy include:
- Broad definition of Insured
- Damages include pre-and post-judgment interest
- Disciplinary Proceedings coverage
- Full Prior Acts coverage for eligible firms
- Personal Injury coverage
- Per Diem and Independent Contractor [coverage]
- Worldwide coverage for suits brought within the U.S.
- Predecessor Firm coverage
- Pre-Approved Defense Counsel coverage for select firms
- Built-in Non-Practicing Extended Reporting Period
Law firms that have primary coverage with AmTrust, as part of the new policy, will have access to risk management support from law firm Hinshaw & Culbertson.
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